Section one: Contracting authority/entity
one.1) Name and addresses
Lancashire County Council
Fishergate
Preston
PR18XJ
Contact
LCC Corporate
contractscorporate@lancashire.gov.uk
Telephone
+44 1772538207
Country
United Kingdom
NUTS code
UKD4 - Lancashire
Internet address(es)
Main address
one.4) Type of the contracting authority
Regional or local Agency/Office
one.5) Main activity
Economic and financial affairs
Section two: Object
two.1) Scope of the procurement
two.1.1) Title
Lancashire Urban Development Fund Investment Management Services
two.1.2) Main CPV code
- 66100000 - Banking and investment services
two.1.3) Type of contract
Services
two.1.4) Short description
The 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.
two.1.6) Information about lots
This contract is divided into lots: No
two.1.7) Total value of the procurement (excluding VAT)
Value excluding VAT: £1,649,500
two.2) Description
two.2.3) Place of performance
NUTS codes
- UKD4 - Lancashire
two.2.4) Description of the procurement
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.
two.2.5) Award criteria
Quality criterion - Name: Delivery Team / Weighting: 8
Quality criterion - Name: Marketing & Engagement / Weighting: 8
Quality criterion - Name: Investment Management / Weighting: 10
Quality criterion - Name: Investment Appraisal / Weighting: 10
Quality criterion - Name: Risk Management / Weighting: 10
Quality criterion - Name: Business Continuity & Systems / Weighting: 3
Quality criterion - Name: Administration / Weighting: 3
Quality criterion - Name: Equality & Sustainability / Weighting: 3
Quality criterion - Name: Social Value / Weighting: 5
Price - Weighting: 40
two.2.11) Information about options
Options: No
Section four. Procedure
four.1) Description
four.1.1) Type of procedure
Award of a contract without prior publication of a call for competition in the cases listed below
- The procurement falls outside the scope of application of the regulations
Explanation:
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 contractscorporate@lancashire.gov.uk.
four.1.8) Information about the Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement: Yes
four.2) Administrative information
four.2.1) Previous publication concerning this procedure
Notice number: 2020/S 146-360583
Section five. Award of contract/concession
Title
Lancashire Urban Development Fund Investment Management Services
A contract/lot is awarded: Yes
five.2) Award of contract/concession
five.2.1) Date of conclusion of the contract
14 December 2020
five.2.2) Information about tenders
The contract has been awarded to a group of economic operators: No
five.2.3) Name and address of the contractor/concessionaire
Igloo Investment Management Limited
Manchester
Country
United Kingdom
NUTS code
- UKD3 - Greater Manchester
The contractor/concessionaire is an SME
No
five.2.4) Information on value of contract/lot/concession (excluding VAT)
Initial estimated total value of the contract/lot/concession: £1,650,000
Total value of the contract/lot/concession: £1,649,500
Section six. Complementary information
six.4) Procedures for review
six.4.1) Review body
Royal Courts of Justice - The High Court
London
WC2A 2LL
Telephone
+44 2079476000
Country
United Kingdom
Internet address
https://courttribunalfinder.service.gov.uk/courts/royal-courts-of-justice
six.4.4) Service from which information about the review procedure may be obtained
Lancashire County Council
Preston
PR1 8XJ
Country
United Kingdom