Coutts 2006 Prize for Family Business National Winner

Ruby, Huw, Andrew, Paul, Tim, Charlie

Wates Group
Winner Best Family Business
Turnover Category £25m+

Established in 1897, Surrey based Wates Group is one of the largest privately owned construction and development companies in the UK, operating through five strategic business units across market sectors including: education, retail, interiors, affordable housing, public sector, commercial, property and housing development. The company is a third / fourth generation family business and was nominated by Ruby Parmar of PricewaterhouseCoopers LLP.

Roger Pedder, chairman of the Independent Evaluation Committee, commented: “Wates Group is a good example of what the Coutts Prize is looking for in a family business. The things that impressed the evaluation committee about Wates Group included:

  • Exceptionally well thought out and well structured family governance including regular meetings of a separate family forum where family issues can be discussed and adoption of a family charter that forms the basis of the relationships between the voting shareholders;
  • An emphasis on ensuring a balance between business performance, career goals and life goals as part of the process of fostering family harmony;
  • The selection of non-family members to key senior management and non-executive positions within the company as part of the process of ensuring a meritocracy and a programme for buying out all those family members not actively interested in the business;
  • A substantial contribution to the community as one of the top 100 companies included in the Business in the Community’s Corporate Responsibility Index, in addition to the many causes supported by the family charitable foundation and the wide involvement of family members in the Wates Foundation making donations of over £1 million per annum;
  • Detailed relationship management plans for every customer going beyond the core work involved; and
  • Adoption of nearly every recommended best practice for internal management and open communication.”

To read the press release please click here.