Transformational Support Services

Modification Notice Original description: British Business Bank (BBB) have awarded a Contract to Oliver Wyman Ltd for the provision of Transformational Support Services across a term of 3 months. The services will cover areas such as: •Defining and market assessment/testing key elements of an investment strategy •Defining any required changes and assessing the various options available to BBB •Providing project management support throughout the transformation Description of the modifications This 'Phase 1' work supported by Oliver Wyman (currently set to finish on 29th September) and leverage market momentum in order to further refine investors testing, further develop the BBB vision, and BBB proposals ahead of the Autumn Statement on 22nd November. Description of the circumstances which rendered the modification necessary and explanation of the unforeseen nature of these circumstances: The Bank was given very little notice of the Chancellors intention to require the Bank to undertake this market engagement exercise with the private sector. The project needed to begin immediately after the Mansion House speech on the 10th of July, leaving us very little time to prepare to either up skill ourselves internally or complete a full procurement exercise. With less than a week until the work will need to begin, the only viable solution was for us to access external resource