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Firms bid for £360m bank job

Up to 40 contractors are understood to be vying for a place on Lloyds TSB’s new £360 million, two-year construction framework.

The biggest players in retail fit-out – including Wates Retail, Styles & Wood and ISG Cathedral – are believed to have tendered for the framework, which will cover four regions across the UK and Ireland and be worth £180m a year.

Overbury and Ibex are also thought to have submitted tenders earlier this month.

However, one source said a mixed-bag of other names, including a host of regional contractors, are expected to be putting their names in the hat for the work too.

“I think there will be about 40 names in the mix,” said the source. “It is a wide-ranging industry piece, and for some contractors it will be a critical slice of work to secure.

Lloyds is looking to appoint two contractors per region. However, it is understood that one
firm could win a place on more than one region.

“We are expecting they will appoint a total of four main contractors,” another insider aid.

According to business intelligence service Glenigan, other firms to regularly bid for work
with Lloyds include Havelock Contract Interiors, Balfour Beatty, Miller Construction, Bam
Construct, Midas Group and Bovis Lend Lease.

Under the framework it is expected jobs worth more than £2m will be tendered among the successful contractors, while all jobs under £2m will be allocated by the banking group.

The work is expected to be predominantly refurbishment projects, covering both offices and
high-street branches.

Following the acquisition of HBOS by Lloyds TSB in late 2008 the bank increased its level  of building works, with a string of sites requiring rebranding.

Styles & Wood – which was appointed to rebrand 13 high-street branches of Lloyds TSB in 2009 – said in a recent trading update that it has a “strategic focus” on winning work with the retail banks.

Lloyds failed to return calls for comment regarding the framework. It is not yet known when the company will announce the successful bidders.