Wates chief Paul Drechsler to step down

Grant Prior 10 years ago

Wates chairman and chief executive Paul Drechsler is stepping down as the Wates family re-take control of the firm.

James Wates will be appointed non-executive chairman of the Wates Group board at the AGM later this month.

The company said: “The Wates Family has always planned to return to a family chairman role and it is part of the long-term Wates Family Enterprise strategy”

Drechsler has been chief executive for nearly ten years and chairman for seven.

Last month he revealed Wates pre-tax profits were down a third at £26m on turnover up 7% at £1.2bn.

Part of the fall came from a £5m restructuring cost of merging Wates’ Interiors and Retail businesses under a single management team and downsizing the construction division.

Wates said he will “step down” from his role towards the end of the year ensuring continuity.

Drechsler will “continue to lead the company and support James Wates during the transition process whilst the search for his successor as CEO is carried out.”

James Wates told the Enquirer: “Paul has made a huge difference to Wates in so many ways over the last ten years. He has been a key component in ensuring that despite a challenging economic environment, we are well placed now and for the future.

“He has been working with me to ready me for the role of Chairman and I’m delighted that he will continue to support me as we search for his successor as CEO.

“His values, enthusiasm, energy and dedication set the tone for our business and I know I speak for the Family and for colleagues across Wates when I say that we will all miss his considerable qualities when he moves on.”

Drechsler added:  “When I started at Wates I was new to the world of family businesses and the Construction Industry; but I did know that I would be helping to write a new chapter for this unique business.

“It has been a privilege and an honour to have been Chairman during the transition from the 3rd to 4th generation of the Wates Family.

“Wates Group is a great business with people that I like, respect and value. In Wates it is the people that make the difference.”

The board has also recently been strengthened with the appointments of David Barclay and Deena Mattar as non-executive directors.


Latest news

Structural steel and rebar prices fall sharply

Structural steel prices fall 31% and rebar down 16% from peak, but still above historical levels
1 day ago

Acquisitive OCU swoops for London multi-utility specialist

Modus will be OCU's fifth acquisition in 12 months
1 day ago

Gove goes after Grenfell cladding supplier Arconic

Housing secretary fires off another letter to a Grenfell supplier saying pay up for cladding crisis
2 days ago

Family owned builder files administration notice

Clement Dickens lodges court notice
1 day ago

New street works regime to clamp down on pothole pain

New regs come into force over stricter inspection regime for utility street works road reinstatements.
1 day ago

Steel trade body opens quality scheme to all steelwork firms

BCSA admits non-members to key steelwork registration scheme
1 day ago

Mace raises carbon ‘handprint’ savings target for clients 10-fold

Mace hikes client carbon savings target it will deliver from 1m to 10m tonnes
1 day ago

Squibb confirms appeal against bid rigging fine

Demolition specialist joins Keltbray in appealing against CMA penalty
2 days ago

Bigger projects help Wates hit record turnover

Size of average construction contract taken on hits £43m
2 days ago

12 firms in fight to renew £1bn North West Construction Hub deal

Race starts for medium value building framework covering projects between £3m-£8m
2 days ago

Former Inland Homes chief to invest £2.5m in cash raise

Cash-strapped developer hopes to raise £4.6m in share sale closing today
3 days ago

Ten firms sign £3bn L&Q homes upgrade deal

15-year deal will include fire safety, energy retrofits, bathroom and kitchen upgrades
2 days ago

Groundworks firm Conlon saves piling specialist

Work restarts on Abbey Pynford sites after acquisition
3 days ago

BAM Farrans JV installs Great Yarmouth bridge leaves: Video

Watch civil engineering feat in action as 770 tonne bridge leaves lowered into place
3 days ago

Gove invites Kingspan for talks on fire safety compensation

Insulation firm urged to pay for its part in cladding crisis after unveiling record profits
3 days ago

Galliford Try and Midgard bag 350 homes deal at Brent Cross

Galliford Try will build 249 BtR flats and Midgard 107 flats for sale
3 days ago

Sizewell C project gains key environmental permits

Waste permits allow client NNB Generation Company to move to site investigation and construction environmental approvals
3 days ago

Cost of Robertson school contract soars to £100m

Construction to start next month after cost jumps from original £60m
3 days ago

House building cost inflation eases as build out rates fall

Housing cost inflation expected to grow by 1.4% this quarter
3 days ago

Modular builder ilke Homes hires Deliveroo chief to drive profit push

David Scott charged with making business profitable
3 days ago

£500m Leeds South Bank scheme gets green light

Leeds City Council approves plan for 1,350 flats in mixed-use South Bank development
5 days ago

Galliford Try takes rebid £150m Carlisle Southern Link Road

Main construction works are due to start on 8km road in June
5 days ago

Arup takes stake in graphene-enhanced concrete venture

New concrete additive Concretene™ promises 30% savings in CO2 emissions
4 days ago

Winners revealed on £1.42bn materials framework

Thirteen builders merchants land places on huge procurement deal for social landlords
4 days ago

Travelodge eyes plans for another 300 hotels

Hotel giant writes to local councils offering partnership deals with a £3bn investment target
4 days ago

Balfour Beatty to invest £60m in pop-up EV chargers

New Urban Fox JV will roll out 35,000 charge points across the UK over the next decade.
5 days ago

Leading Channel Isles builder goes bust

Jersey-based construction firm Camerons placed in liquidation
4 days ago

HS2 Euston needs full design reset as costs set to double

Spending watchdog warns Euston stop-start delay will simply inflate already ballooning costs
6 days ago

Worker dies on major warehouse site in Stafford

Main contractor Glencar halts work while tragedy is investigated
5 days ago

Sellar switches London flats/hotel plan for 444 student rooms

Developer buys Southwark's King’s Place site for major student room block rising to 11 storeys
5 days ago

Contractor services