Wates' Paul Drechsler.

Wates boss says capital investment will promote recovery

Published:  18 October, 2010

LEATHERHEAD: Paul Drechsler, chairman and chief executive of construction group, Wates, is urging the Government to promote recovery with capital investment in construction.

Mr Drechsler is adding his voice to the Get Britain Building campaign when he quoted research by the UK Contractors Group which suggests that every pound spent on construction generates £2.84 in the wider economy – with most of it staying in the UK.

With sales of £945m last year, Wates reported profits of £38.9m – a drop of 17% on 2008. Mr Drechsler reported a £2.3bn order book at present for supermarkets to prisons.

"Delaying or cancelling public sector work is not the way to tackle the national deficit," he stated. "Identifying and implementing genuine efficiency svings would be a start.

"Cuts would mean projects being mothballed within days an the speed of job losses for the industry would be shocking."

Last month Wates announced that it was to open offices in Liverpool where projects wil include the £19.5m Mount Pleasant campus for the city's John Moores University and a £13m central teaching laboratory for the University of Liverpool.

Sign Up

For the Builders' Merchants News enewsletter.

In the spotlight


Builders Merchants Vacancies – UK Wide

At Arco, we are an industry specific recruitment consultancy, providing sales and managerial staff Nationwide to Merchants, Distributors and Manufacturers of Building Materials within the Construction Sales Sector. Priding ourselves on our unparalleled customer service and hard work, we offer a fresh, innovative and personal approach to recruitment specifically designed to meet our clients’ needs and candidates’ skills.

Guest Blog by Simon Damp

Is DIY a lost art?

As time goes by, the art of do-it-yourself when it comes to activities around the home and garden is fast becoming more and more of a lost art.