Chris Woodhouse has plenty to feel bullish about

One of the most prominent finance directors in retail, Chris Woodhouse’s career has mainly followed the ups of private equity interest in the sector, but he’s had to deal with some of the downs too.

In partnership with Debenhams chief executive Rob Templeman and serial dealmaker and Debenhams chairman John Lovering, Woodhouse has played a key role in deal after deal. First it was  Homebase, next Halfords, and then, in 2003, Debenhams.

But while inexorably linked to the rise of private equity ownership of retailers, Woodhouse has also managed what few others have of late – the successful transition from private to public company status.

Debenhams – unlike many of its peers so far – successfully floated. But, as private equity groups lost their master of the universe status, Woodhouse had to cope with the hangover of their involvement that for a time dogged Debenhams in the eyes of City investors. It was a challenge he proved himself up to. A disappointing share price performance post-float and profit warnings did not help, but the big issue became debt.

Investors became increasingly jittery about Debenhams’ owings in the wake of the credit crunch. But a £323m share placing and open offer in June provided the answer. Debenhams’ fundraising not only dealt with the debt issue, it widened the shareholder base and provided cash for acquisitions.

Woodhouse may have plenty of financial acumen, but that is bolstered by retail operational nous, having spent six years as commercial director of Superdrug while it was owned by Kingfisher.

The combination has served Woodhouse well, whether day-to-day or immediately following a deal such as the purchase of Debenhams. He describes such situations as like “being handed the controls of an aircraft and having to get to grips with it fast”.

Changes to capital structures, streamlining of decision-making and operating off a leaner cost base while driving sales are among the challenges he has typically confronted.

Asked about the ingredients of his success, Woodhouse says: “You need to be resourceful and turn your hand to a lot of things. The reality is that when you walk into a company it’s not sufficient just to be a finance director because there’s so much to be done. You tend to carve up the general managerial tasks between you.”

It’s an approach Woodhouse and Templeman have typified during their relationship, after being introduced to each other by Lovering.

Lovering says: “Calling him a finance director understates it. He’s been mine and then Rob’s right-hand man, and his advice weighs on every aspect of the business.”

Woodhouse, who is also in charge of Debenhams’ international business and was heavily involved in deals such as the acquisition Irish department store chain Roches in 2006, was signing off the preliminaries as Retail Week went to press. The retailer was expected to post a rise in profits to between £120m and £130m compared with £110m last year.

There was also speculation that Lovering was preparing to stand down as chairman. Woodhouse declined to comment on that likelihood, but what next? Woodhouse is already chairman of Gondola, the holding company of Pizza Express and other restaurants, so similar roles might prove attractive longer term. However, he emphasises that there is no change planned to his role imminently.

Lovering – who also declined to comment about his intentions regarding the Debenhams chairmanship – says: “Chris has demonstrated very wide capabilities and has scope to take on a very big general management role.” It looks as if Woodhouse’s trajectory is still upwards.