{"id":146518,"date":"2024-12-04T13:31:05","date_gmt":"2024-12-04T13:31:05","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=146518"},"modified":"2024-12-04T14:30:18","modified_gmt":"2024-12-04T14:30:18","slug":"wates-boss-paul-nicholls-returns-to-board-after-collapse-of-business-venture","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/hr-skills-news\/wates-boss-paul-nicholls-returns-to-board-after-collapse-of-business-venture\/146518\/","title":{"rendered":"Wates boss returns after collapse of business venture"},"content":{"rendered":"

Paul Nicholls has returned to a regional role with Wates after a nearly four-year absence, in which time his startup Real Construction Group went into administration owing around \u00a37m<\/h2>\n

Paul Nicholls will rejoin Wates officially in February 2025 as regional managing director for London.<\/p>\n

Nicholls previously left his role as managing director of Wates Residential in 2021 to establish the Real Construction Group.<\/p>\n

Made up of Rydon Construction\u2019s south-east and south-west businesses, the new group set a turnover target of \u00a3300m within five years and inherited eight active projects at the time of the acquisition.<\/p>\n

However, the group struggled to draw a profit and went into administration in late 2023, owing Rydon around \u00a35.7m and nearly \u00a31.5m to other suppliers and contractors.<\/p>\n

Nicholls’ previous business venture failed to thrive in a post-pandemic industry<\/h3>\n

In an email to Real employees at the time of the administration announcement, Nicholls cited a \u201cperfect economic storm\u201d hitting the industry, leading to \u201cunprecedented inflation and extensive project delays.\u201d<\/p>\n

Post-pandemic supply chain issues were also given as a reason for Real\u2019s collapse. \u00a0Around 90 employees were made redundant.<\/p>\n

He concluded that \u201cwider market conditions have got the better of us\u201d.<\/p>\n

Paul Nicholls commented on his return to Wates:<\/h3>\n

\u201cWates Residential has always had a special place in my heart and it\u2019s been great to see its growth and development in recent years. It is a joy to be returning to the business that I feel is a cultural home for me, driven by its purpose to reimagine places for people to thrive.<\/p>\n

\u201cThe time I\u2019ve had setting up my own business and advising other large-scale businesses has proven invaluable where I learnt more about myself and about the inherent risks within the sector. I am excited to join Pip and the rest of the team as we embark upon a new approach to increasing investment and delivery across London.\u201d<\/p>\n

Nicholls is replacing Nick Williams, who is retiring after four decades in the industry.<\/p>\n

\u201cPaul will bring renewed drive\u201d to Wates regional board<\/h3>\n

He will report to Phillippa (Pip) Prongu\u00e9, former MD for London and South East at Bouygues UK, \u00a0who will start as executive managing director<\/a> in January.<\/p>\n

Current executive managing director Helen Bunch, who is retiring early next year, said on Paul Nicholl\u2019s appointment: \u201cthe housing crisis is one of the biggest challenges facing our capital. Paul\u2019s expertise will help us accelerate the deployment of private investment to support the delivery of both the GLA and Government\u2019s ambitious housing targets<\/a>.<\/p>\n

\u201cHe re-joins a team that is much more regionalised than it was previously, a decision we made to get closer to our customers and projects. He will bring renewed drive to an already-strong Board and team within the London region.\u201d<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

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