In February 1995, the Trust had invited expressions of interest from qualified consortia for the construction, part-operation and financing of a hospital to be constructed at Colney in accordance with the PFI (FMA, February 2005, 7)
In 1996 three private sector tenders were considered from;
• Octagon Healthcare
• Health Care Management Group
• Pentland Health Care
At that time Octagon Healthcare was said to be a special purpose limited liability company consisting of John Laing PLC and General Healthcare Group PLC. The latter was a subsidiary of Général de Santé International PLC owned by Compagnie Générale des Eaux, a major French company (NNHCT 1996, 35). In addition to these primary shareholders, Octagon Healthcare was said to have the added credibility of third party investors, namely 3i and NatWest Ventures. According to page 36 of NNHCT 1996, the proposed funding to be raised through Octagon totalled £173 mn of which £148 mn (85%) was senior debt, £20 mn (12%) was subordinated debt and £5 mn (3%) was equity.
By the time of the January 1998 Project Agreement, Octagon Healthcare had changed, consisting of John Laing (as before) for the building but with Serco Systems providing the non-clinical operating services