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BANK GIANT BUYS YOUR SCHOOL
HSBC seizes massive stake in a Camden secondary
ONE of the biggest banks in the world has dramatically seized a massive stake in a Camden secondary school from under the noses of teachers and education chiefs at the Town Hall.
HSBC has snapped up a 50 per cent share in the private contract running Haverstock School in Chalk Farm.
The deal was agreed discreetly between Japanese construction company Kajima, which built the school’s new facilities in Haverstock Hill, and an investment arm of HSBC.
The school’s management and governing body were last night (Wednesday) discussing what the deal might mean for the future running of Haverstock, although only after being alerted by the New Journal.
Privately, critics were questioning the motive behind the bank’s move for a project which is supposed to be about reaching educational excellence, rather than money-making.
Camden’s Conservative education chief Councillor Andrew Mennear was also left in the dark about the deal and had to be informed by reporters.
He said: “It is interesting. HSBC have n from page 1
recently been making a great play about being an ethical company and the door is open at the Town Hall if they want to come and talk to us about getting involved.”
While there is no disputing Haverstock has some of the finest facilities in the borough owing to the Kajima’s refurbishment, there is speculation that relations have become strained now the school is open.
Insiders said quarrels were bubbling under the surface over day-to-day things such as small damages and who should be responsible for paying for repairs.
By day the site operates as an oversubscribed secondary school which has gone from strength to strength in recent years and boasts Foreign Secretary David Miliband among its alumnae. But once the school bell rings, Kajima rents the premises, including classrooms and sports pitches, out for private use.
HSBC’s surprise intervention was confirmed on Thursday, although details of the deal were only circulated around the City. It came on the heels of the first publicly-available annual accounts, filed at Companies House, which that showed Kajima Haverstock – a subsidiary of the main company – had operated at a loss of just over £30,000 through 2006.
Kajima chief executive Julian Rudd-Jones was in email contact with the New Journal yesterday (Wednesday). He confirmed the deal but said Kajima would still take sole responsibility for the management of the project.
The fine detail of the deal reveals that HSBC Infrastructure Company Limited (HICL), which was listed on the stock market for the first time last year, paid £30.2 million in return for 50 per cent stakes in six of Kajima’s PFI projects, including schools in Ealing and Darlington.
Tony Roper, a fund director from HSBC, said Haverstock was a “high quality asset with a good operation track record” and that his company was “pleased” to be involved.
Kajima finished refurbishment work in 2004 after securing a Private Finance Initiative worth £21 million with the council. The arrangement will expire in 2030 when the premises will be handed to the school. |
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