Company has made £72m provision which includes cost of fixing defects
Wates has said that it has put together a team to look at what the final amount of money it will have to shell out to fix historic cladding problems will be.
A provision of more than £72m is included in its latest annual report but not all of that money relates to cladding repairs, the company said.
The firm is one of dozens that has had to put aside money to meet requirements set out by the Building Safety Act which will see companies obliged to fix cladding problems going back 30 years.
In a statement, the firm said: “Wates aims to achieve the highest operational practices and this extends to building safety. To ensure we are responding to the latest guidance and legislation we have a team focused on continually reviewing our approach.
“Where we have identified issues with buildings, we work in an open, cooperative, and constructive way with our customers to remedy them as soon as possible. Provisions were set out in our 2022 annual report and this figure covers, but is not exclusively for, building safety measures.”
In the report, the firm said its “future cash outflow” at the end of last year stood at £72.4m. It added the amount had been considered by directors to be “appropriate”.
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