GIA team helped on Metro bid

Feb 24 2010 by Peter McCusker, The Journal

ACCOUNTANTS and business advisers Grant Thornton's Government infrastructure and advisory (GIA) team gave financial advice to Nexus to help secure £580m to modernise the Tyne and Wear Metro.

Nexus is the Tyne and Wear Passenger Transport Executive which owns and manages Metro, which is used by 40 million passengers a year.

Most of the money, up to £350m, will be spent on the Metro ‘all change’ modernisation programme over the next 11 years. A further £230m will support Metro’s running and maintenance costs over the next nine years.

Leading on the deal at Grant Thornton, Will McWilliams, GIA transport partner, said: “The economic importance of the long-term investment secured for the Tyne and Wear Metro and North East city region cannot be overstated.

“GIA and the wider firm’s key role in this successful outcome will further strengthen our reputation in the public sector and transport market.”

Transport Minister Sadiq Khan, who visited Newcastle to announce the cash windfall, said: “We’re committed to the North East and we can see the importance of the Metro to Tyne and Wear.

“This is the first time Metro has had stability and certainty over a long period of time. It will lead to passengers noticing a difference in their journeys. I think the best years are ahead of Metro and this announcement confirms that.”