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 £7m
Paul Nicholls will rejoin Wates officially in February 2025 as regional managing director for London.
Nicholls previously left his role as managing director of Wates Residential in 2021 to establish the Real Construction Group.
Made up of Rydon Construction’s south-east and south-west businesses, the new group set a turnover target of £300m within five years and inherited eight active projects at the time of the acquisition.
However, the group struggled to draw a profit and went into administration in late 2023, owing Rydon around £5.7m and nearly £1.5m to other suppliers and contractors.
Nicholls’ previous business venture failed to thrive in a post-pandemic industry
In an email to Real employees at the time of the administration announcement, Nicholls cited a “perfect economic storm” hitting the industry, leading to “unprecedented inflation and extensive project delays.”
Post-pandemic supply chain issues were also given as a reason for Real’s collapse. Around 90 employees were made redundant.
He concluded that “wider market conditions have got the better of us”.
Paul Nicholls commented on his return to Wates:
“Wates Residential has always had a special place in my heart and it’s 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.
“The time I’ve 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.”
Nicholls is replacing Nick Williams, who is retiring after four decades in the industry.
“Paul will bring renewed drive” to Wates regional board
He will report to Phillippa (Pip) Prongué, former MD for London and South East at Bouygues UK, who will start as executive managing director in January.
Current executive managing director Helen Bunch, who is retiring early next year, said on Paul Nicholl’s appointment: “the housing crisis is one of the biggest challenges facing our capital. Paul’s expertise will help us accelerate the deployment of private investment to support the delivery of both the GLA and Government’s ambitious housing targets.
“He 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.”
