Paul Nicholls named new London regional lead a year after firm which he left to set up went into liquidation
The former residential boss of Wates is returning to the firm in a regional role a year after the housing firm which he left to create collapsed with debts of more than 拢8m.
Paul Nicholls will rejoin as managing director for London in February next year and oversee Wates Residential鈥檚 ambition to become a leading development partner in the capital.
It will mark just under four years since he quit his previous role at the firm to set up partnerships housing business Real Contracting Group in January 2021 from the South-west and South-east divisions of contractor Rydon.
Nicholls had aimed to grow the firm to be a 拢300m-a-year turnover builder within five years, but it went into liquidation in November 2023 owing 拢8.4m to Rydon Regeneration and close to 拢114,000 to a recruitment business.
He said the time setting up his own business and advising other large firms had 鈥減roven invaluable where I learnt more about myself and about the inherent risks within the sector鈥�.
He added that Wates Residential had 鈥渁lways had a special place in my heart and it鈥檚 been great to see its growth and development in recent years.
鈥淚t 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,鈥� he said.
Nicholls will report to Phillippa Prongu茅, who will start as the firm鈥檚 new executive managing director in the new year after being appointed to the role last month, replacing outgoing executive managing director Helen Bunch, who is retiring.
Bunch said that Nicholls鈥� expertise would help Wates accelerate the deployment of private investment to support the delivery of both the GLA and Government鈥檚 ambitious housing targets.
鈥淗e 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.鈥�
Wates is also setting up a new regional London fit-out business headed up by the former head of ISG鈥檚 fit out arm Lee Phillips, who started at the firm last month.
The liquidator鈥檚 report for Real Contracting Group gave no reason why the firm or its subsidiaries Real SW and Real LSE collapsed.
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