Taylor Wimpey - Commercial Director

Taylor Wimpey - Commercial Director

Commercial Director Oxfordshire 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

Commercial Director

Introduction

Dear applicant, Thank you for taking the opportunity to consider applying for the role of Commercial Director at Taylor Wimpey Oxfordshire.

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 Commercial Director to successfully manage the Land Team, 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.

Commercial 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.

Commercial 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

Commercial 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.

Commercial Director

Company Information

Taylor Wimpey plc is a UK-focused residential developer which also has operations in Spain. We aim to be the developer of choice for our customers, employees, communities and shareholders. We are experts in land acquisition, home and community design, urban regeneration and the development of supporting infrastructure which improves our customers’ quality of life and adds value to the homes that we build. We build a wide range of homes in the UK, from apartments to six-bedroom houses with prices ranging from under £100k to over £3m. We completed 14,387 new homes in 2017, excluding joint ventures. In addition, we build affordable housing across the UK, which represented c.19% of our 2017 completions. We aim to deliver aspirational homes for our customers that are ef cient to build.

Where we Operate

Commercial Director

Company Information 2018

Pete Redfern, Chief Executive, commented: “We have continued to see good demand for new housing through early 2018. Looking ahead, as we embark on the next stage of our strategy, our focus is on building our capability to deliver great quality homes and places for our customers over the long term.” UK current trading The underlying housing market has remained stable in the first four months of 2018, with continued good accessibility to mortgages at competitive rates. During the first few weeks of March, the poor weather conditions had a noticeable impact on sales and build rates but activity has since recovered. Solid consumer demand continues to drive a healthy sales rate against a very strong comparator. Average private sales for the year to date were 0.85 per outlet per week (2017 equivalent period: 0.93) in line with our expectations. Cancellation rates remained low at 13% (2017 equivalent period: 10%). As at 22 April 2018, our total order book value stood at approximately £2,155 million (2017 week 16: £2,210 million). This represents 9,050 homes (2017 week 16: 9,219 homes), excluding legal completions to date. Land portfolio, planning and outlets The short term land market remains stable with opportunities to acquire land at investment operating profit margins similar to those achieved in recent years. At the end of March 2018, our short term landbank stood at c. 77k plots. We continue to widely engage and work together with local authorities and communities to secure planning permission for our strategic pipeline sites. Our strategic land pipeline stood at c.118k potential plots, as at the end of March 2018, following conversion of over 2k plots into the short term landbank. We remain focused on progressing our sites through the planning system to enable us to open all sites with implementable planning as efficiently as possible. We are currently operating from 278 outlets, excluding joint ventures (2017 week 16: 289). Outlook Trading through the spring selling season has been good and customer demand for housing continues to be strong, with good access to mortgages, low interest rates and healthy employment prospects. We remain on track to meet our expectations for the year, but expect completions for 2018 to be more second half weighted than 2017. Build cost inflation is anticipated to be at similar levels to 2017, at around 3-4%, as previously indicated. We expect to end the year with a net cash position broadly similar to year end 2017, and after the payment of £500 million dividends, subject to approval, to shareholders. Our priority is to build further improvements in product quality, customer service, and delivery capability to enable us to deliver great quality homes to more customers over the years ahead. We will be hosting a Capital Markets Day on 15 May 2018, where we will update the market on our views of the housing market and our plans for continuous business improvement and shareholder returns.

Commerical Director

Company Information

DEFINING OUR STRATEGY Our strategy set out in 2011 has been focused on driving sustainable value through the housing cycle and delivering enhanced margins and returns, whilst continuing to invest in the future profitability and quality of the business for all stakeholders. We believe that financial results must be achieved in the right way and as a responsible business we acknowledge both our obligations to the communities we operate in and the opportunity to work with our stakeholders to create value together.

Commercial Director

The next five years to 2023

Pete Redfern, Chief Executive, commented: “The changes we are announcing today to our operations will develop and be implemented over time, but are very significant - we aim to deliver increased growth, higher dividends and an increase in our return on capital by working our existing land assets harder and smarter. We have always said that running the business in the right way for the long term was more important than short term financial performance. We continue to believe this and the changes to the way we see our customers and the way we see the business long term are much more fundamental: putting our customers’ needs and desires at the heart of our business, which will ultimately make us a more valuable, sustainable business for all of our stakeholders.”

Highlights - A refocused business purpose based on identifying and responding to our customers’ needs, focused on improved products, places, simplification of the buying process and affordable access to the homes that we build - Increased opportunity for long term sustainable growth, through increased landbank efficiency, as we work our existing and future assets harder - Further strengthening and investing in our people and skills, including investment in direct labour, supply chain development and research and development to underpin growth and delivery - A continued high-quality, strong balance sheet, maintaining our cyclically cautious approach - An enhanced ordinary dividend, based on current outperformance, improved asset efficiency and confidence in long term growth

Commercial Director

New goals for the next five years to 2023

New goals for the next five years to 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 Enhanced dividend announced

- Enhanced ordinary dividend driven by current performance and increased confidence in our ability to deliver future growth: increasing to approximately 7.5% of Group net assets up from 5%, and equating to at least £250 million per annum (subject to shareholder approval each year), up from at least £150 million per annum - 2019 special dividend announced of £350 million (subject to shareholder approval), taking 2019 total dividends to c.£600 million (an increase of 20%). Based on our current five-year expectations, and in current market conditions, we expect special dividend payments to remain comparable to the 2018 and 2019 payments

Commercial Director

Job Description

Commercial Director Commercial

Date Finalised/Last Reviewed: June 2018 Location: Abingdon, Oxfordshire

Position Title: Function: Reports to:

Managing Director Direct Reports: Commercial Manager, Senior Buyer, Senior Surveyor, Commercial Administrator

An opportunity has come up for an experienced Commercial Director to join a fantastic growing Commercial Team within Taylor Wimpey. We are currently looking for an individual who has natural leadership, negotiation and motivation skills as well as exceptional attention to detail. You will demonstrate good business management acumen and be commercially astute. The successful candidate will set out, and successfully implement, the regional business strategy for delivering efficient cost control and procurement needs in line with business unit targets. Monitor all contractual issues, reviewing costs on a continuing basis, identifying and realising cost saving opportunities. Overseeing material and subcontract procurement. You will be a proactive member of the local board of management and successfully manage staff in the commercial team. This is an exciting role for an experienced professional who has excellent communications skills, is open minded and proactive towards change and innovation. Job summary/purpose: • To set out, and successfully implement, the regional business strategy for delivering efficient cost control and procurement needs in line with business unit targets. Monitor all contractual issues, reviewing costs on a continuing basis, identifying and realising cost saving opportunities. Overseeing material and subcontract procurement. • Be a proactive member of the local board of management and successfully manage staff in the commercial team. Primary responsibilities: Implement regional business strategy for design and procurement needs • Work closely with other Directors in the commercial management of the business. • Constantly monitor commercial viability of schemes throughout the development stage. • Effectively communicating the business unit strategy to department and monitoring progress against targets. • Contribute in defining and developing procurement strategy. • Liaise with design/engineering teams to maximise value improvement

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Commercial Director

Job Description

Monitor all contractual issues • Implement and manage effective placement of subcontractor orders. • Ensure monitoring systems are in place to manage the financial aspects of a number of projects. • Control the scheduling and purchasing of materials. • Contribute to development budgets. Review and monitor costs on a continuing basis • Raise awareness of the need to effectively manage a regime of cost control with local board. • Prepare regular reports for the MD illustrating the financial situation of various projects in relation to budgets, highlighting any issues/risks. • Reconcile monthly costs reports for presentation to Board. Management and motivation of Commercial • Ensure that an effective departmental structure is in place to deliver business unit strategy. • Manage and motivate Surveyors, Buyers and Estimators. • Ability to understand the key drivers for effective staff motivation. • Must have the sufficient skills to identify staff weaknesses and implement change where necessary. • Ensure regular performance reviews take place within the Team. Proactive member of local Management Team • Involvement in and understanding of other functions within local management team. • As part of management team, responsible for health & safety risk assessment and customer care issues within the business. • Take responsibility for achieving business targets including land bank, profit, return on capital and sales. • Undertake any other duties as required by the Managing Director • Drive forward and attend Concept, Pre-tender, Pre start, specification and any other relevant meeting as required under the Company’s operating framework. • Develop Team relationships to ensure effective communication is achieved and maintained Additional managerial and leadership responsibilities (for roles with line management only): Leadership responsibility for the commericial team including sucession management . Engagement with other BU’s and working parties across TW UK.

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Commercial Director

Job Description

Key business relationships: Internal: All staff at local board level

External: External consultants, suppliers and subcontractors

What are the measures of success for this position? Commerical success of the business from viability to successful project delivery Experience, Qualifications, Technical Requirements, Education Previous experience of working with a developer At least 2 years’ experience at Senior Management level in a commercial role Must demonstrate an ability to manage a large number of staff

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 check[s] 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 question but may include any or all of 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: Communicate well and collaborate Leading Teams Be future focused and drive change Leading Teams Find solutions and don’t accept second best Leading Teams Encourage and embrace diversity Leading Teams Be passionate about customers Leading Teams Internal Applicants – Please inform your Line Manager if you wish to apply for this role

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Commercial Director

Job Description

Why consider this role? This is an outstanding opportunity for an experienced Commercial leader to take over an efficient and effective commercial team. The Oxfordshire region of Taylor Wimpey will produce c700 units this year, with a remit to expand to 900 in the short term. The department consists of a Commercial Manager, with four Surveyors and two trainees, and a Senior Buyer with three Buyers. The incumbent Commercial Director is making an internal move on to a group wide Commercial Excellence project. In the two years he has been at the helm this commercial team has developed and progressed beyond measure, having responded positively to all challenges and changes. The team are very detail focussed, with lots of transparent reporting meaning they are in a very robust position with a good handle on things. They have a strong team ethos and are keen to develop individually and as a team. This is not a role where change is needed, instead we are looking for someone to maintain the status quo and take a good team and make them better. Therefore, a good cultural fit is essential and we need someone who can keep this engaged unit together and functioning well. We are looking for an experienced Commercial Director who knows what to do to get on, and to keep the team moving forward and ensure the continued smooth running of this department. With a drive and determination to succeed, the ideal candidate will have a proven track record at Director level, adding their experience to a relatively new Regional board team. We are looking for someone with strong people skills, comfortable in leading and mentoring, helping and supporting individuals. It is essential that the Commercial Director is absolutely honest and open about where things are, being upfront and open in all internal communications. Taylor Wimpey uses the COINS system so experience in this area would be advantageous.

Commercial Director

Job Description

Why consider this role? 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 might deal with. It is a key tenant of the business and it is therefore imperative that the Commercial Director fits this cultural mould. Taylor Wimpey are a company that passionately believes in developing their people, always promoting from within wherever possible. With a large number of regional offices, opportunities abound and for the career minded individual success in this position will not go unrecognised. This position represents an incredible opportunity to lead a strong and settled Commercial Department that will have a major impact of the future growth and development of the regional business. The post offers a salary 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: • Generous Pension Scheme • Up to 75% bonus • Long Term Incentive Plan reward scheme • Share Save Scheme • Health Cover

Commercial 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: [email protected] The closing date for applications is Sunday 15th July. Final interviews are due to take place during the week commencing Monday 30th July.

Commercial Director

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