Wates acquires property services business Liberty

Wates has completed the acquisition of property services business, Liberty, from social housing provider, ForHousing. 

As a specialist in domestic property repair and maintenance, as well as heating and compliance, Liberty will be joining Wates’ Property Services business. 

Wates said the acquisition, for an undisclosed sum, will support its expansion into the heating and compliance market as well as renewable energy services provision.  

“We’ve been actively seeking a specialist property support business to expand and strengthen our existing expertise in the social housing sector, and extend our range of services into the areas of heating and compliance, as well as renewable energy services,” said David Morgan, executive managing director, Wates Property Services.  

Adding: “In Liberty, we’ve found the strategic fit we were looking for, so I’m delighted to be able to make this announcement.” 

Liberty will continue to trade under its own name as part of Wates Property Services, while also ensuring service delivery for its clients and their customers as well as construction and decarbonisation projects.   

Some 1,100 Liberty staff are set to join Wates, taking the host company’s employee headcount to more than 6,000.  

In March this year, Wates topped £2 billion in turnover for the first time in its 127-year history. 

Revenue in FY2023 was up by more than 15 per cent on the previous recorded year, generating a pre-tax profit of £46.2 million (+37 per cent on FY2022).    

The construction business reported £1.17 billion turnover, up 22 per cent on the previous financial period, and secured £1.1 billion in new work, with a highest ever average project value of £48.3 million.   

And Wates’ property services business, which includes Living Space, Smartspace, Facilities Management, and now Liberty, increased turnover in FY2023 to £545 million.  

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