This job has expired

Head of Finance

Tyne Tunnels
Wallsend, Tyne & Wear, United Kingdom
Competitive Salary
Closing date
Sep 23, 2022

View more

Job Role
Contract Type
Full Time
You need to sign in or create an account to save a job.

TT2 Limited employees circa 140 staff covering all support functions and heavy engineering. Our turnover is approximately £35m and the business is run day to day by the executive team within delegated authorities from the Board.

The Tyne Tunnels link north and south of the River Tyne on the key economic artery of the A19. An average of 50,000 vehicles per day that use the two road tunnels, which raise revenue through a system of open road tolling. The tunnels operate 24 hours per day, 365 days per year.

The tunnels converted from traditional plazas to levy tolls to open road ANPR technology (akin to Dartford) at the end of 2021. This creates an additional revenue stream of enforcement revenue for non-payers, but has increased costs to manage the process.

Head of Finance Role

The role leads the financial function supported by 3 x FTE. It also provides the Company Secretariat services. The role reports direct to the Chief Executive, but liaises with the leadership team of eight other senior managers.

Scope of the role included primary interface with lenders and shareholders (on financial matters), and management of the financial function from daily transactions to agreement of Scheduled Forecasts and dealing with the auditors in preparation of the Statutory Accounts. The Head of Finance will also manage the relationship with the client's financial team, ensuring they are content with TT2's process for managing their toll revenue.

The role is charged with optimising cash position by maximising efficiency of financial assets, effective budget and procurement controls and identifying potential for strategic shifts such as refinancing. The Head of Finance manages the insurance renewal process each year.

The Head of Finance routinely attends Board meetings.

The successful candidate will be:

v A Qualified Accountant (ACA / ACCA / CIMA / ACMA / ICAS CA) with a good academic background and 'hands on' technical accounting capability. Current knowledge of UKGAAP and relevant parts of IFRS.

v Have experience of working in SME's at a strategic level preferably with a Pfi or PPP background.

v Able to deal with all levels of staff and management and demonstrate high levels of stakeholder management.

v Able to prioritise varied and often hectic workload, keeping momentum on long-term goals whilst managing short-term issues.

v Have excellent communication skills both written and oral. Able to achieve desired outcomes whilst maintaining relationships.


  1. Covid-19 was very challenging on a demand asset reliant upon traffic volumes. However, TT2 went into the Pandemic in a strong financial position and although there was a period of modified covenants it was able to introduce open road tolling at the end of the pandemic. This is currently strongly cash-generating. There remains a period of sensitivity while cash reserves are re-built.
  2. The business has essentially moved from one invoice per month to 35,000. This has required different finance function mindsets and approaches, including consideration of the way debt recovery should be managed and reported.
  3. The largest cost to the business is the interest on its debt, which is capped by swaps. These are not optimal in even the current interest rate environment but there are contractual and procedural challenges in managing any refinancing of the primary debt. However, it represents a significant opportunity to be explored.
You need to sign in or create an account to save a job.

Get job alerts

Create a job alert and receive personalized job recommendations straight to your inbox.

Create alert