The visiting firms were considering entering bids for the private finance initiative (PFI) to build a new £17 million school for North Bretton and Walton.

The PFI plans also include refurbishment of Jack Hunt School in Netherton, and Ken Stimpson School in Werrington.

Earlier this year, Peterborough City Council admitted there was a £25 million hole in its budget to build two new schools and overhaul a further five across the city.

It realised there was not enough cash to build a proposed new £12 million Bushfield Community College, or to refurbish schools in Stanground, Orton Longueville and Glinton.

Instead, councillors decided to push ahead with the part of the project the authority could afford, and those scaled-down plans were what the visiting companies had come to learn about.

They were welcomed by Councillor John Horrell, city council cabinet member for education, lifelong learning and children's social care.

He said: "One of the council's key objectives is to give people every opportunity to learn, develop and grow, and this PFI project – worth £64m and part of the major programme of modernisation for our secondary schools – is moving things forward."

The companies received an overview of the vision for Peterborough from the city council's chief executive Gillian Beasley, with the educational context provided by interim director of children's services, Mel Collins.

Potential bidders also had the opportunity to talk with members of the project team – including council officers, specialist external advisers, the headteachers of the Jack Hunt and Ken Stimpson schools and the chairman of the new temporary governing body at the new North School.

Brian Howard, PFI project manager for the city council, said: "We are delighted with the level of interest that has been shown in the project, and are now looking forward to receiving formal applications from interested bidders."

The deadline for the return of pre-qualification questionnaires by potential bidders is noon on Friday.

The council aims to have a shortlist of bidders by the end of the year and, following detailed evaluation of the bids, to have selected a preferred bidder by September 2005.

Construction is due to begin in early 2006, with the new and refurbished schools due to open in September 2007.

The preferred bidder will be responsible for the design and construction at the schools, and also for providing facilities management services for a 30-year period.

The new North School will replace Walton and Bretton Woods schools, which are due to close in August, 2007.