21 December 2011
Work to change the fortunes of an iconic South Yorkshire company has earned its finance director a top business accolade.
Solid strategic impact, skilful financial control of cash flow and successful management of people and risks have all secured Sheffield-based Fletchers Group of Bakeries’ Paul Devlin the title of Yorkshire Finance Director of the Year.
Paul was among the region’s elite finance directors honoured at the Yorkshire Finance Director of the Year Awards 2011.
He was named the Yorkshire Finance Director of the Year of a Private Equity Company at the awards ceremony for his input into the future strategy of Fletchers Group of Bakeries, the leading independent manufacturer of own-label bakery goods in the UK.
His award winning work has included helping deliver the turnaround of the company following a devastating fire in Sheffield in 2006, the setting up of new finance and IT functions, refinancing of the business delivering significantly improved terms on existing assets, despite the impact of the global economic downtown since the last financing.
2011 also saw capital expenditure plans to secure national multi-million pound contracts to bring the company back into a sustainable profit position and establish a £1m plus business credit rating.
All this within the challenging demands of the food business which has seen price inflation costs escalate. Wheat has increased by 60 per cent with a major impact on margins.
Group Finance Director Paul said: “My responsibility has been to provide the financial lead for Fletchers Group through the devastating repercussions of the fire, the separation from Northern Foods and the difficulties that came about from that.
“In 2007-08 the business had recorded an operating loss of almost £10m because of the fire destroying 40 per cent capacity overnight. This year’s figures will show an operating profit of nearly £0.5m.”
Paul’s role has been critical in developing both finance and IT functions across the group. The results have been dramatic – in the first year, staff turnover was over 100%, and is now down to single figures.
Paul added: “Key to the success of the company is cash forecasting and control. Since I joined the company, we have become much more aware as a business of the cash impact of decisions. The entire senior management team has bought into this way of thinking, and it is the foundation on which we have built our business.
“We have also worked hard to develop trust and respect with our customers through engaging with them and delivering customer service and product quality.”
Paul was keen to thank his 20- strong team and added: “This award is recognition for the team of people who have delivered a tremendous result against the backdrop of a very challenging external environment
“I hope my work has helped transform the company to meet today’s challenges and lay the foundations for increased efficiency and productivity, but without the team, none of what we have achieved would have been possible.”
Paul joined Fletchers Group of Bakeries in July 2008 having held various senior financial roles at companies including Tunstall Healthcare, Oakdale Holdings and Geest
Fletchers Group of Bakeries, which has business units in Sheffield, Barnsley, Manchester and London, employs more than 800 people, supplying major retailers and foodservice customers with high quality bread and morning goods.
The awards, now in their tenth year, recognised the key contribution of the region’s top finance directors and their ability to adapt to changing market conditions and were sponsored by Ernst & Young, Squire Sanders Hammonds, Sewell Moorhouse and Santander Corporate Banking.
ENDS
Photo: (left to right) 2010 winner Darren Bryant of Card Factory joins the 2011 winner Paul Devlin from Fletchers Group of Bakeries.
Released on behalf of Fletchers Group of Bakeries, by HR Media Ltd, Sheffield S1 4SB For further information, contact Abby Worsnip on 0114 252 7770 or email abby@hrmedia.org.uk.