A new era in the history of the Tyne Tunnels begins on 1st February 2008 as TT2 Limited begins its 30-year concession to operate and maintain the existing tunnels and deliver the New Tyne Crossing project.
The Tyne and Wear Passenger Transport Authority (TWPTA), which has managed the tunnels since 1986, will today hand responsibility for operating the existing vehicle, cycle and pedestrian tunnels to TT2 in a move that will see the existing vehicle tunnel fully refurbished and a second vehicle tunnel constructed under the Tyne.
Trevor Jackson, Managing Director of TT2, said: “This is a significant day in the history of the Tyne Tunnels: the start of a 30-year concession that will bring a greatly improved level of service for users of the tunnels. I am proud to be overseeing the construction of the new tunnel and the improvement of existing facilities that will bring this new era of travel to our customers.
“The tunnels have been well run by the existing staff and I’m delighted to welcome all 97 of them into TT2 during this exiting phase in the tunnels’ development. I can reassure customers that the same high standards of service they have enjoyed in the past will be maintained under TT2, thanks to the dedicated and professional team I’ve been fortunate to inherit.
“I am determined to build on these excellent foundations. I’ll be continually looking for ways of improving the travelling experience for our customers, and will be working hard over the coming months to ensure that this is a truly world class facility."
South Tyneside Councillor Tom Hanson, Vice Chair of the Tyne and Wear Passenger Transport Authority, added: “This is an exciting time in the Tyne Tunnels’ history, and I’m pleased that the transfer of the tunnels into TT2’s control has progressed so smoothly. I have every confidence that TT2 will continue to deliver a quality service to tunnel users.
“In delivering the New Tyne Crossing TT2 will remove a real barrier to economic growth, opening up North and South Tyneside to businesses and investors from further afield. The New Tyne Crossing will be a major boost to local communities, and my colleagues and I will be working closely with TT2 to ensure that opportunities for local people are maximised, both during construction of the new tunnel and beyond.”
TT2 is a British company, operating under UK law that has been set up specifically to deliver the New Tyne Crossing Project. TT2 is owned by Bouygues Travaux Publics, HSBC Infrastructure Fund Management Limited (acting in its capacity as general partner for and on behalf of each of the limited partnerships constituting HSBC Infrastructure Fund II), and Bank of Scotland Corporate (part of the HBOS group).
On 23 November 2007 TT2 was appointed Concessionaire, under a Public Private Partnership arrangement, to part-finance, design and build the second vehicle tunnel under the River Tyne and to operate and maintain all the tunnels under the river for the next 30 years, by the TWPTA, promoters of the New Tyne Crossing project.
The TWPTA will part-finance the project in an innovative way, which has helped keep the tolls that will need to be charged to users to the minimum. At the end of the 30-year concession all the tunnels will be handed back to the TWPTA.
Ends
Media contact: Felicity Amer 0191 281 8833 or Richard Simpson 07821 537106, e-mail richardsimpson@bradleyomahoney.co.uk felicityamer@bradleyomahoney.co.uk
NOTES TO EDITORS:
New Tyne Crossing Project Timeline:
· Financial Close 23 November 2007
· Transfer tunnels and staff to TT2 1 February 2008
· Main works start to build new tunnel Spring 2008
· New tunnel opens Autumn 2010
· Existing tunnel closes for refurbishment Autumn 2010
· New Tyne Crossing opens (both tunnels operational) Winter 2011
About TT2
TT2 is owned by Bouygues Travaux Publics (Bouygues TP), HSBC Infrastructure Fund II, and Bank of Scotland Corporate (part of the HBOS group). All three companies have strong experience in Public Private Partnerships (PPPs), with a combined total of 107 PPPs currently in operation, a majority of which are UK-based.
Bouygues TP
Bouygues TP is the civil works construction subsidiary of Bouygues Construction, which operates globally and itself is part of the Bouygues Group (with approx. 100,000 staff around the world, 50% of whom are employed outside France). Bouygues TP has specialist construction skills, with particular experience in tunnel projects and has built the latest completed tunnel in Europe using the immersed tunnel technique.
Bouygues TP is recognised as a market leader for toll infrastructures. In recent years, they have achieved tolled infrastructure deals receiving a number of PFI prices and representing an aggregate amount above £2.5 billion. Bouygues already has a long-term involvement in the UK through Bouygues UK (a major player in the PFI market), Ecovert FM and Colas UK. For more information on Bouygues TP please visit http://www.bouygues-construction.com/2i.html&
HSBC Infrastructure Fund Management Limited
HSBC Infrastructure Fund Management Limited (HIFML) is authorised and regulated by the Financial Services Authority. HIFML is acting in its capacity as general partner for and on behalf of each of the limited partnerships constituting HSBC Infrastructure Fund II. HIFML’s parent company, HSBC Specialist Investments Limited (HSIL) is a wholly owned subsidiary of HSBC Holdings plc and is the dedicated property and infrastructure investment arm of HSBC. HSIL and its subsidiaries design and manage specialist investment funds which invest capital provided by a wide range of investors, including pension funds, insurance companies, fund of funds, asset managers and high net worth individuals in the UK and globally. It focuses on market segments with attractive risk/reward profiles and currently manages in excess of £7 billion of specialist assets in infrastructure, commercial and residential property via eight institutional funds.
HSBC Holdings plc serves over 125 million customers worldwide through around 10,000 offices in 83 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.
Bank of Scotland Corporate
Bank of Scotland Corporate, part of the HBOS group, has a reputation for excellence in the provision of corporate finance, delivering innovative funding solutions across a range of markets.
Boasting the most experienced team in the PFI/PPP market, Bank of Scotland Corporate is one of Europe's leading providers of infrastructure finance. It has arranged over £8bn of senior debt in over 100 PFI/PPP projects and invested in over 50 PFI/PPPs with over £200m committed risk capital.
In the UK, it is currently one of the largest capital providers in the education sector, having completed 30 projects, providing around 20,000 school places. In the health sector it has funded and invested in around 30 projects, which have provided over 10,000 hospital beds. In the housing market it has provided over £5bn to social registered landlords (former housing associations) and is active in the affordable housing, higher education and urban regeneration sectors.
The HBOS Group employs over 76,000 people worldwide. Bank of Scotland Corporate employs over 8,300 people. Total corporate lending at June 2007 stood at £95.8 billion. For more information on Bank of Scotland Corporate please visit http://www.bankofscotland.co.uk/corporate/
|
