Contract award notice
Results of the procurement procedure
Section I: Contracting
entity
I.1) Name and addresses
Development Bank of Wales
Development Bank of Wales plc, Unit J, Yale Business Village, Ellis Way
Wrexham
LL13 7Y
UK
Contact person: leanne m millard
Telephone: +44 2920338100
E-mail: procurement@developmentbank.wales
Fax: +44 2920338101
NUTS: UKL
Internet address(es)
Main address: http://www.developmentbank.wales
Address of the buyer profile: https://www.sell2wales.gov.wales/search/Search_AuthProfile.aspx?ID=AA0555
I.2) Joint procurement
The contract is awarded by a central purchasing body
I.4) Type of the contracting authority
Body governed by public law
I.5) Main activity
Other: Finance
Section II: Object
II.1) Scope of the procurement
II.1.1) Title
External Auditor Services
Reference number: DBW00116.00
II.1.2) Main CPV code
79212000
II.1.3) Type of contract
Services
II.1.4) Short description
DBW wishes to procure external audit services for the group for the financial year ended 31 March 2026 which should include:
The audit of the group’s Annual Report and Financial Statements, prepared under IFRS, noting that any future changes to IFRS should be incorporated into all future audits under this agreement.
The audit of the group’s subsidiary accounts, to include:
Limited companies and General partners, prepared under FRS101
Limited Partnerships, one of which is consolidated and is prepared under FRS101, the remainder are non-consolidated and prepared under FRS102
Client Asset Sourcebook (CASS) assurance for FW Capital
Providing audit confirmations on a Component Auditor basis to the Welsh Audit Wales Office.
II.1.6) Information about lots
This contract is divided into lots:
No
II.1.7) Total value of the procurement
Value excluding VAT:
3 350 000.00
GBP
II.2) Description
II.2.2) Additional CPV code(s)
79212100
79212000
II.2.3) Place of performance
NUTS code:
UK
Main site or place of performance:
Cardiff
II.2.4) Description of the procurement
DBW wishes to procure external audit services for the group for the financial year ended 31 March 2026 which should include:
The audit of the group’s Annual Report and Financial Statements, prepared under IFRS, noting that any future changes to IFRS should be incorporated into all future audits under this agreement.
The audit of the group’s subsidiary accounts, to include:
Limited companies and General partners, prepared under FRS101
Limited Partnerships, one of which is consolidated and is prepared under FRS101, the remainder are non-consolidated and prepared under FRS102
Client Asset Sourcebook (CASS) assurance for FW Capital
Providing audit confirmations on a Component Auditor basis to Audit Wales.
Please note that the successful bidder will also be required to share the Group Audit Completion Memo with Welsh Government employees.
Selection Process
The tender process will include four stages as follows:
Assessment of Capability and Knowledge – this will be a written submission in response to the questions in the Technical Envelope on etenderWales.
Submission of Fees – bidders are requested to submit their proposed fees for the services using the template provided in the attachment section on etenderWales. Volume 2 Commercial Evaluation.
Presentation – following the evaluation of the written and commercial submissions, the four top scoring bidders will be asked to attend a presentation with members of DBWs Audit and Risk Committee (ARC) and senior members of the finance team. The topic of the presentation is set out in Section 12 of the ITT Volume 1. We expect senior members of the audit team to be present.
Informal meeting with key members of the finance team - the four top scoring bidders that proceed to the presentation stage will be asked to attend an informal meeting with key members of the finance team. This will not be scored as part of the bid.
II.2.5) Award criteria
Quality criterion: Presentation
/ Weighting: 10
Quality criterion: Technical Evaluation
/ Weighting: 60
Price
/ Weighting:
30
II.2.11) Information about options
Options:
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
II.2.14) Additional information
Please refer to scope within Volume 1 ITT for further information
Section IV: Procedure
IV.1) Description
IV.1.1) Type of procedure
Open procedure
IV.1.8) Information about Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement:
No
IV.2) Administrative information
IV.2.1) Previous publication concerning this procedure
Notice number in the OJ S:
2024/S 000-038568
Section V: Award of contract
Contract No: DBW000116.00
A contract/lot is awarded:
Yes
V.2 Award of contract
V.2.1) Date of conclusion of the contract
04/03/2025
V.2.2) Information about tenders
Number of tenders received: 2
Number of tenders received from SMEs: 0
Number of tenders received from tenderers from EU Member States: 0
Number of tenders received from tenderers from non-EU Member States: 0
Number of tenders received by electronic means: 2
The contract has been awarded to a group of economic operators:
No
V.2.3) Name and address of the contractor
FORVIS MAZARS LLP
30 Old Bailey
London
EC4M7AU
UK
Telephone: +44 7770980213
NUTS: UKI
The contractor is an SME:
No
V.2.4) Information on value of the contract/lot (excluding VAT)
Total value of the contract/lot:
: 3 350 000.00
GBP
V.2.5) Information about subcontracting
Section VI: Complementary information
VI.3) Additional information
Please refer to Volume 1 ITT for further information. In order for commercially sensitive information to be shared a NDA will need to be completed and returned.
(WA Ref:148724)
VI.4) Procedures for review
VI.4.1) Review body
High Court
Royal Courts of Justice, The Strand
London
WC2A 2LL
UK
Telephone: +44 2079477501
VI.5) Date of dispatch of this notice
04/03/2025