The Wate is over: One of Britain's biggest family-owned businesses picks permanent CEO

 
Oliver Gill
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Wates runs automatic fire detection and alarm systems at the Palace of Westminster (Source: Getty)

One of Britain’s biggest family-owned construction firms today appointed its interim boss as permanent CEO.

Wates said former finance chief David Allen will assume the position with immediate effect.

Allen was drafted in to Wates’ top job last November after Andrew Davies stood down after being picked to steer Carillion towards safety. Davies was due to start at Carillion just days after the company failed in mid-January.

Read more: Construction giant Wates labels sector crackdown "predictable"

Wates employs 4,000 people and recently posted £1.6bn of annual revenues. Chairman James Wates said a “rigorous” hiring process had been conducted. “Our aim was always to find the very best candidate, either from within our talented senior management team or from outside Wates... David has shown an acute understanding of what it means to lead this very special family-owned business.”

Allen said: “I’m excited about leading the next stage of Wates’ push to become an even more high performing, progressive and sustainable organisation that continues to deliver for, and is trusted by, all of our customers and partners.”

Read more: Takeover target Bovis plots to pinch Wates boss

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