Wates says part of £120m war chest could be used for acquisitions

By Will Ing2019-03-27T06:00:00

Contractor doubled credit facility earlier this year

Wates has said it will look at acquisition opportunities after it doubling its credit facility to £120m earlier this year.

In 2018 group turnover at Wates dropped – with construction income contracting 9% – but chief executive David Allen (pictured) has said he expects the group’s revenue to increase by more than 10% in 2019.

The contractor recorded a net cash balance of £114m at the end of 2018, but Philip Wainwright, the firm’s chief financial officer, said a new revolving credit facility will allow Wates to invest “with confidence.”

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