Wates signs Government safety remediation pact

Aaron Morby 3 months ago
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Wates has become the latest builder to sign the Government’s developer remediation contract legally committing it to deliver fire safety and recladding upgrades on legacy buildings.

The firm has already set aside provisions of £72m in latest accounts that mostly include the expected cash outflow for remediation work on legacy buildings.

Wates said it is still taking stock of the expected potential cost of rectifying buildings going as far back as 30 years under the new laws.

The firms said it would seek to recoup much of the expected outlay from insurance policies or supply chain partner insurers.

It said it hoped to recover up to £38m putting the final cost at the time of reporting at around £29m.

The increase of 18 years beyond the standard 12-year limitation period for defects will require time to fully analyse and assess, said Wates.

A total of 52 developers and builders have now signed the Government’s developer remediation contract. See below:

1. Abbey Developments
2. Allison Homes Group
3. Ballymore
4. Barratt Developments
5. Bellway
6. Bewley Group
7. Bloor Investments
8. Broadthorpe (parent company for William Davis Homes)
9. Cala Group
10. Canary Wharf Group
11. C.G. Fry and Son
12. Churchill Retirement
13. Crest Nicholson
14. Croudace Homes Group
15. Dandara Living
16. Emerson Developments (parent company for Jones Homes)
17. Fairview Holdings
18. Frasers Property (UK)
19. Galliard Group
20. Grosvenor Group
21. Hill Holdings
22. Hopkins Home Group
23. Jelson Holdings
24. Keepmoat
25. Land Securities Group
26. Lendlease Europe
27. Lifestory Holdings(also covers Anthology Group)
28. London Square Development
29. McCarthy & Stone
30. Miller Homes
31. MJ Gleeson
32. Morgan Sindall (parent company for Lovell and Muse)
33. Morris Homes Group
34. Persimmon
35. Redrow
36. Regal Holdco (parent company for Regal London)
37. Rowland Group
38. Rydon Group
49. Seven Capital
40. Sorbon Group Limited (parent company for Shanly Homes)
41. St Modwen Group
42. Story Homes
43. Strata Homes
44. Taylor Wimpey
45. Telford Homes
46. The Berkeley Group
47. The British Land
48. Tilia Homes
49. Vistry Group
50. Viva Midco (parent company for Avant Homes)
51. Wates Group
52 Weston Group

 

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