Published date: 3 October 2019

Closed opportunity - This means that the contract is currently closed. The buying department may be considering suppliers that have already applied, or no suitable offers were made.


Closing: 24 October 2019

Contract summary

Industry

  • Financial auditing services - 79212100

Location of contract

Yorkshire and the Humber

Value of contract

£0

Procurement reference

TEC_ERC WS 1

Published date

3 October 2019

Closing date

24 October 2019

Contract start date

7 November 2019

Contract end date

31 December 2019

Contract type

Service contract

Procedure type

Open procedure (below threshold)

Any interested supplier may submit a tender in response to an opportunity notice.

This procedure can be used for procurements below the relevant contract value threshold.

Contract is suitable for SMEs?

No

Contract is suitable for VCSEs?

No

Description

The TEC Partnership is the main trading brand and subsidiary companies of the Grimsby Institute of Further and Higher Education (GIFHE). Legal requirements, policies, data protection registration and other documentation relating to or as part of the operation of brands are part of GIFHE's legal status.

This invitation to tender is for the appointment of financial professional advisors to support the Colleges in considering a potential merger between Grimsby Institute of Further and Higher Education and East Riding College ("the Project"). The colleges are working on the basis that they will be appointing one firm to undertake the Project on behalf of both colleges, led by The TEC Partnership, producing one report. The Project requires capable professional resources to be available immediately in order to support the due diligence phase of the Project as the Colleges intend to start this process imminently and to complete it within a tight timeframe.

The objective of the financial due diligence report will be to provide an assurance of the future financial performance and prospects of the organisations pre and the organisation post-merger, identifying key risks and sensitivities and how each stakeholder will deal with these; and the critical success requirements. The report will provide assurance that the transferee college is capable of taking on the assets and liabilities of the transferring college and comfort over the financial viability of the transferee college once it has taken on students, staff, assets and liabilities of the transferring college.

Another party to this agreement will be the Bank(s) and the minimum requirement is that there is a "duty of care letter" in place from the successful tenderer in relation to reliance the Bank(s) can place on the DD report.

The colleges require that by the end of the due diligence timetable they:

• are in receipt of a due diligence report and supporting documentation to enable the colleges to make an assessment of the merger opportunity
• have all the information needed to be able to make a fully informed decision as to whether to proceed with the merger.

A prime objective of the professional adviser will be to identify any key issues and risks in connection with the proposed merger.

The ITT document is attached to this notice. Please read the tender document carefully and ensure that for all elements required you provide evidence or a statement to fulfil the requirements.

More information

Attachments

Additional text

Please apply directly to the buyer using the contact details provided, or follow the instructions given in the notice description or information section.

About the buyer

Contact name

Wendy Smith

Address

Laceby Road
GRIMSBY
DN345BQ
England

Telephone

01472 311 222 ext 5248

Email

purchasing@grimsby.ac.uk