British Business Bank Plc: Audit and Block Management Services

  British Business Bank Plc has published this notice through Delta eSourcing

Notice Summary
Title: Audit and Block Management Services
Notice type: Contract Notice
Authority: British Business Bank Plc
Nature of contract: Services
Procedure: Open
Short Description: This on-lending activity is facilitated using Block Discounting Agreements, Revolving Credit Facilities (including “Back to Back agreements”), Direct Lending Agreements and other bespoke debt instruments. To administer these products, BBI requires a suitably qualified organisation to Conduct audits of prospective investment counter parties to assess their operational suitability for financing facilities (including block discounting or other forms of receivables financing) and submitting comprehensive reports to British Business Investments (BBI) to support BBI’s normal internal due diligence and facility approval process.
Published: 31/10/2023 14:44

View Full Notice

UK-Sheffield: Financial auditing services.
Section I: Contracting Authority
      I.1) Name and addresses
             British Business Bank
             Steel City House, West Street, Sheffield, S1 2GQ, United Kingdom
             Tel. +44 2039051462, Email: Procurement@british-business-bank.co.uk
             Main Address: http://british-business-bank.co.uk/, Address of the buyer profile: www.british-business-bank.co.uk
             NUTS Code: UK
      I.2) Joint procurement
      The contract involves joint procurement: No.
      In the case of joint procurement involving different countries, state applicable national procurement law: Not provided       
      The contract is awarded by a central purchasing body: No.
      I.3) Communication
      The procurement documents are available for unrestricted and full direct access, free of charge, at: https://www.delta-esourcing.com/delta/buyers/select/viewListStatus.html?id=819968614
      Additional information can be obtained from: the abovementioned address
      Tenders or requests to participate must be sent electronically via https://www.delta-esourcing.com/delta/buyers/select/viewListStatus.html?id=819968614 to the abovementioned address       
      Electronic communication requires the use of tools and devices that are not generally available. Unrestricted and full direct access to these tools and devices is possible, free of charge, at: Not provided
      I.4) Type of the contracting authority
            Body governed by public law
      I.5) Main activity
            Economic and financial affairs

Section II: Object
II.1) Scope of the procurement
      II.1.1) Title: Audit and Block Management Services       
      Reference Number: BBI - P-2035
      II.1.2) Main CPV Code:
      79212100 - Financial auditing services.

      II.1.3) Type of contract: SERVICES
      II.1.4) Short description: This on-lending activity is facilitated using Block Discounting Agreements, Revolving Credit Facilities (including “Back to Back agreements”), Direct Lending Agreements and other bespoke debt instruments. To administer these products, BBI requires a suitably qualified organisation to Conduct audits of prospective investment counter parties to assess their operational suitability for financing facilities (including block discounting or other forms of receivables financing) and submitting comprehensive reports to British Business Investments (BBI) to support BBI’s normal internal due diligence and facility approval process.       
      II.1.5) Estimated total value:
      Value excluding VAT: 963,600       
      Currency: GBP
      II.1.6) Information about lots:
      This contract is divided into lots: No       
   
II.2) Description
      
      II.2.2) Additional CPV codes:
      Not Provided       
      II.2.3) Place of performance:
      UK UNITED KINGDOM
      
      II.2.4) Description of procurement: Specification
1. Audit Services and On-going Monitoring:

•Conducting audits of prospective investment counterparties to assess their operational suitability for financing facilities (including block discounting or other forms of receivables financing) and submitting comprehensive reports to British Business Investments (BBI) to support BBI’s normal internal due diligence and facility approval process.

•Conducting periodic on-site comprehensive audits (normally quarterly) of investment counterparties, including but not limited to:

* reviews of customer records;
* contacting customers on a sample basis by telephone or in writing;
* reviewing latest HMRC and PAYE payments;
* reviewing management accounts and bank statements;
* reviewing underwriting policy and example accounts

and submitting associated comprehensive reports to BBI.

•Advising BBI on breaches of finance and underlying counterparty customer agreements and on associated adverse findings or suspicions.



2. Block Discount Facilities:
•Managing block purchase process including:

* ensuring that blocks of agreements offered to BBI contain agreements that have been correctly executed with enforceable security and comply with match funding requirements and related financial covenants in relevant facility agreement/s;
* reporting on and rejecting proposed blocks that fall outside facility-specific parameters (e.g. re. advance rate or margin);
* arranging for acceptance of satisfactory qualifying blocks of agreements;
* receipt and storage of customer agreements comprising BBI-purchased blocks and related security documentation;
* submitting periodic funding requests to BBI based on monthly counterpart forecasts;
* making payment (pre-funded by BBI) of block purchase prices to investment counterparties;

•Collecting in monies on behalf of BBI from investment counterparties;

•Monitoring and managing portfolios of purchased agreements including requesting replacements for non-performing agreements;

•Operating on BBI’s behalf a client bank account into which funding and repayments will be paid;

•Receiving on its behalf all notices and information to be delivered to BBI under facility and security documentation;

•Reassignment of purchased agreements to counterparties following repayment of all sums due;

•Retaining records of customer agreements comprised in purchased blocks;

•Monitoring counterparty compliance with obligations under financing facilities (e.g. financial covenants, reporting requirements etc.);

•Providing BBI with a suite of monthly and other periodic (including on-demand) reports including but not limited to:

* copy client bank account statement;
* reconciliation of the client bank account per delivery partner;
* statement of capital returns and interest/discount income earned for each delivery partner;
* report of capital balances at month end per block;
* report of projected income per block;
* report of aged analysis or arrears.

•On-going monitoring of performance of customer agreements comprising financed blocks, including notification of non-performing agreements and replacement in accordance with relevant facility terms.

3. Contract Details:
This contract is advertised in accordance with the Open, accelerated procedure. A Prior Information Notice (PIN) was issued for this requirement on 18th September 2023, referenced 2023/S 000-027553. A copy of the notice can be found at: https://www.find-tender.service.gov.uk/Notice/027553-2023. The Contract and is due to to commence on 1/1/2024. Tenders are invited for return by 15/11/2023. Clarifications/requests for further information can be submitted until 8/11/2023. It is anticipated that subject to satisfactory performance the contract will run for a period of 3 years with the option to extend for two further years.
      II.2.5) Award criteria:
            Criteria below
            Quality criterion - Name: Experience and Expertise / Weighting: 40
            Quality criterion - Name: Methodology & Approach / Weighting: 20
            Quality criterion - Name: Social Value / Weighting: 10
            Quality criterion - Name: Modern Slavery / Weighting: Pass/Fail
            Quality criterion - Name: Data Protection / Weighting: Pass/Fail
                        
            Cost criterion - Name: Cost / Weighting: 30
                              
      II.2.6) Estimated value:
      Value excluding VAT: 963,600       
      Currency: GBP       
      II.2.7) Duration of the contract, framework agreement or dynamic purchasing system:
      Start: 01/01/2024 / End: 31/12/2029       
      This contract is subject to renewal: Yes       
      Description of renewals: The contract is to be let for a period of three years with the option to extend for a further period of up to two years. Renewal will be advertised via the FTS process.
      
      II.2.10) Information about variants:
      Variants will be accepted: No
      II.2.11) Information about options:
      Options:       No             
      Description of options: Not provided
      II.2.12) Information about electronic catalogues:
      Tenders must be presented in the form of electronic catalogues or include an electronic catalogue: No
      II.2.13) Information about European Union funds:
      The procurement is related to a project and/or programme financed by European Union funds: No       
      Identification of the project: Not provided             
      II.2.14) Additional information: Not provided       


Section III: Legal, Economic, Financial And Technical Information
   III.1) Conditions for participation
      III.1.1) Suitability to pursue the professional activity, including requirements relating to enrolment on professional or trade registers
      List and brief description of conditions:          
      Not Provided       
      III.1.2) Economic and financial standing       
      List and brief description of selection criteria:       
      Not Provided    
      Minimum level(s) of standards possibly required (if applicable) :       
      Not Provided    
      III.1.3) Technical and professional ability
      List and brief description of selection criteria:       
      Not Provided      
      Minimum level(s) of standards possibly required (if applicable) :          
      Not Provided   
      III.1.5) Information about reserved contracts (if applicable)   
      The contract is reserved to sheltered workshops and economic operators aiming at the social and professional integration of disabled or disadvantaged persons: No       
      The execution of the contract is restricted to the framework of sheltered employment programmes: No    
      
   III.2) Conditions related to the contract
      III.2.1) Information about a particular profession    
      Reference to the relevant law, regulation or administrative provision:          
      Not Provided    
      III.2.2) Contract performance conditions          
      Not Provided          
      III.2.3) Information about staff responsible for the performance of the contract
      Obligation to indicate the names and professional qualifications of the staff assigned to performing the contract: No

Section IV: Procedure
   IV.1) Description OPEN
      IV.1.1) Type of procedure: Open Acclerated   
      Justification for the choice of accelerated procedure: Pin was utilised, issued on 11/9/2023   
   IV.1.3) Information about a framework agreement or a dynamic purchasing system    
         The procurement involves the establishment of a framework agreement - NO    
         In the case of framework agreements justification for any duration exceeding 4 years: Not Provided    
   
   
   IV.1.6) Information about electronic auction:
      An electronic auction will be used: No
      Additional information about electronic auction: Not provided
   IV.1.8) Information about the Government Procurement Agreement (GPA)
      The procurement is covered by the Government Procurement Agreement: Yes       
   IV.2) Administrative information
      IV.2.1) Previous publication concerning this procedure:
         Notice number in the OJ S: 2023/S 000 - 027553       
      IV.2.2) Time limit for receipt of tenders or requests to participate
       Date: 15/11/2023 Time: 17:00
            
      IV.2.4) Languages in which tenders or requests to participate may be submitted: English,       
      IV.2.6) Minimum time frame during which the tenderer must maintain the tender:
         Until: 31/01/2024
      
      IV.2.7) Conditions for opening of tenders:
         Date: 15/11/2023
         Time: 17:00
         Place:
         via Delta
      

Section VI: Complementary Information
   VI.1) Information about recurrence
   This is a recurrent procurement: Yes    
   Estimated timing for further notices to be published: July 2029
   VI.2) Information about electronic workflows
   Electronic ordering will be used No       
   Electronic invoicing will be accepted Yes       
   Electronic payment will be used No       
   VI.3) Additional Information: The contracting authority considers that this contract may be suitable for economic operators that are small or medium enterprises (SMEs). However, any selection of tenderers will be based solely on the criteria set out for the procurement.
To view this notice, please click here:
https://www.delta-esourcing.com/delta/viewNotice.html?noticeId=816888026
   VI.4) Procedures for review
   VI.4.1) Review body:
             British Business Bank
       Steel City House, West Street, Sheffield, S1 2GQ, United Kingdom
       Tel. +44 2039051462, Email: Procurement@british-business-bank.co.uk
   VI.4.2) Body responsible for mediation procedures:
Not provided
   VI.4.3) Review procedure
   Precise information on deadline(s) for review procedures:    
    Not Provided    
   VI.4.4) Service from which information about the lodging of appeals may be obtained:
Not provided
   VI.5) Date Of Dispatch Of This Notice: 31/10/2023

Annex A


View any Notice Addenda

UK-Sheffield: Financial auditing services.

Section I: Contracting authority/entity (as stated in the original notice)

I.1) Name and addresses
       British Business Bank
       Steel City House, West Street, Sheffield, S1 2GQ, United Kingdom
       Tel. +44 2039051462, Email: Procurement@british-business-bank.co.uk
       Main Address: http://british-business-bank.co.uk/, Address of the buyer profile: www.british-business-bank.co.uk
       NUTS Code: UK

Section II: Object (as stated in the original notice)

II.1) Scope of the procurement
   
   II.1.1) Title: Audit and Block Management Services      Reference number: BBI - P-2035      
   II.1.2) Main CPV code:
      79212100 - Financial auditing services.
   
   II.1.3) Type of contract: SERVICES   
   II.1.4) Short Description: This on-lending activity is facilitated using Block Discounting Agreements, Revolving Credit Facilities (including “Back to Back agreements”), Direct Lending Agreements and other bespoke debt instruments. To administer these products, BBI requires a suitably qualified organisation to Conduct audits of prospective investment counter parties to assess their operational suitability for financing facilities (including block discounting or other forms of receivables financing) and submitting comprehensive reports to British Business Investments (BBI) to support BBI’s normal internal due diligence and facility approval process.

Section VI: Complementary information

V1.5) Date of dispatch of this notice: 10/11/2023

VI.6) Original notice reference:

   Notice Reference:    2023 - 618160   
   Notice number in OJ S:    2023/S 000 - 032196
   Date of dispatch of the original notice: 31/10/2023

Section VII: Changes

VII.1) Information to be changed or added

      VII.1.1) Reason for change: Modification of original information submitted by the contracting authority    
      
      VII.1.2) Text to be corrected in original notice No: 1
                  
         Section Number: I.3          
         Lot No: Not provided          
         Place of text to be modified: I.3) Communication          
         Instead of: I.3) Communication The procurement documents are available for unrestricted and full direct access, free of charge, at: https://www.delta-esourcing.com/delta/buyers/select/viewListStatus.html?id=819968614 Additional information can be obtained from: the abovementioned address Tenders or requests to participate must be sent electronically via https://www.delta-esourcing.com/delta/buyers/select/viewListStatus.html?id=819968614 to the abovementioned address          
         Read: I.3) Communication The procurement documents are available for unrestricted and full direct access, free of charge, at: https://www.delta-esourcing.com/delta/buyers/select/viewListStatus.html?id=819968614 Access Code : 33HTCT34Z3 Additional information can be obtained from: the abovementioned address Tenders or requests to participate must be sent electronically via https://www.delta-esourcing.com/delta/buyers/select/viewListStatus.html?id=819968614 Access Code : 33HTCT34Z3 to the abovementioned address
                                    
   
VII.2) Other additional information: The notice has been updated to include an access code should suppliers have difficulty in accessing the opportunity; Access Code : 33HTCT34Z3
To view this notice, please click here:
https://www.delta-esourcing.com/delta/viewNotice.html?noticeId=822408227


View Award Notice