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The credit crunch is forcing consortiums working on the government鈥檚 拢45bn school building programme to bring extra banks on board to get the funding needed to go ahead, it has emerged.

James Stewart, the head of the public sector delivery body Partnerships UK, said banks were increasingly forming 鈥渇inancing clubs鈥� to fund 好色先生TV Schools for the Future (BSF) schemes, rather than backing projects alone.

Stewart, who was speaking at the Partnerships for Schools (PfS) annual conference in London last Thursday, said: 鈥淭he banks are increasingly reluctant to underwrite projects, so schemes are having to bring in more of them. Unfortunately, we鈥檝e not reached the bottom of the market.鈥�

The increasing difficulty in finding funding is a sign that financial institutions do not view the public sector as immune to the market turmoil.  

The banks are increasingly reluctant to underwrite projects

James Stewart, PUK

However, Stewart said the schools programme was benefiting from a 鈥渇light to quality鈥� of firms and investors. He said: 鈥淏SF is at the smaller end of the market and has a committed pipeline. There鈥檚 absolutely no room for complacency, as it鈥檚 a moving feast, but for now it鈥檚 okay. BSF is a good place to be and certainly better than the banking market.鈥�

Tim Byles, chief executive of Partnerships for Schools, said that despite the challenging market conditions and the need to involve more banks 鈥渘othing has been delayed or stopped鈥�.

Byles added that PfS was looking at closer relationships with so-called Express Lift schemes in the healthcare sector. 

More on the BSF programme at