WG

Wates Group

www.wates.co.uk link_icon

Company Research Report: Wates Group



Company Overview



Name: Wates Group

Mission: Reimagining places for people to thrive, creating the places, communities, and businesses of tomorrow.

Founded: 1897 by Edward Wates

Key People:
  • Timothy Wates, Chairman

  • Eoghan O’Lionaird, Chief Executive

  • Philip Wainwright, Chief Financial Officer

  • Joe Oatley, Deputy Chairman

  • Sir James Wates CBE, Former Chairman


Headquarters: Leatherhead, United Kingdom

Number of Employees: 4,321 (2023)

Revenue: £2.18bn (2023)

What Wates Group is Known For: Wates Group is a leading family-owned development, construction, and property maintenance company in the UK. The company is renowned for its comprehensive range of services, which include construction, engineering, facilities management, fit-out and refurbishment, and residential partnerships.

Products



Construction


  • Description: The largest arm of Wates Group works with partners to create sustainable built environments across sectors such as education, residential, healthcare, commercial, and emergency services.

  • Key Features: Complex project delivery, emphasis on sustainability, and legacy building for communities.


Engineering Services


  • Description: Provided through SES Engineering Services, focusing on mechanical and electrical, offsite manufacturing, and specialist services.

  • Key Features: Modern methods of construction, exploring innovative technologies for sustainability.


Facilities Management


  • Description: Long-term support for building management, including planned and responsive maintenance.

  • Key Features: Comprehensive management of housing and commercial properties, emphasis on energy efficiency and sustainability.


Fit Out and Refurbishment


  • Description: Services tailored to both new and existing clients for building enhancements and maintenance.

  • Key Features: Extensions, interior refurbishments, and retrofits to enhance building utility and appearance.


House Builder Joint Ventures


  • Description: Partnerships with local authorities and housing associations for residential development.

  • Key Features: High-quality, mixed-tenure housing schemes, low-carbon designs.


Residential Partnerships


  • Description: Leading developer in London, South of England, and Wales with a focus on affordable housing.

  • Key Features: Investment in local authorities, energy-efficient homes, and sustainable community building.


Land Promotion


  • Description: Specializes in land, planning, and residential development.

  • Key Features: Securing land, delivering planning consents, sustainable development planning.


Offices to Let


  • Description: Flexible and affordable workspace solutions in key locations across London and South East.

  • Key Features: High-quality office spaces, well-serviced and maintained.


Recent Developments



Turnover Achievement:
  • Wates Group reported its highest-ever turnover of £2.18bn in 2023, despite a challenging external landscape of high inflation and interest rates.


Major Projects:
  • Completed major projects such as rebuilding the Lucent Building in Piccadilly Circus, London, and transforming the Sandwell Aquatic Centre into a community leisure center.


Residential Growth:
  • Increased turnover in Residential business to £323m, delivering 276 homes, and leading in low-carbon home initiatives with Winchester City Council.


Developments Group Success:
  • Reported highest-ever profit before tax and turnover of £147m in its history, with five site sales and maintaining a 98% planning success rate since 2005.


Property Services Expansion:
  • Increased turnover to £545m, launched a new healthy homes team, and secured £100m funding for social housing decarbonization.


Family Leave Policies:
  • Enhanced family leave policies, becoming a leader in providing fully paid maternity, paternity, and shared parental leave benefits.


Environmental Achievements:
  • Reduced scope 1 and 2 emissions by 45.3% against a 2019 baseline, and set more ambitious targets for social value and youth engagement.


Educational Projects:
  • Began using the ‘Adapt-Zero’ approach for net zero operational carbon schools in the Government's Schools Rebuilding Programme.


Innovation Network:
  • The Wates Innovation Network (WIN) portal was launched to connect customers with innovative sustainability technologies.


Sustainability Initiatives:
  • Focused on reducing emissions from supply chain services and increasing the use of modern methods of construction (MMC) for better resource efficiency.


Community Impact:
  • Generated significant social value in 2023, with £225m in economic value, £31m spent on social enterprises, and engaging over 80,000 young people.


Leadership Changes:
  • Announced the death of former Chief Executive Sir Christopher Wates, who led the company through significant growth phases during his tenure.


New Partnerships:
  • Reinforced partnerships with various organizations like STEM Returners to drive gender equality in construction and support for Care Leavers.


Sustainability and Supply Chain:
  • Committed to developing sustainable practices within its supply chain, promoting Science-Based Targets and an ethical approach against modern slavery.


This structured and information dense report provides a comprehensive overview of Wates Group, emphasizing their recent achievements and strategic advancements in various sectors.