As well as launching its social enterprise programme, Wates is committing to ambitious social value targets for the next two years
The Assisting Social Enterprises to Succeed (ASSETS) programme offers social enterprises operating in the construction supply chain bespoke support to help them secure larger contracts and expand nationally.
The seven-month business support initiative provides mentoring, workshops and peer sessions.
The programme has supported 17 social enterprises so far, driving an average of 25% growth across the businesses supported, and leading to the creation of 43 new jobs.
The programme is led by Wates and Impact Hub London, with additional support from the People’s Postcode Lottery and Travis Perkins Group.
Helping social enterprises grow
Angelica Santodomingo, programmes director at Impact Hub London, said: "We are delighted to launch the 2024 ASSETS programme and I would encourage social enterprises across the construction sector supply chain to apply.
"The programme has a strong track record of helping social enterprises to grow, and we are very excited to work with this year’s cohort to help them achieve their goals and have greater impact.”
Wates has also revealed it has spent £31m with social enterprises since 2020, exceeding its original target of £25m by 2025. The company has now extended its target to £36m by the end of 2025.
Additionally, Wates has exceeded its target to engage with young people, reaching more than 80,000 young people through workshops and assemblies at primary and secondary schools since 2020 – more than three times its original target of reaching 25,000 young people by 2025. The company plans to extend this target to reach 100,000 young people by the end of 2025.
Su Pickerill, head of social value at Wates, said: “At Wates, we are very proud of our commitments to support the communities that we work in. I am delighted that we have already exceeded some of our 2025 targets, set out in our 2020 strategy, and am pleased to have the opportunity to extend these targets even further.”
Pickerill added: “It is a privilege to be embarking on our fourth year of ASSETS and we look forward to helping another cohort of social enterprises to scale and succeed.”
Find more information about the ASSETS programme here.