The LEP, comprising Rochdale Borough Council, Building Schools for the Future Investments and Carillion, will deliver 13 new or refurbished schools in three phases over a four-year period.

Carillion will carry out the building and refurbishment work for which the capital cost is approximately £180m, with work due to start this month. Four of the 13 schools will be privately financed by a combination of borrowing and equity.

The contractor will also invest equity in four of the schools, which will be privately financed, including £2.4m in Hollingworth Business and Enterprise College.

In addition, Carillion expects to provide facilities management services for all four privately financed schools, generating around £12m of revenue over a 25-year concession period.