Product Code Database
Wates Group Ltd is a family owned construction, property services and development company in the United Kingdom.
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 . 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.
In early 2013, Paul Drechsler was replaced as CEO by James Wates. During late 2015, the housing division was split in two, separating the new build and maintenance activities.
During May 2020, 300 redundancies, roughly 8 per cent of the overall workforce, were announced by Wates; the company attributed the move to the economic consequences of the COVID-19 pandemic. Two months later, it announced a reorientation towards housing contracts and the public sector. Over the following years, Wates Group secured work valued in excess of £100 million to retrofit a range of energy efficiency measures to 4,590 social housing properties on behalf of 17 social landlords.
In early 2021, Wates Group announced that it was to adopt flexible working arrangements for all roles by 2025 that would permit different working patterns. During March 2022, the firm announced a leap in pre-tax profits to £37.4 million, the highest ever recorded. That same month, the company secured a £90 million sustainability-linked loan from a syndicate led by Lloyds Bank.
Eoghan O’Lionaird became Chief Executive in February 2023. In early 2024, Wates Group reported strong financial results for 2023, pre-tax profits rose by 37 per cent to £46.2 million in line with a £2.18 billion turnover, which was the largest amount taken by the company. The following year, revenue grew further to £2.4 billion, with profit impacted (in part) by exceptional costs.
| + !Subsidiary name !Area of business | |
| Wates Construction | Construction |
| Wates Developments | Land, planning and residential development |
| Wates Property Services | Planned and responsive housing repairs |
| Wates Residential | Housing developer |
| SES Engineering Services (SES) | Mechanical and electrical services |
| Needspace | Affordable workspaces |
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