MAN WITH A PLAN
Meet James Woodrow, Finlays new Group Managing Director
Since joining Finlays, James has quickly made his mark with a refreshed strategy that will refocus the company’s approach to leading the beverage industry.
1750 Editor Thom Walton sat down with James to discuss his vision for Finlays, consumer trends, sustainability, and why health and safety is his number one, two and three priority…
TW: Thank you for joining us, James. You’ve been with Finlays for a year now – what has been your experience so far?
JW: It’s been an eye-opening experience so far. Before I joined, my primary perception of Finlays was as a somewhat traditional tea business. I can now say with the utmost confidence that this couldn’t be further from the truth. Since joining, I’ve visited our world-class cold brew coffee manufacturing facility in Texas, our extracts joint venture Damin in China, our pioneering tea extraction facility in Kenya, and of course our incredible tea businesses from the UK to China. Finlays is indeed a leading player in tea, but there is a whole lot more to us than that!
The other thing that has struck me, while visiting our global locations, is the dedication, expertise and passion of our people and the desire to help customers get the very best out of tea and coffee.
THERE’S SOMETHING POWERFUL ABOUT BEING PART OF AN INDUSTRY THAT BRINGS SUCH TANGIBLE HAPPINESS TO BILLIONS AROUND THE WORLD EACH DAY.
TW: What attracted you to the Finlays role?
JW: Firstly, there is something very special about being able to walk five minutes from our London offices and be able to buy a beverage that we have helped to make, whether that’s a cold brew coffee in a café, or a package of tea from the supermarket. There’s something powerful about being part of an industry that brings such tangible happiness to billions around the world each day.
Beyond that is Finlays’ incredible heritage stretching back to 1750, and the chance to oversee the exciting next chapter in the Finlays story. To achieve that longevity, we have demonstrated both excellent resilience and also the ability to adapt as the world has changed. Today, the world is changing faster than ever and the dynamism of the natural beverages industry, driven by fast-growing consumer trends, is an extremely exciting proposition.
TW: What makes the natural beverages industry so interesting?
JW: The global beverages industry is superbly dynamic, driven by major long-term consumer trends such as sustainability, health and wellbeing, and experience. Globally, consumers are growing more demanding – the want new, they want better, they want ethical sourcing. They also want beverages that fit their lifestyles and offer more than just great taste.
This creates unlimited opportunities for innovation when we partner with our global customers. The customer bringing an opportunity they’ve identified. Finlays bringing the weight of our tea and coffee expertise and consumer insight. Collaborating to create something special.
The other thing that makes natural beverages so interesting is that tea and coffee are fundamentally simple products that can only be brought to market through complex supply chains. Most consumers tend to take tea and coffee for granted, but there is growing interest in how and where tea and coffee is produced. The challenge for us as a supplier of ingredients and finished solutions is how we can simplify and de-risk supply chains for our global customers, while bringing the magic and passion of the production process to the fore as a way to add value across the supply chain.
The global beverages industry is superbly dynamic, driven by major long-term consumer trends such as sustainability, health and wellbeing, and experience
TW: What do you see as Finlays’ long-term role in the beverage industry?
Our focus has to be on where we can add most value for our customers, whether that’s in tea, coffee or other natural beverages. We have a long heritage in tea, and that will continue to be core to our business, and we see increasing opportunities for our customers within the extracts and solutions space. As consumer demand evolves, so must our industry and so must we. Our aim is to play a leading role in this transition and be the go-to trusted partners for the global beverage industry, operating with supply chain transparency and a focus on quality, wherever we operate.
What will Finlays’ increased focus on extracts look like?
Finlays is one of the world’s leading producers of tea and coffee extracts, and currently, these are predominantly supplied to customers as an ingredient for use in formulations. This part of our extracts business will remain important, but we are now looking to drive further into offering full solutions – that is, a product where Finlays have added value to the core ingredient through additional activities such as blending, compounding and packaging for end use. In this way, we can become a true one-stop-shop for our customers.
And this is something we’re already achieving today, particularly in China and the US. Damin, our JV in China is a market leader in supplying extract-based solutions in China and increasingly across Asia. With a supreme focus on the customer, and the agility to respond quickly to both consumer demands and customer requests, Damin is the blueprint for how we will approach extracts and solutions globally.
Our other primary focus is the US market, where we’re aiming to build on our leadership position in cold brew coffee. Finlays already has a powerful network in the US, as well as a fantastic team and the experience of partnering with the biggest and best brands in the industry. We have ambitious growth plans over the next few years. Part of this will be looking to acquire businesses which help us to become a true one stop shop for all things beverages, much as Damin is in Asia.
Following the sale of James Finlay Kenya, is Finlays moving away from tea?
Not at all! We treasure our heritage and expertise in tea, and cherish the long-standing relationships we have with our customers in the tea industry. JFK is an incredible business, and will continue to be a key supplier to Finlays once the sale completes. Browns, the new strategic investor in JFK, specialises in sustainably growing plantation businesses, and is very well placed to support the JFK community in going from strength to strength. And of course, we are retaining ownership of Saosa, our tea extracts facility that is located at JFK, supplying premium, high-quality extracts to global customers.
But it will be clear to everyone reading that, with the sale of JFK and - before that - our Sri Lankan Tea Estates, Finlays has re-evaluated its supply chain in tea to be less focused on owning tea growing operations. The exception here is Casa Fuentes, our Argentine tea farm business, which plays a critical role in the supply of tea extracts into the US market.
Vertical integration remains critical to our proposition, but our new approach is to deliver value for our customers through strategic, long-term and direct partnerships with tea suppliers, and then adding value through our packing network, much in the same way we already do for coffee,
Finlays is launching a new sustainability strategy this year. Where will you be focusing?
Sustainability has always been central to how Finlays operates – it’s one of the reasons we have been around for as long as we have. What’s clear to me is that we – and the wider industry – are facing greater challenges than ever. The effects of climate change are undeniable, supply chains have never been more complex, and the people who grow tea and coffee face grave socio-economic challenges. It’s no exaggeration to say that these issues pose an existential threat to our industry.
That’s why our new sustainability strategy focuses on these issues specifically. Firstly, we have an ambitious plan to achieve carbon net zero. Secondly, we will continue to drive our capabilities in sustainable supply, de-risking supply chains. And finally, we will continue to empower the people who are ultimately responsible for ensuring tea and coffee products can be enjoyed worldwide.
Carbon net zero in particular is an essential problem to solve and can only be done in partnership with our whole network. But failure is not an option.
I would add that there is also huge opportunity for our industry within sustainability. Consumers have never been more alert to where and how their products come from. Brands and their suppliers should be looking at new and innovative ways to engage consumers on this vital topic. Ultimately, driving the sustainability agenda isn’t just good for the planet and its inhabitants. It’s good for business.
TW: You are a passionate advocate of the importance of health and safety – why is that?
Finlays is a family business, part of the Swire Group, and our people mean everything to us. I am particularly proud of the safety improvements we achieved in my previous role as Managing Director of Swire Shipping. It is our duty to ensure that people are safe when they come to work which is why the safety of everyone connected to our business is our first, second and third priority.
Through our ‘Always Safe’ culture, we have made excellent progress over the last few years in making Finlays an increasingly safe place to work, but the reality is that achieving a safe Finlays is a tireless pursuit. Safety must be front of mind for all employees, every day, everywhere.
Since the start of this year, we have been evolving our health and safety approach to be more proactive, engaging everyone at all levels and further building our safety culture. Thanks to the efforts of our global team, this is already yielding results and will always be our top priority.
TW: Thank you for your time, James. Do you have any final comments to share with our readers?
JW: I would like to thank all our customers for their partnership with Finlays! I look forward to working closely with you all on the exciting opportunities that lie ahead of us.
CARBON NET ZERO IN PARTICULAR IS AN ESSENTIAL PROBLEM TO SOLVE
VIDEO: James discusses his vision for Finlays
James Woodrow Biography
Joined Finlays in… September 2022
Previous roles include… Managing Director of Swire Shipping, Cargo Director at Cathay Pacific
Proudest achievement… Achieving the highest revenues in Swire Shipping’s 150-year history.
Education… Master’s in Law from the University of Cambridge
In his spare time… running, cricket and hockey
Has his tea and coffee… black …and increasingly partial to the smooth taste of cold brew…
