Find a TenderAwardedContract performance notice

Published 29 Aug 2025, 12:13 BST

Official UK procurement notice

Lower Thames Crossing- Strategic Sale Advisor

Official notice

Authority: Department for Transport (Central government)

ServicesCompetitive flexible procedureAbove thresholdSME suitable

Sectors: Financial and insurance services (66) Delivery: UK

Published estimate£20,000,000≈ £10m / year · £24,000,000 inc. VAT · 1 value update

Submissions closed 25 Nov 2025awarded 19 Dec 2025

Awarded to Lazard & Co., Limited2 awards

Contract term 2 yrsends 31 Dec 2027 · up to 31 Dec 2028 with extensions · starts 7 Jan 2026

What is being bought

Published requirement description

The Lower Thames Crossing is a proposed new 14.3-mile road and tunnel which will pass under the river Thames connecting Kent and Essex, the scheme includes two 2.6-mile tunnels under the Thames, with roads required on either side to link it into the existing network.

HMG have been examining private finance options for the main works. The leading option is now a Regulated Asset Base model, in which a new economically regulated company (LTC Co) will undertake the main construction works, as well as maintain and operate both Lower Thames Crossing and Dartford Crossings.

The Department for Transport is contracting with an organisation to act as a Strategic Sale Advisor, responsible for leading and executing the Lower Thames Crossing Co sale. Key responsibilities for the Strategic Sale Advisor will include: Capital Markets Advisory, Market Engagement & Investor Outreach, Credit Rating Process, Equity Sale Execution & Transaction Finalisation.

The Department for Transport (DfT) and National Highways (NH) will be the transaction principals with all decision-making authority reserved to them. The Srategic Sale Advisor will be acting in an advisory capacity only with no authority to transact on behalf of DfT/NH.

How the procedure runs: DfT will undertake the following procedure: Potential Bidders will be issued with an Invitation to Tender (ITT), accompanying tender documents via the DfT Sourcing Portal: https://dft.app.jaggaer.com/web/login.html. Interested parties will have 25 calendar days to submit their Bid. Tenderers will have their initial Bid assessed, this will include responses to the Procurement Specific Questionnaire, Mandatory Criteria, Stage 1 Quality Questionnaire and Price submission. The three highest scoring Tenderers, who also pass the exclusion grounds, mandatory criteria & minimum quality threshold for each question, will be invited to a Stage 2 Presentation/ Interview. The DfT reserves the right to advance more than three tenderers to Stage 2 Presentations/ Interviews if deemed appropriate. Tenderers who advance to Stage 2 will undertake a Presentation/ Interview. The detailed procedure is outlined in the tender documents that can be accessed via the DfT Sourcing Portal: https://dft.app.jaggaer.com/web/login.html

CPV: Corporate finance and venture capital services · Investment banking services and related services

The lotProcurement structure

single lot · value published

Lot #1AwardedRenewal 2 yrsSMEPublished value£20,000,000

Contract period: 7 Jan 2026 – 31 Dec 2027 (2 yrs) · up to 31 Dec 2028 with extensionsValue: £20,000,000 exc. VAT · £24,000,000 inc. VAT

Delivery: UKEligibility: SME eligible

Extensions: DfT reserves the right to vary the contract in accordance with Schedule 8, Paragraph 5 of the Procurement Act 2023 as a result of a materialisation of a known risk (including the potential need to vary this contract to permit the SSA to offer a stapled-debt financing solution (including arranging on a syndicated basis), which would be made available to all prospective investors on an equal basis). · DfT reserves the right to extend the contract for a period up to 12 months or such greater period as is agreed between the Buyer and Supplier in accordance with Schedule 8, Paragraph 5 of the Procurement Act 2023 as a result of a materialisation of a known risk (including delay to the overall project and transaction, and such other known risks).

66120000 Investment banking services and related services 66122000 Corporate finance and venture capital services

Pre-qualification & selection criteria (PQQ)2

Economic & financial standing
Bidders must already have, or can commit to obtain, prior to the award of the contract, the levels of insurance cover indicated below:
a. Employer’s (Compulsory) Liability Insurance = £5million
b. Public Liability Insurance = £5million
c. Professional Indemnity Insurance = £10 million
d. Product Liability Insurance = £5million
Full details can be found within the tender documents available via the DfT Sourcing Portal: dft.app.jaggaer.com/web/login.html ↗.
Technical & professional ability
Organisation must be FCA registered (or equivalent internationally recognised standard) and key individuals within the proposed Project Team are FCA registered (or equivalent internationally recognised standard).
Full details can be found within the tender documents available via the DfT Sourcing Portal: dft.app.jaggaer.com/web/login.html ↗.

What it takes to win
i
How this buyer will score bids.
The evaluation criteria and weights exactly as published on the notice, grouped by family (price, quality, social value and so on).

Evaluation split and conditions of participation as published; the tender pack may add more

How bids were scored

Quality: 80%Price: 20%

Published sub-criteria (3)

Stage 1 Quality Questionnaire: 70%
Stage 2 Presentation/ Interview: 10%
Price: 20%

Published award criteria (3)

Stage 1 Quality Questionnaire: Written submission covering the following areas: Relevant experience and expertise Approach and Methodology Resourcing Social Value Full details can be found within the tender documents available via the DfT Sourcing Portal: https://dft.app.jaggaer.com/web/login.html.
Stage 2 Presentation/ Interview: In-person presentation covering the following areas: Opportunity positioning Precedent transactions Collaboration and challenge Full details can be found within the tender documents available via the DfT Sourcing Portal: https://dft.app.jaggaer.com/web/login.html.
Price: Tenderers are required to submit their Total Bid Fee for delivery of the full requirement Full details can be found within the tender documents available via the DfT Sourcing Portal: https://dft.app.jaggaer.com/web/login.html.

Conditions of participation2

Economic & financial standing
Bidders must already have, or can commit to obtain, prior to the award of the contract, the levels of insurance cover indicated below:
a. Employer’s (Compulsory) Liability Insurance = £5million
b. Public Liability Insurance = £5million
c. Professional Indemnity Insurance = £10 million
d. Product Liability Insurance = £5million
Full details can be found within the tender documents available via the DfT Sourcing Portal: dft.app.jaggaer.com/web/login.html ↗.
Technical & professional ability
Organisation must be FCA registered (or equivalent internationally recognised standard) and key individuals within the proposed Project Team are FCA registered (or equivalent internationally recognised standard).
Full details can be found within the tender documents available via the DfT Sourcing Portal: dft.app.jaggaer.com/web/login.html ↗.

What this means for your bid

Price carries 20 of 100 points: a 10% discount moves about 2 points. The method statement decides this lot, not the discount.

Price arithmetic assumes straight proportional scoring; the tender pack may use another formula.

Procedure terms & legal framework

From the official record

Procedure method: Competitive flexible procedure
Legal basis: UKPGA · 2023/54 Procurement Act 2023
Procurement category: Services
Notice status: Awarded
Procurement threshold: Above threshold (FTS publication)
Regulatory regime: Standard
Commercial structure: Stand-alone contract (no framework)
Competition type: Competitive procedure
GPA / WTO covered: Yes (GPA)
Recurring procurement: Unspecified in notice
First published: 29 Aug 2025, 12:13 BST
Last source update: 2 Jul 2026, 13:06 BST
Award evaluation window: Submission end – 19 Dec 2025
Authority reference: TRCF3099
FTS notice number: 2025/S 000-070096
Latest notice: Contract performance notice (UK9)
Classification (CPV): Corporate finance and venture capital servicesInvestment banking services and related services
Delivery area: UK
Official registry OCID: ocds-h6vhtk-059057 Find a Tender

How it runs: DfT will undertake the following procedure:
Potential Bidders will be issued with an Invitation to Tender (ITT), accompanying tender documents via the DfT Sourcing Portal: dft.app.jaggaer.com/web/login.html ↗. Interested parties will have 25 calendar days to submit their Bid.
Tenderers will have their initial Bid assessed, this will include responses to the Procurement Specific Questionnaire, Mandatory Criteria, Stage 1 Quality Questionnaire and Price submission. The three highest scoring Tenderers, who also pass the exclusion grounds, mandatory criteria & minimum quality threshold for each question, will be invited to a Stage 2 Presentation/ Interview. The DfT reserves the right to advance more than three tenderers to Stage 2 Presentations/ Interviews if deemed appropriate.
Tenderers who advance to Stage 2 will undertake a Presentation/ Interview.
The detailed procedure is outlined in the tender documents that can be accessed via the DfT Sourcing Portal: dft.app.jaggaer.com/web/login.html ↗

How it was run

Official notice

Run through: Jaggaer · Who buys & how to bid on JAGGAER

Supplier login requiredElectronic submission allowedLanguage: EN

Access & registration note: Free; latest Chrome/Edge/Firefox only — corporate browsers fail

Submission deadline: 25 Nov 2025, 12:00 GMT
Clarification deadline: 14 Nov 2025, 12:00 GMT
Submission channel: Official e-sourcing portal
Electronic submission: Allowed
Accepted languages: en

Detailed submission instructions & authority contactsFrom official release

dft.app.jaggaer.com/web/login.html ↗

Full suite of tender documents can be accessed via our e-sourcing portal.

Timeline

29 Aug 2025 → 2 Jul 2026 · 11 dates

Planning notice published
29 Aug 2025, 12:13 BST
Market engagement
15 Sept 2025, 23:59 BST
The Department is requesting feedback from interested parties to help inform our approach to delivery of this requirement.
Further details of the requirement, along with the information the Department requests at this stage can be accessed here dft.app.jaggaer.com/go/650672360198F5851B9E ↗.
The Department requests initial responses in writing by Midday 15th September. The Department then intends to have follow-up individual discussions with interested parties who have the relevant skills and experience w/c 15/09 & 22/09.
Next notice expected390 days ago
1 Oct 2025, 23:59 BST
Tender notice published360 days ago
31 Oct 2025, 13:13 GMT
Clarification questions by346 days ago
14 Nov 2025, 12:00 GMT
Submission deadline335 days ago
25 Nov 2025, 12:00 GMT
Assessment summaries sent311 days ago
19 Dec 2025
Award decision expected by310 days ago
19 Dec 2025, 23:59 GMT
Standstill ends293 days ago
5 Jan 2026, 23:59 GMT
Contract starts292 days ago
7 Jan 2026
Latest notice published116 days ago
2 Jul 2026, 13:06 BST

Notice history

16 events · 9 releases on Find a Tender · since 29 Aug 2025

Preliminary market engagement notice published
29 Aug 2025, 12:13 BST
UK2
Pipeline notice published
17 Sept 2025, 12:18 BST
UK1
Status changed to planned
17 Sept 2025, 12:18 BST
Pipeline notice published
17 Sept 2025, 15:20 BST
UK1
Tender notice published
31 Oct 2025, 13:13 GMT
UK4
Published value updated to £20,000,000
31 Oct 2025, 13:13 GMT
was £0
Status changed to active
31 Oct 2025, 13:13 GMT
Procurement method changed
31 Oct 2025, 13:13 GMT
Deadline published: 25 Nov 2025, 12:00 GMT
31 Oct 2025, 13:13 GMT
Tender notice published
31 Oct 2025, 13:17 GMT
UK4
Contract award notice published
19 Dec 2025, 14:32 GMT
UK6
Status changed to complete
19 Dec 2025, 14:32 GMT
Contract details notice published
7 Jan 2026, 14:01 GMT
UK7
Contract details notice published
7 Jan 2026, 14:28 GMT
UK7
Contract signature expected
7 Jan 2026, 23:59 GMT
scheduled
Contract performance notice published
2 Jul 2026, 13:06 BST
UK9

Published amendments (1)

Title updated

Routine re-releases (9)

2025-12: 1 release · 19 Dec 2025
2025-10: 2 releases · 31 Oct 2025, 31 Oct 2025
2025-09: 2 releases · 17 Sept 2025, 17 Sept 2025
2025-08: 1 release · 29 Aug 2025

Commercial outcome & contract awards

Published awards, contracts and bid statistics, not a forecast

Awards 2

Awarded value £20,000,0001 award exc. VAT · 1 repeated publication of the same award counted once

Bids received 62 from SMEs

Named bidders 6published on the award notice

Contracts signed 2latest 6 Jan 2026

Awarded to	Value	Date	Status
Lazard & Co., Limited8 Jan 2026 – 31 Dec 2027 · up to 31 Dec 2028Extensions: The contract contains the provision to extend for a further period of up to 1 year, or such greater period as is agreed between the Buyer and the Supplier. This will be dependent on the timeline of the overall transaction. · Options: If deemed necessary or advantageous to the Project, the DfT reserves the right to vary this contract to permit the Strategic Sale Advisor (SSA) to offer a stapled-debt financing solution (including the SSA arranging on a syndicated basis), which would be made available to all bidders on an equal basis.	£20,000,000	19 Dec 2025	Awarded
Lazard & Co., Limited	£20,000,000 †same award published again · counted once	—	Awarded

Contracts

Lower Thames Crossing- Strategic Sale Advisor · Lazard & Co., Limited
Signed
6 Jan 2026
Value
£20,000,000
Period
7 Jan 2026 – 31 Dec 2027 · up to 31 Dec 2028 with extensions
Status
active
Extensions
The contract contains the provision to extend for a further period of up to 1 year, or such greater period as is agreed between the Buyer and the Supplier. This will be dependent on the timeline of the overall transaction.
Options
If deemed necessary or advantageous to the Project, the DfT reserves the right to vary this contract to permit the Strategic Sale Advisor (SSA) to offer a stapled-debt financing solution (including the SSA arranging on a syndicated basis), which would be made available to all bidders on an equal basis.
3 agreed KPIs: Quality · Engagement · Delivery
- Quality, The Supplier must deliver all agreed Deliverables to a standard acceptable to the Buyer and obtain formal sign-off.
- Engagement, The Supplier’s core team must attend monthly meetings as required and actively contribute to key sessions.
- Delivery, The Supplier must provide all written advice by the deadlines agreed in advance with the Buyer, or such other time as may be agreed between the Parties.
- Good - performance is meeting or exceeding the KPI Quality · to 30 Jun 2026
- Good - performance is meeting or exceeding the KPI Engagement · to 30 Jun 2026
- Good - performance is meeting or exceeding the KPI Delivery · to 30 Jun 2026
Lower Thames Crossing- Strategic Sale Advisor · Lazard & Co., Limited
Signed
6 Jan 2026
Value
£20,000,000
Period
7 Jan 2026 – 31 Dec 2027 · up to 31 Dec 2028 with extensions
Status
active
Extensions
The contract contains the provision to extend for a further period of up to 1 year, or such greater period as is agreed between the Buyer and the Supplier. This will be dependent on the timeline of the overall transaction.
Options
If deemed necessary or advantageous to the Project, the DfT reserves the right to vary this contract to permit the Strategic Sale Advisor (SSA) to offer a stapled-debt financing solution (including the SSA arranging on a syndicated basis), which would be made available to all bidders on an equal basis.
3 agreed KPIs: Quality · Engagement · Delivery
- Quality, The Supplier must deliver all agreed Deliverables to a standard acceptable to the Buyer and obtain formal sign-off.
- Engagement, The Supplier’s core team must attend monthly meetings as required and actively contribute to key sessions.
- Delivery, The Supplier must provide all written advice by the deadlines agreed in advance with the Buyer, or such other time as may be agreed between the Parties.

Bid statistics published by the authority

Bids	SME	VCSE	Valid bid range
6final-stage tenders	2	0	—

Who bid

did not winBanco Santander · Greater London
did not winGoldman Sachs International · Greater London
did not winGreenhill International · Greater London
did not winRothschild & Co · Greater London
did not winPiper Sandler Ltd. · Greater London
wonLazard & Co., Limited · Greater London

Bidders as named on the Procurement Act 2023 award notice. “Won” means the bidder holds an award on this notice.

Contracting authority & participating public bodies

Department for Transport

Contracting authorityPublic authority - central government GB-PPON: PLTC-5358-LTWZ Great Minster House, 33 Horseferry Road, London, London, SW1P 4DRContact email

Bidders & participating suppliers

6 commercial parties on the notice · 1 awarded

Banco SantanderBidder / tendererGB-PPON: PCYR-9945-JQDX 2 Triton Square, London, London, NW1 3AN
Goldman Sachs InternationalBidder / tendererGB-PPON: PXDB-2845-XHJW Plumtree Court, 25 Shoe Lane, London, London, EC4A 4AU
Greenhill InternationalBidder / tendererGB-PPON: PGHH-8472-BBLG Berkeley Square House, Berkeley Square, London, London, W1J 6BY
Lazard & Co., LimitedAwarded supplierGB-PPON: PPTB-8591-VZGH 20 Manchester Square, London, London, W1U 3PZContact email
Piper Sandler Ltd.Bidder / tendererGB-PPON: PBHQ-2532-WGYR 2 Gresham Street, London, London, EC2V 7AD
Rothschild & CoBidder / tendererGB-PPON: PVVD-4447-WWCT New Court, St Swithin's Lane, London, London, EC4N 8AL

Official documents & specifications (10)

Official links; attachments are not copied

Tender pack and attachments

Signed contract contractSigned contractPDFContract

Notices published for this procedure

Contract performance notice contractContract performance noticeUK9Contract performance notice on Find a Tender2 Jul 2026, 13:06 BST
Contract details notice contractContract details noticeUK7Contract details notice on Find a Tender7 Jan 2026, 14:28 GMT
Contract details notice contractContract details noticeUK7Contract details notice on Find a Tender7 Jan 2026, 14:01 GMT
Contract award notice awardContract award noticeUK6Contract award notice on Find a Tender19 Dec 2025, 14:32 GMT
Tender notice tenderTender noticeUK4Tender notice on Find a Tender31 Oct 2025, 13:17 GMT
Tender notice tenderTender noticeUK4Tender notice on Find a Tender31 Oct 2025, 13:13 GMT
Pipeline notice planningPipeline noticeUK1Pipeline notice on Find a Tender17 Sept 2025, 15:20 BST
Pipeline notice planningPipeline noticeUK1Pipeline notice on Find a Tender17 Sept 2025, 12:18 BST
Preliminary market engagement notice planningPreliminary market engagement noticeUK2Preliminary market engagement notice on Find a Tender29 Aug 2025, 12:13 BST