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Wates Group
Wates Group Ltd is a family owned construction, property services and development company in the United Kingdom.
Edward Wates established his eponymous business in 1897 as a Streatham housebuilder. In the 1920s and 1930s, it expanded into speculative residential schemes and general contracting; moving to London Road, Mitcham and then Norbury.
Prior to the outbreak of the Second World War, Wates was building about 2,000 dwellings per annum. It took on substantial military contracts and was active throughout the conflict, applying precast concrete construction on various projects; this included barges, air raid shelters, trench linings, and Mulberry harbours. During the postwar era, the firm applied the same techniques to system built housing (both high and low rise units); it ultimately completed in excess of 60,000 such units.
During the late 1990s, the company was extensively restructured, which included the adoption of a new executive structure and the integration of all London-based divisions. In 2000, Christopher Wates stood back from managing the firm, leading to a non-family member running the business. That same year, Wates Group created an interiors division; it aimed to secure a turnover of £100 million within three years. The following 12 months saw a sharp rise in turnover recorded.
In April 2001, Wates Group teamed up with Carillion on a £240 million housing improvement programme. That same year, the company combined its executive housing, strategic land, and joint ventures and development operations into Wates Residential Developments. Throughout the 2000s, the company would expand its activity in the housing sector; its strategy included the introduction of new prefabrication techniques to accelerate construction and raise residential sales.
During 2002, it expanded its services offerings to include cost planning, facilities management and maintenance activities. In summer 2003, the company reported a one-third reduction in accidents along with record pre-tax profits.
In 2004, Paul Drechsler became CEO of Wates Group; under his direction, the traditional public–private structure of the firm was abandoned and the company's management structure was reorganised. During April 2007, its profits tripled to reach £31 million. Two years later, the company recorded takings in excess of £1 billion for the first time.
For over one hundred years, Wates Group never made any acquisitions; in early 2008, it was announced that the company intended to make its first acquisitions shortly as part of ambitious growth plans over the following five years. Accordingly, Wates purchased property maintenance businesses Linbrook Services Ltd and the Purchase Group Ltd, in June 2011 and November 2014, for £40.8 and £13.6 million respectively. In 2015, Wates acquired the construction, facility management, and engineering services businesses of Shepherd Building Group for £9.8 million. Consequently, 1,200 staff transferred to the firm in September 2015.
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Wates Group
Wates Group Ltd is a family owned construction, property services and development company in the United Kingdom.
Edward Wates established his eponymous business in 1897 as a Streatham housebuilder. In the 1920s and 1930s, it expanded into speculative residential schemes and general contracting; moving to London Road, Mitcham and then Norbury.
Prior to the outbreak of the Second World War, Wates was building about 2,000 dwellings per annum. It took on substantial military contracts and was active throughout the conflict, applying precast concrete construction on various projects; this included barges, air raid shelters, trench linings, and Mulberry harbours. During the postwar era, the firm applied the same techniques to system built housing (both high and low rise units); it ultimately completed in excess of 60,000 such units.
During the late 1990s, the company was extensively restructured, which included the adoption of a new executive structure and the integration of all London-based divisions. In 2000, Christopher Wates stood back from managing the firm, leading to a non-family member running the business. That same year, Wates Group created an interiors division; it aimed to secure a turnover of £100 million within three years. The following 12 months saw a sharp rise in turnover recorded.
In April 2001, Wates Group teamed up with Carillion on a £240 million housing improvement programme. That same year, the company combined its executive housing, strategic land, and joint ventures and development operations into Wates Residential Developments. Throughout the 2000s, the company would expand its activity in the housing sector; its strategy included the introduction of new prefabrication techniques to accelerate construction and raise residential sales.
During 2002, it expanded its services offerings to include cost planning, facilities management and maintenance activities. In summer 2003, the company reported a one-third reduction in accidents along with record pre-tax profits.
In 2004, Paul Drechsler became CEO of Wates Group; under his direction, the traditional public–private structure of the firm was abandoned and the company's management structure was reorganised. During April 2007, its profits tripled to reach £31 million. Two years later, the company recorded takings in excess of £1 billion for the first time.
For over one hundred years, Wates Group never made any acquisitions; in early 2008, it was announced that the company intended to make its first acquisitions shortly as part of ambitious growth plans over the following five years. Accordingly, Wates purchased property maintenance businesses Linbrook Services Ltd and the Purchase Group Ltd, in June 2011 and November 2014, for £40.8 and £13.6 million respectively. In 2015, Wates acquired the construction, facility management, and engineering services businesses of Shepherd Building Group for £9.8 million. Consequently, 1,200 staff transferred to the firm in September 2015.