Award

Cheshire East Borough Council - Procurement of Fund Management Services_ - AWARD

CIRRUS PURCHASING

This public procurement record has 2 releases in its history.

AwardUpdate

17 Apr 2020 at 13:41

Award Notice
Award

17 Apr 2020 at 13:36

Award Notice
Summary of the contracting process

The procurement process conducted by Cirrus Purchasing for Cheshire East Borough Council involved the award of a contract for Fund Management Services, part of the Cheshire and Warrington Development Fund (CWDF) initiative. The open tender, which concluded on 5th November 2019, focused on acquiring services to manage and market the investment fund, which is funded by £20 million from the European Regional Development Funds (ERDF). The awarded contract, valued at £1 million, began on 9th April 2020 and will continue until 8th April 2030, with the successful supplier being CBRE Indirect Investment Services Ltd.

This tender presents significant growth opportunities for businesses specialising in financial consultancy, investment management, and related services. Companies that can demonstrate expertise in managing investment funds, securing match funding, and ensuring compliance with financial regulations would be particularly well-suited to compete in such tenders. With ongoing demand for effective fund management services aimed at stimulating economic growth within the region, suppliers in these industries are encouraged to explore similar contracts to expand their portfolio and capabilities.

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Notice Information

Notice Title

Cheshire East Borough Council - Procurement of Fund Management Services_ - AWARD

Notice Description

As part of a package of programmes to stimulate and drive growth, the LEP in conjunction with Cheshire East Borough Council as the accountable body, has secured PS20m of European Regional Development Funds (ERDF) to establish an investment fund called the Cheshire and Warrington Development Fund (CWDF). The proposed CWDF will be complementary to the Evergreen 1 fund established in 2011 and the Greater Manchester Evergreen 2 fund. The Evergreen 1(EG1) fund was very successful. Cheshire and Warrington received PS37m (some of this is still in final assessment) from the fund which is now fully committed. The tender process was for the procurement of fund management services to deliver the CWDF. As part of the contract, the successful service provider will be required to deliver the following services: - Manage and market the fund and the entire investment cycle - Launch the fund - Market the fund - Manage all enquires - Generate applications to the fund - Secure a minimum of PS20m of match funding which can be at a fund or investee level - Identify, monitor and report co-investment in accordance with Article 1 of the Commission Implementing Regulation (821/2014). - Work with other funds, funders, and investees, most notably Evergreen 1 to assess the benefit of adding this funding to wider funding packages for projects - Assess and develop the applications - Invest the funds - Carry out financial and commercial due diligence - Ensure all investments made are state aid compliant - Issue heads of terms - Make investment recommendations to the CWDF board - Issue contracts for investments - Monitor the investments and ensure repayments are made on time, and if not work with the applicant to take remedial action - Ensure outputs are achieved and recorded in compliance with ERDF guidelines. CBRE Indirect Investment Services Ltd were the successful service provider awarded the contract.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-2c84f955-e417-4bde-9d6b-5eb0516c791c
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/62d71a0c-1cb3-4c72-8943-a0f8f783de42
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure
Tender Suitability
SME
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66171000 - Financial consultancy services

Notice Value(s)

Tender Value
£1,000,000 £1M-£10M
Lots Value
Not specified
Awards Value
£320,000 £100K-£500K
Contracts Value
Not specified

Notice Dates

Publication Date
17 Apr 20205 years ago
Submission Deadline
5 Nov 2019Expired
Future Notice Date
Not specified
Award Date
24 Jan 20206 years ago
Contract Period
8 Apr 2020 - 8 Apr 2030 Over 5 years
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
CIRRUS PURCHASING
Contact Name
Mike Munro
Contact Email
mmunro@cirruspurchasing.co.uk
Contact Phone
07572108320

Buyer Location

Locality
WINSFORD
Postcode
CW7 1AH
Post Town
Crewe
Country
England
Major Region (ITL 1)
TLD North West (England)
Basic Region (ITL 2)
TLD6 Cheshire
Small Region (ITL 3)
TLD63 Cheshire West and Chester
Delivery Location
TLD North West (England)
Local Authority
Cheshire West and Chester
Electoral Ward
Winsford Dene
Westminster Constituency
Mid Cheshire

Supplier Information

Number of Suppliers
1
Supplier Name

CBRE

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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