Founded in 2017, CuanTec is a ground-breaking biotech company ready to help make incremental changes that positively impact the world we live in. CuanTec's scientists have developed propriety technology to biologically separate Chitin, proteins, minerals and lipids from shellfish waste, mushrooms and the exoskeletons of insects. The Chitin is further refined into more valuable Chitosan. The unique biological-based extraction process maximally preserves the original polymer attributes, unlike more aggressive extraction processes.
CuanTec is targeting a rapidly growing market for Chitosan due to its multiple uses across multiple valuable categories. At the same time, it continues to develop added value products derived from Chitosan, with its small highly skilled research and development team and in collaboration with external partners. Amongst its achievements has been the creation of biodegradable and environmentally friendly films to replace plastic in packaging applications.
The company wants to reduce food waste and plastic pollution through its innovative approach, creating a viable, circular business with the well-being of our planet at its core.
The business is currently pre-revenue and is about to embark on an exciting new chapter as it prepares for production to begin at its first factory in Glenrothes in early 2024. CuanTec’s ambition is to expand rapidly through further investment to exploit the market for waste-based sustainable, biopolymer-based products.
This is a key appointment within a high-potential Scottish scale-up. The business remains pre-revenue, but it has attracted significant funding from multiple investors and has ambitious and exciting growth plans. A need has been identified to recruit a Head of Operational Finance to set up financial processes and implement an ERP system. This will be through projects in the initial 12 months of the post-holder’s tenure, with the overall objective of laying the foundations for the Finance Department to support the future growth of the business.
Detailed below are the duties, person specifications and qualifications required for this post. This will be used as the basis for shortlisting for the post. When you provide your CV, please address the list of requirements indicating how your qualifications, experience, skills and knowledge match the criteria given.
Key Tasks and Responsibilities:
- Determine key measurements to be recorded each week, each month, or in real-time as performed (e.g., goods received or dispatched), for generating management reports
- Set up manufacturing cost models and establish standard costs, ensuring relevant staff costs are captured in Cost of Goods Sold
- Establish a suitable, scalable ERP to handle all aspects of manufacturing and wider financial reporting to the business
- Establish a set of management reports to: guide manufacturing improvement activities (efficiency, yield and optimise costs); effectively manage raw materials, inventories and finished goods; monitor usage of raw materials, transport, labour, utilities and other expenditures; split into direct & indirect costs
- Establish performance measures to assist process and business improvement activities such as: plant up-time; plant efficiency; labour utilisation; cycle times; time to order fulfilment; debtor days; creditor days; gross contributions per customer or product type; etc
- Ensure all workflows / processes and associated controls are fully documented
- Advise the company where best to focus on cost reduction by understanding the relative impact from all the inputs and how best to “batch” its products to enable traceability to be realised
- Establish measures for tracking the generation of “waste” outputs such as minerals, proteins to enable uplift and sale of these to be planned and managed
- Establish measures for quality rejects and returns or scrappage of defective products
- Determine margins and contributions provided by key accounts and product types to support the ongoing decisions required to achieve healthy profitability
- Assist the management team with determining the value propositions of sales opportunities
- Set up annual budgets in conjunction with the management team and report against this each month
- Support investment decisions by generating the financial case for each using appropriate methods such as ROI, IRR, DCF, NPV
Preferred Candidate Profile
A summary of the key candidate requirements are as follows:
- Qualified accountant (CA, ACCA, CIMA)
- Experience of system design and implementation in a manufacturing environment is essential, preferably in multiple SME environments
- Experience of establishing financial processes and controls
- Strong commercial acumen with particular focus on costings, margins and profitability
- Proven experience in the development and delivery of management information and financial analysis
- Understanding of the NPD process
- Confident communicator at every level, with strong inter-personal and influencing skills
- Committed individual, displaying drive, ambition and professionalism
- Ability to thrive in a fast-paced environment
- Highly motivated and organised who takes initiative
- High level of honesty and integrity
- Ability to build and develop a small finance team
- Excellent leadership and management skills
- Flexible and resourceful working will be required as the employer is a biotechnology start-up and its science and technology will continue to be developed over the coming years
- Residence must be convenient for travel to the Glenrothes plant
- The site will be regulated under HACCP principles to comply with Food, Pharma and medical device standard
Remuneration and Recruitment Process
Salary and Holidays: Competitive salary dependent on experience. 3% employer NEST pension contributions and 33 days holiday inclusive of 4 fixed holidays (Christmas Day, Boxing Day, 1st January and 2nd January). After 2 years and 5 years of service, the holiday entitlement will increase by a further 2 days and 1 day respectively
Other Benefits: Critical Health Care (1x Annual Salary) and Life Insurance (2x Annual Salary
Contract Type: Permanent, but as the role will comprise a heavy project build phase it’s anticipated that the candidate may prefer to undertake only the project phase and then handover to a “business as usual” person at a future stage
Location: CuanTec Ltd, Units 1 & 2, Faraday Road, Glenrothes, Fife, KY6 2RU
Hours: Normal working week of five days (Monday to Friday) comprising of 37.5 hours (excluding lunch breaks)
For more information on remuneration and the recruitment process, please contact Derek Lauder or Jonathan Donnelly at Rutherford Cross.
Jonathan Donnelly, CFO Services
T: 07494 280 461
Derek Lauder, CFO Services
T: 07494 280 456