Official UK procurement notice
Lancashire Urban Development Fund Investment Management Services
Authority: Lancashire County Council (Local council)
What is being bought
Published requirement descriptionThe Lancashire Urban Development Fund (LUDF) will provide capital to fill finance gaps for private sector developers that aim to build workspace in Lancashire, operating on the basis of investing in developments to bring forward activity that the market would not otherwise invest in. It is intended that the LUDF will promote economic growth in Lancashire by providing a mechanism to bring forward fit-for-purpose industrial and commercial premises for SME's in Lancashire's priority growth sectors and help to unlock key strategic employment sites to support growth. This tender is for the establishment of a Contract for the provision of Investment Fund Management Services for the LUDF. As the LUDF is part-funded by ERDF grant funding all investments and Services will be required to be undertaken in accordance with EU rules and regulations, including in a State Aid compliant manner. All of the requirements will be detailed within the ITT, the Specification and the Contract Documentation.
CPV: Banking and investment services
The lotProcurement structure
single lot · no lot value publishedLot #1This tender is for the establishment of a Contract for the provision of Fund…
This tender is for the establishment of a Contract for the provision of Fund Management Services (the Services as set out in the Specification) for the LUDF. The appointed Service Provider will be responsible for managing all the affairs of the fund including the making of investment decisions at all stages through to term, disposal or exit/realisation. The Contract will require the Service Provider to agree to the achievement of Key Performance Indicators (KPIs) related to the investment of the funds. As the LUDF is part-funded by ERDF grant funding all investments and Services will be required to be undertaken in accordance with EU rules and regulations, including in a State Aid compliant manner. All of the requirements will be detailed within this ITT, the Specification and the Contract documentation.
The outcome of the tender process will be a single contract with one Service Provider. The Contract is for up to a 5 year term.
Procedure terms & legal framework
From the official record- Procedure method
- Award procedure without prior publication of a call for competition
- Legal basis
- CELEX · 32014L0024 Public Contracts Regulations 2015 (Directive 2014/24/EU)
- Procurement category
- Services
- Notice status
- Awarded without competition
- Procurement threshold
- Unspecified in notice
- Regulatory regime
- Standard
- Commercial structure
- Stand-alone contract (no framework)
- Competition type
- Direct award (no call for competition)
- GPA / WTO covered
- Yes (GPA)
- Recurring procurement
- Unspecified in notice
- First published
- 7 Sept 2021, 10:08 BST
- Last source update
- 7 Sept 2021, 10:08 BST
- FTS notice number
2021/S 000-022117- Classification (CPV)
- Delivery area
- Official registry OCID
ocds-h6vhtk-02ddd4Find a Tender
- Why no open competition
- The procurement falls outside the scope of application of the directive
- Published justification
Lancashire County Council, as a contracting authority, intends to award a contract, as outlined in the previously published Contract Award Notice (2020-169017) to Igloo Investment Management Ltd for the Lancashire Urban Development Fund Investment Management Services.
Lancashire County Council has followed an Open procurement procedure. As part of the procurement process, a bid was received, evaluated and found suitable to award the contract to, in line with the published award criteria. All requirements of the regulations were followed as part of the procurement process.
Post award the advertised version of the Investment Management Agreement (IMA - draft contract) was amended to take into account bidder clarifications. Following this the IMA was further amended to cater for mechanical changes requested by the successful bidder to ensure the IMA fit the nature of the services to be delivered. It was deemed the required amendments were not material changes, were neutral to the procurement, did not affect any published award criteria and had no overall impact on the risk profile of the procurement. Alongside the IMA amendments, Lancashire County Council reserved the right to request a Parent Company Guarantee (PCG). Our financial assessment of the successful bidder was sufficient to provide confidence to proceed without the PCG however Lancashire County Council felt this would be useful to have in place as an additional benefit to the Council's risk profile. Some amendments were made to the PCG in comparison to the published version in order to ensure this is a robust PCG.
This purpose of this VEAT notice is to ensure transparency throughout the procurement process, ensuring compliance to the regulations.
Further information on the amendments made to the IMA and PCG (comparative to the advertised documents) can be requested by contacting [email protected].
Commercial outcome & contract awards
Published awards, contracts and bid statistics, not a forecast| Awarded to | Value | Date | Status |
|---|---|---|---|
| Igloo Investment Management Limited | £1,649,500 † | — | Awarded |
Contracts
Lancashire Urban Development Fund Investment Management Services · Igloo Investment Management Limited
- Signed
- 14 Dec 2020
- Value
- £1,649,500
- Status
- active
Contracting authority & participating public bodies
Dispute resolution & review bodies
- Royal Courts of Justice - The High CourtReview body
Bidders & participating suppliers
1 commercial party on the notice- Igloo Investment Management LimitedAwarded supplier
Official documents & specifications
Official links; attachments are not copiedNo document links were published on the notice.