Scope
Reference
PS25037
Description
This notice is to inform the market of intention to Procure the Appointment of Administrators for Innovate UK Loans.
At present the Innovate UK loan portfolio consists of around 260 businesses with an overall exposure of £219m. Due to the early-stage nature of the businesses in the portfolio the expectation is that a considerable number will not be successful in achieving their objectives and will ultimately be unable to repay their innovation loan as planned. If a company is in debt and cannot pay the money that it owes it will typically be placed into administration. To facilitate this process there will be an appointment of an administrator either by the directors, a creditor or the court to fulfil the administration process.
This procurement is to address the requirement in some cases for Innovate UK Loans to appoint an administrator and to have an existing contract in place which can be utilised when required.
The administrators should be licensed insolvency practitioners based within the UK. Their duties that are required are those of an administrator for any insolvency and as per set out in the Insolvency Act, 1986.
There is no commitment at this stage that the above-mentioned opportunity will proceed in its current format however at this stage, and subject to the relevant approvals this is the intention.
Total value (estimated)
- £200,000 excluding VAT
- £240,000 including VAT
Above the relevant threshold
Contract dates (estimated)
- 3 June 2025 to 2 June 2027
- Possible extension to 2 June 2028
- 3 years
Description of possible extension:
This contract has the option to extend for 1 year (2+1)
Main procurement category
Services
CPV classifications
- 79100000 - Legal services
Contract locations
- UK - United Kingdom
Participation
Particular suitability
Small and medium-sized enterprises (SME)
Submission
Publication date of tender notice (estimated)
19 March 2025
Enquiry deadline
16 April 2025, 11:00am
Tender submission deadline
29 April 2025, 2:00pm
Tenders may be submitted electronically
Yes
Languages that may be used for submission
English
Award decision date (estimated)
19 May 2025
Procedure
Procedure type
Open procedure
Contracting authority
UKRI
- Public Procurement Organisation Number: PDQJ-7126-JDHG
Polaris House
Swindon
SN2 1FL
United Kingdom
Email: Commercial@ukri.org
Region: UKK14 - Swindon
Organisation type: Public authority - sub-central government
Other organisation
These organisations are carrying out the procurement, or part of it, on behalf of the contracting authorities.
UK Shared Business Services Ltd
Summary of their role in this procurement: Shared Service Provider
- Public Procurement Organisation Number: PMPN-7535-GNTG
Polaris House, North Star Avenue
Swindon
SN2 1FF
United Kingdom
Region: UKK14 - Swindon