Decision details

Waive Contract Standing Order (CSO) 8.03 (requirement to obtain at least three competitive quotations) as allowed under CSO 10.01.2 D and in accordance with CSO 9.06.1 C award Grant Thornton a contract for the provision of specialist financial advice on an intercreditor agreement and guarantees relating to the Tottenham Hale Strategic Development Partnership.

Grant Thornton are experienced and have a strong track record of providing specialist financial advice.

The Council urgently requires specialist advice on a proposed intercreditor agreement with Argent Related, as part of the Strategic Development Partnership (SDP) and its Development Agreement.

This advice will allow officers to assess the context and merits of proposed guarantees and thereby take an informed view on any risks, while complying with contractual obligations on the Council through the SDP Development Agreement.

The delivery of SDP interventions will contribute towards strategic priority outcomes in the Borough Plan, through the delivery of 130 new Council-Rented homes on Council land and a high-quality open and inclusive urban environment and local retail facilities, and by contributing to the creation of a new district centre at Tottenham Hale.

The Council could decide not to appoint Grant Thornton; however, this could cause the Council to lack specialist advice on the management of key financial risks.

Alternatively a full procurement exercise could be undertaken; however as noted there is an urgent need for this advice in order to comply with contractual obligations. Further, the market for specialist financial advice is limited to a small number of suppliers, one of which was discounted due to potential conflict of interest, and another was discounted due to inability to provide services within the required deadline.