Taylor Wimpey - Finance Director

Finance Director East Midlands Candidate Information Pack

Contents

Introduction • Welcome • History • Culture & Values

Company Info • Business overview • Where we operate • 2018 overview • Strategy

Role Profile • Job Description • Why consider this role?

Process & Timelines

Technical Director

Introduction

Dear applicant, Thank you for taking the opportunity to consider applying for the role of Finance Director at Taylor Wimpey East Midlands, based out of the Leicester office.

Taylor Wimpey is a FTSE 100 business and one of the largest residential developers in the UK, building new homes and communities across England, Scotland and Wales. Our people are passionate about the house building industry and about our customers. Culturally we pride ourselves in having a diverse work force with an opportunity to grow a career in a variety of environments. We look to develop our people in the skills and areas they are most interested in so if you are looking to join a thriving company going through an exciting period then please get in touch. Our vision is to become the UK’s leading residential developer for creating value and delivering quality. We build over 10,000 homes each year, from one-bedroom apartments to six-bedroom houses all across the country. We are looking for an experienced Finance Director to lead the finance function, bringing their experience to the regional Board. This is a pivotal appointment and will play a significant role in the future growth of the region.

Finance Director

Introduction

In 2007 George Wimpey and Taylor Woodrow merged to form Taylor Wimpey. We are proud of the home building and construction heritage of both companies, which dates back more than 100 years.

We are one of the largest homebuilders in the UK, operating from 24 regional offices across England, Scotland and Wales, and we aim to be the developer of choice for customers, employees, communities and shareholders. We build a wide range of properties, from one- and two-bedroom apartments to six bedroom detached houses, with a broad price range including both private and affordable homes. We are truly national and we cover most regions across the UK. Our regional businesses are run as local homebuilders and have in depth knowledge and experience of the local market. We understand that development is about more than creating homes and we provide millions of pounds

worth of infrastructure, for example roads, sewers, landscaping and community facilities, every year across the UK. We aim to develop vibrant communities with a true sense of place that fit into their surrounding area and meet the needs of local people. We are a responsible community developer, committed to working with local people, community groups and local authorities and keeping them informed about our work, both before we build and throughout the life of the development. We focus on getting the basics of homebuilding right first time, such as quality, customer service and health and safety, and we aim to continually improve all parts of our business.

Finance Director

Introduction

Core values and cultural principles These are the Taylor Wimpey values that will help us achieve our vision and mission, and the cultural principals that underpin them: Be respectful, fair and deliver together - Communicate well and collaborate - Encourage and embrace diversity - Set clear professional standards - Develop good relations and behave with integrity Continuosly improve and innovate - Be future-focused and drive change - Find solutions and dont accept second best - Make informed decisions - Be well planned and organised Build a proud legacy - Never compromise on safety - Be passionate about customers - Delievr right first time and keep promises - Commit to a sustainable future

Finance Director

Introduction

Our Cultural Principles outlined below are the values that underpin everything that we do: • If something is worth doing, it’s worth doing properly; • If we make a mistake, we put it right; • We are competitive and don’t accept second best;

• We will not compromise in ensuring that everyone leaves our sites safe and well; • We behave with integrity, are honest and forthright and support each other; • We strive to enhance the environment and local community and to run our business in a way that is sustainable. • Knowledge and information are key, we take our decisions on fact not emotion. • We value individuals from diverse backgrounds and aim to develop potential to the mutual benefit of the individual and the business. We strive to treat our employees fairly and with respect, and to provide a safe place for them to work. Our UK Employee Handbook sets out our approach to our employees as well as the standard of behaviour that we expect of them. We believe that by embracing diversity we will be able to succeed through a workforce that is inclusive, creative and innovative. We support the United Nations’ Universal Declaration on Human Rights and have policies and processes in place to ensure that we act in accordance with our values in relation to areas such as equal opportunities, anti-corruption and whistleblowing. We encourage employees and sub-contractors to speak up about concerns over wrongdoing at work and we provide access to an independent reporting hotline service. Taylor Wimpey operates in diverse communities. During 2012, we undertook a review of the diversity of our employees and will map this against catchment areas to determine any discrepancies. Our new recruitment practices are designed to help us develop an increasingly diverse workforce.

Finance Director

Company Information

What we look for Our goal is to become the employer of choice in the industry, attracting and retaining people because of our culture and the opportunities we provide for career development. House building is an exciting and rewarding sector in which to build your career. Having the right people in place is key to our corporate strategy and commercial success. Where we can, we always look to recruit and promote from within, however, we also realise the benefits of diversifying our workforce by combining internal talent with the best skillsets and backgrounds from outside of the business. Regardless of what level role you are applying for, or what business function you are interested in, there are certain behaviours that we look for in all our people. Below are a few examples of the competencies that are vital to success at Taylor Wimpey irrespective of your level in the business or functional area. • A Collaborative approach to work. In a business with 24 different regional offices with separate priorities specific to the communities in which they build, it is vital that we share ideas, learn from our colleagues and communicate regularly and effectively. • Be Open to Change in a sector that is always adapting to legislation, innovation and customer feedback. • Always Focus on our Customer and their needs. Without them we would not be the business we are today – in fact we wouldn’t be a business at all! • A Passion for People Development. Whether you’re an employee showing interest in the development of your colleagues or a line manager looking at progression and opportunities for your team members, it’s vital part of what makes our business great. • A Solution Focused approach in a complex industry that presents plenty of challenges on a day to day basis. These behaviours, amongst others, make up a key part of our selection process for all jobs we recruit for so if you are thinking about a career with Taylor Wimpey then we would encourage you to always think about our key competencies.

Finance Director

The next five years to 2023

Diversity and Inclusion

As a FTSE100 company, our aim is to be the employer of choice in our industry, attracting and retaining the best people because of our culture and the opportunities that we provide. All our job vacancies are advertised on The Diversity Group’s website.

We run several initiatives aimed at creating opportunities for all. We are currently partnered with Leonard Cheshire Disability’s Change 100 programmes that we introduced to Taylor Wimpey in 2015. Change 100 aims to change the employment landscape for students and recent graduates with a disability by offering placements and work experience within businesses like Taylor Wimpey. We are proud to partner with the Leonard Cheshire Disability on this programme and look forward to a lasting relationship.

At Taylor Wimpey we pride ourselves on offering our people valuable career development opportunities and look to nurture talent at all levels within our Company; from site based roles such as site managers and sales executives, to office based opportunities across our business functions, like land & planning, commercial and finance. Embracing diversity enables Taylor Wimpey to succeed in a competitive market. We make all our hiring decisions without prejudice towards age, gender, race, disability, sexual orientation or religion and aim to treat all of our people fairly. Our honest and open approach to recruitment and our people is one of the defining factors in Taylor Wimpey’s culture and future workforce.

Finance Director

New goals for the next five years to 2023

Defining Our Strategy Our new strategy, announced in May 2018, refocuses our business purpose and firmly puts the customer at the heart of all the decisions we make today and in the future. We will seek to use our high-quality landbank more efficiently to deliver growth, both in the number and quality of homes built for a wider range of customers. We will also aim to grow the operational capacity of the business through investment in our skills, supply chain development and research and development. The strategy that we have outlined will result in a larger scale business with strong and secure cash generation, as we work our existing and future assets harder to deliver more homes over the next five years. OUR FINANCIAL TARGETS FOR THE NEXT FIVE YEARS (2018-2023) • Increase of return on net operating assets** to 35%. • Maintaining operating profit* margins at c.21-22%. • Operating cash conversion of between 70 and 100% of operating profit into operating cash flow. • Increased landbank efficiency - reducing length of short term owned and controlled landbank years by c.1 year to 4-4.5 years.

Finance Director

Job Description

Finance Director

25/01/19

Position Title: Function: Reports to: Direct Reports:

Date Finalised/Last Reviewed:

Finance

Managing Director (Dotted reporting line to the Divisional Finance Director)

Senior Finance Manager

Job summary/purpose: The Finance Director is a key member of the regional management team (BUMT), acting in business-wide role to proactively support the Managing Director (MD) to maximise delivered value. The Finance Director will have a deep level of operational knowledge, to enable critical review and challenge of key decisions and information across all functional disciplines within the business unit (BU) including joint ventures (JV). The role leads the finance function and financial capability for the region, providing business and performance insight and challenge. The Finance Director is a steward for the business with an eye to promoting governance in the BU, and provides a business and financial control ethos. However, importantly, the Finance Director is also a catalyst for accelerating value optimisation in the business, on behalf of the shareholders. The Finance Director reports to the regional Managing Director, with a dotted reporting line to the Divisional Finance Director for the Division. The role acts alongside other Finance Directors in the division, developing innovative thinking and solutions for the division and the wider finance function. The Finance Director will work with the Divisional Financial Director (DFD), communicating regularly, and providing accurate and timely information for use by the Divisional Chairman and Group Finance. The Finance Director role covers four broad elements: Catalysing optimal business performance - Review and challenge new business from key operational and performance perspectives, in conjunction with the BUMT. Provide financial oversight and final recommendation which considers all key business aspects including JVs, to the MD. - Lead the business planning process. Review and challenge operational assumptions with the BUMT before critical decisions are taken, and for inclusion in plans and forecasts. Provide accurate and insightful financial information to support creation and articulation of the business plan including JVs. - Challenge and encourage the business unit to optimise value from the landbank, delivering the anticipated financial performance, but maintaining the Group’s customer centric ethos. A businesses strategist - Together with the MD, lead the development of the BU business strategy including JVs, in conjunction with the wider BUMT. Support the strategy with appropriate and tailored financial analysis.

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Job Description

A financial steward - Work to protect the assets of the business, ensure compliance with financial regulation and ensure appropriate care and diligence is taken in the corporate governance of the region. - Provide critical oversight of the core finance outputs and processes operated by the Senior Finance Manager and team. - Provide overview to ensure robust financial processes and controls are consistently maintained. - Work with the BUMT to actively identify business risks, driving possible mitigating solutions well in advance of potential risks crystallising. Horizon-scan for potential opportunities for the business to deliver, to help shape the future of the business. An expert finance operator - Create a team of suitably qualified and experienced finance staff, and develop both technical and soft skills in the team. - Drive the attraction and retention of key talent within the Finance function through a positive and engaging approach. Primary responsibilities: BU Leadership responsibilities • Partnering the MD on all new business decisions, including land acquisitions. Review all aspects of the scheme (e.g. LPE) with the BUMT, critically assessing if the venture is the best use of capital, in line with strategy and the Taylor Wimpey ethos. Sign off financial models, having considered financing options and cash flows, timescales, tax implications and accounting implications. Write the final recommendation to the MD which considers all aspects of the deal, including technical, commercial, sales, as well as finance elements. • Obtain a true understanding of costs and risks for each site, drawing on knowledge from regular site visits. With this background, provide active review and challenge of the costs incurred to date/ cost to complete projections for each site (Cost Value Reconciliations (CVR) prepared by the Commercial team). Attend P&L meetings, and, challenge whether cost excesses/savings are expected and should be recognised. Look for trends in production differences, necessary fixes and expected cost changes. • Lead the management of joint ventures with third parties, including as a Director, chair Board meetings and ensure a robust governance and administration framework including oversight of Board pack preparation to support the joint ventures. • Working with the Production and Sales Directors, ensure the sequence of site delivery considers the appropriate risk factors, but optimises site ROCE.

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Job Description

Key finance accountabilities and responsibilities • Drive discussion at the BUMT board, by presenting analysis, insight and interpretation of performance against business plan. Draw out the operational deliverables needed to allow the business to meet targets and optimise value. • Specify both business performance and financial measures, aimed at monitoring the drivers of performance. Interpret data and identify trends, making recommendations that aim to deliver an improved result. Lead frequent BUMT discussion, incorporating whether action should be taken. • Lead a rigorous discussion with the BUMT board around site-specific and strategic risks and opportunities facing the business. • Lead the forecasting process for the business, through continuous engagement with the BUMT. Review the operational assumptions with the BUMT, ensuring decisions drive optimal business value and are realistic. • Key partner for the new site appraisal process providing financial oversight and challenge to assumptions made. Together with the BUMT, attend site visits to review progress promoting a positive approach with site managers. • Ad hoc analysis to support future performance, such as analysis of the returns from specific house types, or a deep dive into production costs/ quality by specific house types. • Review of landbank, giving frequent visibility and challenge to the BUMT of forecast gaps or delay in planning progression. • Provide oversight to ensure the timely and accurate reporting of monthly management information, budgets and forecasts, tax submissions and annual statutory accounts (as required), which are prepared by the Senior Finance Manager. • Review cash forecasts before submission to the Group Treasury function, for accuracy and best use of the Group’s cash resources. • Ensure accounting is in line with the Group accounting policies outlined in the finance manual. Maintain the financial control procedures outlined by the Operating Framework and Finance Manual, and manage the Controls Self-Assessment certification. • Proactively promote awareness of corporate governance and directors’ responsibilities. Other • Direct line manager for the Senior Finance Manager, supporting their development, learning and advancement. • Responsible for actively promoting HR policies, standards and procedures. Overall responsibility for payroll & personnel. • Maintain IT security standards and adherence to the Group’s Computer Guidelines. • Liaise with IT director regarding business IT requirements. Key business relationships: Internal: Regional Board of Directors, all BU staff, senior group and divisional management. External: Auditors, suppliers, government inspectors, JV partners, local authorities.

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Job Description

What are the measures of success for this position? A fully active leader on the BUMT board and successful business partner including for Joint Ventures, to enable MD to deliver strategy. Ability to develop, embed and lead a robust finance function for the BU.

Experience, Qualifications, Technical Requirements, Education

Required/ Preferred Required Required

Qualified ACA, ACCA or CIMA

Page 4 The Estate question but may include any or all the following: Criminal records (DBS), Credit Reference, DVLA. The purpose of such checks will be to assess your suitability for the role. If it subsequently transpires that you have given incorrect, false or misleading information, your application will not be taken further. Key Competencies: Set clear professional standards Leading Teams Develop good relations and act with integrity Leading Teams Communicate well and collaborate Leading Teams Deliver right first time and keep promises Leading Teams Be future focused and drive change Leading the Business Make informed decisions Leading the Business Be well planned and organised Leading the Business Find solutions and don’t accept second best Leading the Business Encourage and embrace diversity Leading Teams Internal Applicants – Please inform your Line Manager if you wish to apply for this role Page 5 Buildings Considerable post-qualified experience gained from both business finance/performance roles and accounting & financial control roles. Experience must include: Financial accounting and leading month end close, building or operating in a control framework, evidence of responding to and working with external auditors, providing analysis, forecasting and planning, supporting and challenging businesses to make optimal operational and performance decisions. Experience may include: Joint Ventures, M&A activity, business risk management, external audit, systems implementations. Required If you are successful at interview and the Company considers making an offer of employment, you may be asked to give your consent to the following pre-employment checks being undertaken by our third-party provider, Experian (or any other appropriate third-party provider that the Company chooses to engage). The type of checks made will depend on the role in Financial support for business deals (e.g. new contracts, M&A, Joint Ventures) Preferred Experience of successfully leading and developing a team

Page 3 Welcome Finance Director

Job Description

Why consider this role? This is an outstanding opportunity for an experienced Finance Director to join a fantastic team within Taylor Wimpey. Leading the finance function for the region, you will take over an efficient and effective Finance team. Based out of Leicester, the East Midlands region of Taylor Wimpey will produce c650 units this year, and the department consists of a Finance Manager, and 5 accounts clerks and controllers. The incumbent Finance Director is retiring, and we are looking for an experienced residential Finance Director to take over the running of this talented team. Your management focus will be on getting the best out of your team, taking a good team and making them better with a fresh impetus and energy. As the Managing Directors right-hand, and effectively being their number two, you will qualified ACA, ACCA or CIMA, and will preferably be someone with Housebuilding industry experience. This role requires someone with the confidence, knowledge, and ability to challenge their fellow directors in board level meetings, acting as another set of critical eyes, seeing things that aren’t right, and questioning in the right way so that mistakes are avoided, or things are not hidden. Sometimes hundreds of thousands of pounds can be won or lost on these meetings and the Finance Director’s ability to critically challenge what they are being told is essential. This role represents a huge opportunity for you to make a big difference in the business, to bring a fresh perspective, and to energise your team. When putting budgets together we are looking for someone who can find that fine balancing point between the budget being a challenge, whilst at the same time being achievable. You must be detail focussed as ‘near enough’ is not good enough. You must also be cost driven, asking what are the cost saving opportunities? Can you implement any change of process? Are you doubling up anywhere? With a drive and determination to succeed, the ideal candidate will have a proven track record at Director level in the housebuilding industry, adding their experience to a strong, exciting, and energised regional board team. From the very top of the business, there is a genuinely adhered to culture of ‘doing the right thing’ whether that is with staff, customers, contractors, or anyone else they may deal with. It is a key tenant of the business and it is therefore imperative that the Finance Director fits this cultural mould. Taylor Wimpey are a company that passionately believes in developing their people, always promoting from within where possible. With a large number of regional offices, opportunities abound for the career minded individual, and success in this position will not go unnoticed. The post offers a package level which will ensure Taylor Wimpey are able to attract industry leading professionals. In addition to basic salary Taylor Wimpey offer a generous benefits package which includes: Up to 75% Bonus, Generous Pension Scheme, Long Term Incentive Plan reward scheme, Share Save Scheme, Health Cover, Company Car or Car Allowance.

Finance Director

Process & Timelines

APPLICATION PROCESS For a confidential conversation please contact Taylor Wimpey’s appointed recruitment partner Nick Frost at the Management Recruitment Group. Applications should consist of a CV and short covering letter outlining key matching experience and rational for applying for the post. Nick Frost

T: 0161 638 0936 M: 07792 676270 E: nick.frost@mrgpeople.co.uk The closing date for applications is Sunday 27th February 2019. Interviews are due to take place during the week commencing 4th March 2019.

Finance Director

www.mrgpeople.co.uk

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