Equans is set to take a near £5m hit from the liquidation of the private finance initiative (PFI) company that previously had responsibility for schools in Stoke-on-Trent.
Transform Schools (Stoke) Ltd (TSSL), a PFI vehicle that built and maintained the city’s schools under a 25-year contract with City of Stoke-on-Trent Council, announced in November that it would appoint liquidators.
Equans was the primary maintenance contractor working for TSSL in recent years.
The PFI contract came to an end in October with millions of pounds of maintenance work across 88 schools incomplete, according to the local authority.
A statement from the council at the time said it was drawing up deals with “the main contractor” to continue outstanding…