Shared heritage drives British builder's acquisition

UK construction group Wates Group has acquired another family-owned building business, with Wates saying the acquisition was driven by both companies’ shared values around family heritage.

The Purchased Group, based in the Midlands town of Walsall, is a third generation family-owned construction business still managed by the family, which revenues of £30m. The grandsons of founder Frank Purchase, who set the business up in the 1920s, will remain at the head of the business.

Andrew Davies, the chief executive of Wates, said: “We share strong moral values of integrity, performance and respect, which are built on a long-standing family heritage.”

Wates was founded in 1897 and remains a 100% family-owned business. Fourth generation James Wates was appointed chairman of the group in August 2013 when Wates brought the business under greater family management.

Wates has one of the most respected reputations in UK construction, winning numerous awards for its corporate culture, philanthropic efforts and commitment to sustainability.