1.27 Next the public sector body should consider VfM issues and conduct an appropriate appraisal in accordance with HM Treasury and OGC guidance (Chapter 4). It is imperative that a public sector body carries out an appropriate investment appraisal and feasibility study to consider other potential delivery models, such as concessions, contractual service/supply contracts and PFI to determine if a JV is the delivery model which will deliver best VfM and long term benefits to the public sector. The details of some of these issues will vary depending on the nature of the public sector body involved e.g. whether it is a government department, an NDPB, a local authority etc.
1.28 At this stage it is likely that the public sector body will need to consider the appointment of specialist financial, legal and technical advisers.