Section one: Contracting authority
one.1) Name and addresses
British Business Bank
Steel City House, West Street
Sheffield
S1 2GQ
Procurement@british-business-bank.co.uk
Telephone
+44 2039051462
Country
United Kingdom
Region code
UK - United Kingdom
Internet address(es)
Main address
http://british-business-bank.co.uk/
Buyer's address
www.british-business-bank.co.uk
one.3) Communication
The procurement documents are available for unrestricted and full direct access, free of charge, at
https://www.delta-esourcing.com/delta/buyers/select/viewListStatus.html?id=819968614
Additional information can be obtained from the above-mentioned address
Tenders or requests to participate must be submitted electronically via
https://www.delta-esourcing.com/delta/buyers/select/viewListStatus.html?id=819968614
Tenders or requests to participate must be submitted to the above-mentioned address
one.4) Type of the contracting authority
Body governed by public law
one.5) Main activity
Economic and financial affairs
Section two: Object
two.1) Scope of the procurement
two.1.1) Title
Audit and Block Management Services
Reference number
BBI - P-2035
two.1.2) Main CPV code
- 79212100 - Financial auditing services
two.1.3) Type of contract
Services
two.1.4) Short description
This on-lending activity is facilitated using Block Discounting Agreements, Revolving Credit Facilities (including “Back to Back agreements”), Direct Lending Agreements and other bespoke debt instruments. To administer these products, BBI requires a suitably qualified organisation to Conduct audits of prospective investment counter parties to assess their operational suitability for financing facilities (including block discounting or other forms of receivables financing) and submitting comprehensive reports to British Business Investments (BBI) to support BBI’s normal internal due diligence and facility approval process.
two.1.5) Estimated total value
Value excluding VAT: £963,600
two.1.6) Information about lots
This contract is divided into lots: No
two.2) Description
two.2.3) Place of performance
NUTS codes
- UK - United Kingdom
Main site or place of performance
UNITED KINGDOM
two.2.4) Description of the procurement
Specification
1. Audit Services and On-going Monitoring:
•Conducting audits of prospective investment counterparties to assess their operational suitability for financing facilities (including block discounting or other forms of receivables financing) and submitting comprehensive reports to British Business Investments (BBI) to support BBI’s normal internal due diligence and facility approval process.
•Conducting periodic on-site comprehensive audits (normally quarterly) of investment counterparties, including but not limited to:
* reviews of customer records;
* contacting customers on a sample basis by telephone or in writing;
* reviewing latest HMRC and PAYE payments;
* reviewing management accounts and bank statements;
* reviewing underwriting policy and example accounts
and submitting associated comprehensive reports to BBI.
•Advising BBI on breaches of finance and underlying counterparty customer agreements and on associated adverse findings or suspicions.
2. Block Discount Facilities:
•Managing block purchase process including:
* ensuring that blocks of agreements offered to BBI contain agreements that have been correctly executed with enforceable security and comply with match funding requirements and related financial covenants in relevant facility agreement/s;
* reporting on and rejecting proposed blocks that fall outside facility-specific parameters (e.g. re. advance rate or margin);
* arranging for acceptance of satisfactory qualifying blocks of agreements;
* receipt and storage of customer agreements comprising BBI-purchased blocks and related security documentation;
* submitting periodic funding requests to BBI based on monthly counterpart forecasts;
* making payment (pre-funded by BBI) of block purchase prices to investment counterparties;
•Collecting in monies on behalf of BBI from investment counterparties;
•Monitoring and managing portfolios of purchased agreements including requesting replacements for non-performing agreements;
•Operating on BBI’s behalf a client bank account into which funding and repayments will be paid;
•Receiving on its behalf all notices and information to be delivered to BBI under facility and security documentation;
•Reassignment of purchased agreements to counterparties following repayment of all sums due;
•Retaining records of customer agreements comprised in purchased blocks;
•Monitoring counterparty compliance with obligations under financing facilities (e.g. financial covenants, reporting requirements etc.);
•Providing BBI with a suite of monthly and other periodic (including on-demand) reports including but not limited to:
* copy client bank account statement;
* reconciliation of the client bank account per delivery partner;
* statement of capital returns and interest/discount income earned for each delivery partner;
* report of capital balances at month end per block;
* report of projected income per block;
* report of aged analysis or arrears.
•On-going monitoring of performance of customer agreements comprising financed blocks, including notification of non-performing agreements and replacement in accordance with relevant facility terms.
3. Contract Details:
This contract is advertised in accordance with the Open, accelerated procedure. A Prior Information Notice (PIN) was issued for this requirement on 18th September 2023, referenced 2023/S 000-027553. A copy of the notice can be found at: https://www.find-tender.service.gov.uk/Notice/027553-2023. The Contract and is due to to commence on 1/1/2024. Tenders are invited for return by 15/11/2023. Clarifications/requests for further information can be submitted until 8/11/2023. It is anticipated that subject to satisfactory performance the contract will run for a period of 3 years with the option to extend for two further years.
two.2.5) Award criteria
Quality criterion - Name: Experience and Expertise / Weighting: 40
Quality criterion - Name: Methodology & Approach / Weighting: 20
Quality criterion - Name: Social Value / Weighting: 10
Quality criterion - Name: Modern Slavery / Weighting: Pass/Fail
Quality criterion - Name: Data Protection / Weighting: Pass/Fail
Cost criterion - Name: Cost / Weighting: 30
two.2.6) Estimated value
Value excluding VAT: £963,600
two.2.7) Duration of the contract, framework agreement or dynamic purchasing system
Start date
1 January 2024
End date
31 December 2029
This contract is subject to renewal
Yes
Description of renewals
The contract is to be let for a period of three years with the option to extend for a further period of up to two years. Renewal will be advertised via the FTS process.
two.2.10) Information about variants
Variants will be accepted: No
two.2.11) Information about options
Options: No
two.2.13) Information about European Union Funds
The procurement is related to a project and/or programme financed by European Union funds: No
Section four. Procedure
four.1) Description
four.1.1) Type of procedure
Open procedure
Accelerated procedure
Justification:
Pin was utilised, issued on 11/9/2023
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: 2023/S 000-027553
four.2.2) Time limit for receipt of tenders or requests to participate
Date
15 November 2023
Local time
5:00pm
four.2.4) Languages in which tenders or requests to participate may be submitted
English
four.2.6) Minimum time frame during which the tenderer must maintain the tender
Tender must be valid until: 31 January 2024
four.2.7) Conditions for opening of tenders
Date
15 November 2023
Local time
5:00pm
Place
via Delta
Section six. Complementary information
six.1) Information about recurrence
This is a recurrent procurement: Yes
Estimated timing for further notices to be published: July 2029
six.2) Information about electronic workflows
Electronic invoicing will be accepted
six.3) Additional information
The contracting authority considers that this contract may be suitable for economic operators that are small or medium enterprises (SMEs). However, any selection of tenderers will be based solely on the criteria set out for the procurement.
To view this notice, please click here:
https://www.delta-esourcing.com/delta/viewNotice.html?noticeId=816888026" target="_blank">https://www.delta-esourcing.com/delta/viewNotice.html?noticeId=816888026
GO Reference: GO-20231031-PRO-24311874
six.4) Procedures for review
six.4.1) Review body
British Business Bank
Steel City House, West Street
Sheffield
S1 2GQ
Procurement@british-business-bank.co.uk
Telephone
+44 2039051462
Country
United Kingdom