Health and care property company Prime has completed a deal to purchase full shares in joint venture company Interserve Prime. The company will now be known as Prime Partnering Solutions Ltd.
Interserve Prime was formed in 2014 as a Strategic Estates Partnership (SEP) business providing a full offering for NHS Trusts. It has three ongoing projects, with the University Hospital Southampton NHS Foundation Trust, Yeovil District Hospital and Dorset County Hospital. This acquisition will not impact on these projects and Prime says Interserve remains a key supply chain partner and that they enjoy a good working relationship.
SEPs, 50-50 joint venture companies operated between the public and private sector, can be an attractive proposition for public sector organisations, including NHS Trusts. Prime says they offer flexibility and reduced risk to both partners, enabling better outcomes in the delivery of services when the public sector partner needs them, without the obligation to use them.
They can deliver a broad range of projects and services, from developing new clinical and commercial real estate through to facilities management and consultancy services. SEPs are quick and cost effective to procure and allow for a range of commercial contract structures, either investing public or private capital solely, or blending both to create the best financial fit for the client.
Chief Executive of Prime, Leighton Chumbley comments: "We believe there is further opportunity to enrich the health community and revolutionise how estates transformation is achieved at a local level. By utilising SEPs to support Sustainability and Transformation Plans (STP), Trusts and their health partners could access capacity and capability to integrate health delivery and realise their clinical aspirations."
