The deal creates a joint venture between TDX Group as majority shareholder and the Cabinet Office, creating the company ‘Integrated Debt Services Limited’ (IDSL). The Company aims to secure growth by widening its scope to many other public sector bodies over time through a framework contract. This new strategic cross-government approach will focus on returning even more money owed to the Exchequer by offering one consistent solution for Departments.
The Pinsent Masons team was led by Simon Colvin, partner and specialist in IT project and public sector bid work, and supported by a team of senior lawyers including Justin Chan, Clare Francis, Claire Edwards, Chris Mordue and Mairi Black.
Commenting on the deal, Adrian Crean CEO of the new company (IDSL), said: "The application of advanced collections strategies, leveraging data and analytics and accessing the best suppliers in the private sector, will create major benefits for Government in support of its 'better for less' agenda, at the same time as ensuring efficiencies are flowed through to the taxpayer. Cabinet Office has retained a direct interest in the Company, therefore having a say in how it will build its foundations and grow over time."
Simon Colvin, Partner at Pinsent Masons added: "We are delighted to have been able to support the bid for, and creation of, IDSL. We were also able to advise on the set up of the joint venture and the key subcontracts, including the main subcontract with TDX Group Limited. The deal involved both innovative pricing and service delivery models and there were a range of challenges along the way, as is often the case when bidding for large scale complex public sector contracts. However, we worked closely with a superb team from TDX Group and Equifax in the UK, and Equifax in the US, to secure a good outcome for the client and a game changing business opportunity working across Government."