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Bank notes

In the second of a series on procurement of professional services for independent schools, Simon Shneerson reviews how they can make a better job of managing their relationship with their bank

Banks have been much maligned over recent months, but for most schools everyday banking has continued as usual. Generally, schools enjoy a long-term relationship with their banks which runs smoothly, but your bank could offer you more support than you may realise. In addition, changes in your circumstances – or those of your bank – might trigger a wider review.

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Good relations

In financially difficult times, it is important to ensure that you and your bank have a clear and mutual understanding of your circumstances. Dorothea Dunn explains the vital role of relationship banking

The John Lyon School, part of the Harrow School Foundation, recently agreed a £4.7 million loan facility from Abbey. The school was seeking funds for the development of a science and drama block and the purchase of other buildings to be converted into teaching facilities. The loan is structured as a three-year revolving credit facility, which on expiry will convert into a 17-year term loan.