---
title: "Lancashire Urban Development Fund Investment Management Services"
ocid: "ocds-h6vhtk-02ddd4"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-h6vhtk-02ddd4"
markdown_url: "https://d3tenders.com/contract/ocds-h6vhtk-02ddd4.md"
json_url: "https://d3tenders.com/contract/ocds-h6vhtk-02ddd4.json"
source: "Find A Tender Service"
current_stage: "Award"
buyer: "LANCASHIRE COUNTY COUNCIL"
published: "2021-09-07"
---

# Lancashire Urban Development Fund Investment Management Services

Buyer: LANCASHIRE COUNTY COUNCIL  
Current stage: Award  
OCID: ocds-h6vhtk-02ddd4

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## Summary

The Lancashire County Council has completed a procurement process for the "Lancashire Urban Development Fund Investment Management Services," classified under banking and investment services. The procurement was initiated on 7th September 2021, concluding with the award of the contract to Igloo Investment Management Limited. This contract, valued at £1,649,500, is aimed at filling finance gaps for private sector developers in Lancashire, promoting economic growth and creating fit-for-purpose industrial and commercial premises. The procurement method followed was a limited procedure, without prior publication of a call for competition, underlining the importance of streamlined and efficient procurement aligned with EU regulations.

This tender presents a substantial opportunity for businesses specialising in investment management and financial services, particularly those with a focus on supporting economic development in regional areas. Firms engaged in project management, risk management, and options for fund administration will find themselves particularly well-suited to compete for this contract, given the detailed requirements outlined in the tender documentation. The successful provider will be tasked with managing investments and achieving specific Key Performance Indicators, therefore, businesses with proven expertise in these areas stand to benefit significantly from participating in this procurement process.

## Notice

The Lancashire Urban Development Fund (LUDF) will provide capital to fill finance gaps for private sector developers that aim to build workspace in Lancashire, operating on the basis of investing in developments to bring forward activity that the market would not otherwise invest in. It is intended that the LUDF will promote economic growth in Lancashire by providing a mechanism to bring forward fit-for-purpose industrial and commercial premises for SME's in Lancashire's priority growth sectors and help to unlock key strategic employment sites to support growth. This tender is for the establishment of a Contract for the provision of Investment Fund Management Services for the LUDF. As the LUDF is part-funded by ERDF grant funding all investments and Services will be required to be undertaken in accordance with EU rules and regulations, including in a State Aid compliant manner. All of the requirements will be detailed within the ITT, the Specification and the Contract Documentation.

### Lot Information

Lot 1

This tender is for the establishment of a Contract for the provision of Fund Management Services (the Services as set out in the Specification) for the LUDF. The appointed Service Provider will be responsible for managing all the affairs of the fund including the making of investment decisions at all stages through to term, disposal or exit/realisation. The Contract will require the Service Provider to agree to the achievement of Key Performance Indicators (KPIs) related to the investment of the funds. As the LUDF is part-funded by ERDF grant funding all investments and Services will be required to be undertaken in accordance with EU rules and regulations, including in a State Aid compliant manner. All of the requirements will be detailed within this ITT, the Specification and the Contract documentation. The outcome of the tender process will be a single contract with one Service Provider. The Contract is for up to a 5 year term.

### Procurement Information

Lancashire County Council, as a contracting authority, intends to award a contract, as outlined in the previously published Contract Award Notice (2020-169017) to Igloo Investment Management Ltd for the Lancashire Urban Development Fund Investment Management Services. Lancashire County Council has followed an Open procurement procedure. As part of the procurement process, a bid was received, evaluated and found suitable to award the contract to, in line with the published award criteria. All requirements of the regulations were followed as part of the procurement process. Post award the advertised version of the Investment Management Agreement (IMA - draft contract) was amended to take into account bidder clarifications. Following this the IMA was further amended to cater for mechanical changes requested by the successful bidder to ensure the IMA fit the nature of the services to be delivered. It was deemed the required amendments were not material changes, were neutral to the procurement, did not affect any published award criteria and had no overall impact on the risk profile of the procurement. Alongside the IMA amendments, Lancashire County Council reserved the right to request a Parent Company Guarantee (PCG). Our financial assessment of the successful bidder was sufficient to provide confidence to proceed without the PCG however Lancashire County Council felt this would be useful to have in place as an additional benefit to the Council's risk profile. Some amendments were made to the PCG in comparison to the published version in order to ensure this is a robust PCG. This purpose of this VEAT notice is to ensure transparency throughout the procurement process, ensuring compliance to the regulations. Further information on the amendments made to the IMA and PCG (comparative to the advertised documents) can be requested by contacting contractscorporate@lancashire.gov.uk.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Find A Tender Service |
| Latest notice | https://www.find-tender.service.gov.uk/Notice/022117-2021 |
| Notice type | Award Notice |
| Procurement type | Standard |
| Procurement category | Services |
| Procurement method | Limited |
| Procurement method details | Award procedure without prior publication of a call for competition |
| Tender suitability | Not specified |
| Awardee scale | Large |
| All stages | Award |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 7 Sep 2021 |
| Submission deadline | Not specified |
| Future notice date | Not specified |
| Award date | 14 Dec 2020 |
| Contract period | Not specified |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | Not specified |
| Lots value | Not specified |
| Awards value | Not specified |
| Contracts value | £1,649,500 |

## Status

| Field | Value |
| --- | --- |
| Tender status | Complete |
| Lots status | Not specified |
| Awards status | Active |
| Contracts status | Active |

## Buyer

| Field | Value |
| --- | --- |
| Main buyer | LANCASHIRE COUNTY COUNCIL |
| Locality | PRESTON |
| Post town | Preston |
| Postcode | PR1 8XJ |
| Country | England |
| ITL 1 | TLD North West (England) |
| ITL 2 | TLD4 Lancashire |
| ITL 3 | TLD45 Mid Lancashire |
| Local authority | Preston |
| Electoral ward | City Centre |
| Westminster constituency | Preston |
| Delivery location | TLD4 Lancashire |

## Supplier

| Field | Value |
| --- | --- |
| Number of suppliers | 1 |
| Supplier names | IGLOO INVESTMENT MANAGEMENT |

## CPV Codes

### Divisions

- 66 - Financial and insurance services

### Codes

- 66100000 - Banking and investment services

## Release History

- 7 Sep 2021 at 09:08 - Award - Award Notice - https://www.find-tender.service.gov.uk/Notice/022117-2021

## Notice URLs

- http://www.lancashire.gov.uk
- https://courttribunalfinder.service.gov.uk/courts/royal-courts-of-justice
- https://ted.europa.eu/udl?uri=TED:NOTICE:360583-2020:TEXT:EN:HTML

## Provenance

This Markdown file is an alternate public rendering of the D3 Tenders contract record. The canonical page is https://d3tenders.com/contract/?ocid=ocds-h6vhtk-02ddd4. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-h6vhtk-02ddd4.json.