The transfer took place as planned at the company鈥檚 annual general meeting on 4th May 2023.
Sir James Wates had spent 10 years as chairman of Wates Group but at the age of 63 has now handed over the reins to one of his cousins.
Tim Wates, who is 56, said: 鈥淚 am proud to be chairman of our wonderful company, which my family has owned for four generations. The group is performing excellently, as reflected in our recent financial results, and the outlook is positive with the highest forward order book in our history. And our family values guide what we do, enabling our growth as a sustainable, entrepreneurial business and ensuring we make a positive difference to society.
He added: 鈥淚鈥檇 like to thank the board and the shareholders for giving me this opportunity to serve as chairman 鈥� and, of course, thanks to Sir James for his excellent ten years in the role. Now, as I take the helm, I commit to giving it my all and am looking forward to the challenges and opportunities ahead.鈥�
聽Tim Wates joined the Wates Group in 1993 after starting his career in banking with Cazenove & Co. He was a Wates board director from 2006 to 2008 and again since 2011. He was appointed deputy chairman in October 2022.
Outside of the company, he is on the advisory board of the Cambridge Judge Business School and is a deputy lieutenant of Surrey. He is also the High Sheriff of Surrey.
Tim has an MBA from the University of Cambridge.
Got a story? Email news@theconstructionindex.co.uk
