Family-owned construction company Wates Group has added three more family members to the company’s executive board in a move to increase the family’s management role.
A spokeswoman for the group told CampdenFB that Andy, Charlie and Tim Wates have joined as directors of the board.
She also said that the Wates Family Holding entity will be dissolved, in an attempt by the group to simplify the family ownership of the business. The spokeswoman added that the Surrey, UK-based business had not decided on whether the holding entity would be replaced by another structure.
The move comes as the fourth generation of the family take a more active role in the company management, following the retirement of the last of the third-generation Wates family members in December – Andrew Wates retired from the family holdings board last year.
The spokeswoman said that the decision was very positive, as it will be easier for the fourth generation family members to communicate and make faster operational decisions as part of the company board.
The construction services company was founded in 1897 by Edward Wates and his three brothers. The 100% family owned group had a turnover of €1.14 billion in 2010, up from €1.09 billion the year before.
Family member James Wates is deputy chairman of the business while non-family Paul Drechsler is chairman and chief executive.