At Thread we’ve set out to rethink clothes shopping for the digital age. By combining talented stylists, powerful AI, and a marketplace with one of the largest fashion ranges in the world we’ve created a truly unique online platform that gives everyone in the world their own personal clothes store.
Over 1 million people and counting use Thread. We’ve recently launched womenswear which is growing faster than our menswear business and, for 25% of our customers, we’ve become the only way they shop.
There’s a $10bn+ opportunity globally to build the Spotify of retail, and we’re leading the way.
We are looking for a Finance Director who will use their analytical and technical skills, management capabilities and experience to build a world class finance function for Thread from the ground up. We need someone who’ll be as comfortable talking to the board as they are getting their sleeves rolled up in the day-to-day finance administration, but above all someone who has the ability to support and challenge us as we grow the business together.
Finance at Thread is pretty unique. The economics and growth of our business are built around a firm understanding of the ratio between the cost of acquiring customers and their lifetime value, and we have a highly complex supply chain including hundreds of stocked lines (as well as thousands of on-demand products). The right Finance Director will help us make tough choices as we scale, play a key role in the development of our strategy and keep our funding position in the right place by supporting the CEO with fundraising. The finance function is currently a team of three people, and whilst we expect it to grow (soon!), as an early stage company we need the finance function to remain lean and efficient through intelligent outsourcing and lean processes. What’s required here is someone who can get stuck in and get the job done from day one, but get the right resources in place to scale at exactly the right pace.
The role will be a mix of financial leadership and day-to-day tactical execution. Your main responsibilities will include:
- Own the entire finance function, evolving the team, technology and outsourced partners as we grow, to meet the needs of the business.
- Be a core member of the executive management team, ensuring all decisions across the business are being made with accurate and timely financial information and that all departments have clear budgets and targets to deliver against.
- Own and continually develop the company’s financial planning model to make it as useful and accurate as possible. Provide the business with a clear set of financial metrics and ensure we’re staying on track versus the plan. Work with the exec team to address any gaps that emerge and help to close them rapidly.
- Be responsible for delivering management accounts and insightful reporting for use internally and with the external board. Oversee a well structured month-end process that includes strong internal financial controls and safety mechanisms to ensure the business is being run efficiently and reporting is accurate.
- Ensure careful control and monitoring of cash, maintaining accurate forecasts of cashflows. Be able to quickly analyse the cash impact of business decisions and changes to the financial plan. Constantly challenge the business leaders and come up with creative ways to maximise our runway, optimising R&D tax credits and any other similar opportunities to maximise cash.
- Work with the auditors and accountants to prepare and sign off statutory accounts and tax returns in the UK and US. Set and implement company accounting policies and procedures, and ensure group accounting across the UK and US is well thought through and documented.
- Support the CEO on fundraising, primarily through oversight of the financial model and preparation of due diligence documentation. Be comfortable with meeting potential investors and able to demonstrate a detailed understanding of the business and our future potential.
- Help determine the most impactful strategies and goals to focus the company on. Regularly challenge your peers to ensure we’re all focused on the right things, both at the company-level and team level. Carry out proactive analysis to help inform our understanding of the business. Lead the budgeting process and ensure we stick to it.
- Oversee company administration, ensuring payroll is processed, suppliers are paid on time and that the team has a simple but robust process to get invoices paid with no surprises. Own any miscellaneous company admin such as our pension scheme, D&O insurance, key man insurance, share options and so on.
- Create a culture of financial literacy amongst the wider team. Exemplify the values as you build out the finance function. Contribute meaningfully to the development and delivery of the business’ strategy by playing an active role in the Planning team.
- We’re looking for someone not only with excellent technical accounting skills but also someone who has proven intellectual agility and experience of leading the financial function in a fast-moving environment.