From The Top: A Leading CFO‘s View on TV Production & Tech

In this episode of the Spotlight podcast, Allan Handley, CFO of Whisper, shares insights from his journey scaling the company from a£2.5M to £100M business. He discusses the challenges of rapid growth, the importance of technology, and his vision for the future of the UK TV and film industry.

Video Transcript: 

Matthew Ash (00:05):
Welcome to the Spotlight podcast, where we speak with leading figures in TV and film production and distribution. Today’s guest is Allan Handley, CFOof Whisper. Under Allan’s leadership, Whisper has grown from a £2.5 million business to £100 million, with EBITDA increasing from £0.5 million to £10million. Allan began as Head of Production Finance and rose to CFO.
Allan, thanks for joining us.

Allan Handley (00:45):
Thanks, Matthew. Great to be here.

Matthew Ash (00:47):
You work in a dynamic and often unpredictable industry. What aspects of your role as CFO have been the most challenging?

Allan Handley (01:01):
The biggest challenge has been managing the pace of growth. Whisper has expanded rapidly—especially in the last three to four years—and finance and operations often struggle to keep up. Investment typically focuses on the creative side, which is what drives revenue, but back-office functions can lag behind.
Whisper now delivers over 200 productions annually, compared to the industry average of 20–30. The scale and complexity have significantly increased, which has been a major operational challenge.

Matthew Ash (02:13):
I imagine scaling the team has been part of that challenge?

Allan Handley (02:21):
Absolutely. When I joined, it was just me—before that, only a part-time bookkeeper. By 2018, we had three people. Today, the team has grown to 19, including roles like Head of FP&A, Head of Programme Finance, eight production accountants, and a core finance team.
Even with that growth, we’re still catching up. The partial acquisition by Sony in 2020 added further reporting requirements, and implementing systems likeBusiness Central in 2023 has required significant time and resources.

Matthew Ash (03:39):
As CFO, you make countless decisions. What’s your approach to decision-making—and would you say you’re good at it?

Allan Handley (03:46):
I’d say yes. Whisper’s success speaks to that. I’ve been in the industry since1997, so I’ve developed a strong instinct for what works. The founders atWhisper have trusted me to follow that instinct, which has been invaluable.
Of course, decisions need to be backed by data and ROI analysis, but it’s not always about the bottom line. Strategic investment—in people, technology, and equipment—is essential for long-term growth.

Matthew Ash (05:01):
You mentioned the Paris Olympics. Could Whisper have handled that scale of production three or four years ago?

Allan Handley (05:29):
Yes, absolutely—we were ready. We’d already delivered Tokyo in 2021 (postponed from 2020 due to COVID) and the Winter Paralympics before that. While not on the same scale as the Summer Games, they were still significant productions.

Allan Handley (05:48):
At Whisper, we always ask: What’s our USP? What sets us apart? ForParis, sustainability was a key differentiator. We built a remote broadcast facility in Cardiff, which not only reduced carbon emissions but also contributed to the media economy in Wales. That regional investment has been a priority since we acquired Lens 360 in 2020, following our initial setup inCardiff in 2018.

Allan Handley (06:43):
That strategy has strengthened our offering. Broadcasters increasingly look for innovation—whether in sustainability, technology, or production approach.Whisper’s ability to deliver something different, both on and off screen, has been a major advantage.

Matthew Ash (07:04):
That leads nicely into my next question. How important is technology to you asCFO, and what’s your view on the current state of tech in the TV and film sector?

Allan Handley (07:24):
Technology is critical—especially now, with tighter budgets across the industry. The sector has faced major challenges in recent years: COVID, reduced ad revenue, and the writers’ strike have all taken a toll.
At Whisper, our margins increasingly rely on our own tech infrastructure. The advances have been remarkable. Early in my career, we relied on satellite signals—often unreliable and out of sync. Now, fibre and digital delivery have transformed workflows. I remember couriering tapes to BBC Television Centre onFriday nights. Today, we can upload content instantly.

Allan Handley (08:33):
Our Cardiff Broadcast Centre, built in 2024, allows us to receive and record footage from anywhere. A production team can be filming in the north of England while the post-production team works remotely from Cardiff. That flexibility isa game-changer.

Allan Handley (09:06):
For a CFO, tech isn’t just operational—it’s a driver of profitability.

Matthew Ash (09:08):
You mentioned the sector’s recent struggles—tight budgets, the writers’ strike, and broader economic pressures. I hear that a lot...

Matthew Ash (09:32):
What does the future of the UK TV and film industry look like to you, and how do you see technology shaping that vision?

Allan Handley (09:40):
Technology will play a crucial role. While it's still relatively expensive, it quickly pays for itself through efficiency and scale. For example, producing remotely from Cardiff is far more cost-effective than flying 40 people to an F1race and transporting an OB truck across Europe. Tech like this will be key to sustaining the industry and managing tighter budgets.

Matthew Ash (10:19):
Do you think the sector is heading toward a more positive future?

Allan Handley (10:34):
Yes, I believe so. Like many industries, TV goes through cycles. The recent downturn—driven by recession, reduced ad spend, and global events—has affectedeveryone. But I think we’re starting to come out the other side.
As consumer confidence and advertising revenue return, the industry will benefit. That said, the market is oversaturated. There are more producers than ever, and with hundreds of channels now, ad revenue is spread thin. When I started, there were maybe 20 channels—now there are hundreds.

Allan Handley (11:29):
The upside for Whisper is our focus on live sport, which remains one of the few formats still watched in a traditional linear way. You can stream it, sure—butthe best experience is still on a big screen. Younger audiences are watchinglive football on TV while engaging on social media or using a second screen. Soyes, I’m optimistic.
The combination of a recovering ad market and cost-saving tech gives me confidence in the future.

Matthew Ash (12:15):
You’re moving on from Whisper after scaling the business significantly. What does the next chapter look like for you?

Allan Handley (12:27):
I joined Whisper in 2016 as Head of Programme Finance and became CFO in a relatively short time. Much of what I’ve learned has come from hands-on experience. You can have all the qualifications in the world, but nothingcompares to actually running a business.
Over the past decade, I’ve been through major milestones—joining the Channel 4Growth Fund, exiting that, becoming part of Sony, and now preparing for anotherpotential exit. It’s been a steep learning curve, with successes and mistakesalong the way.

Allan Handley (13:36):
Looking ahead, I’d love to take a production company in the £30–40 millionrange and help scale it—this time with the benefit of hindsight. I’m not quiteready to slow down. I want to apply everything I’ve learned to help anotherbusiness grow, more efficiently and strategically.

Allan Handley (14:14):
I’ve worked in large corporate environments, but I really enjoy the dynamic nature of mid-sized independent production companies. That back-and-forth, hands-on approach suits me. I’ve grown Whisper from the ground up, learning onthe job, and I believe the second time around, with that experience behind me, the outcome could be even stronger.

Matthew Ash (14:34):
Absolutely. I’ve met many CFOs and CEOs over the years, but few have overseen the kind of growth you’ve achieved. There are plenty of production companies out there with ambitions to scale but lacking the roadmap or confidence to take bold steps. If any of them are listening, they should reach out—this could be a game-changing opportunity.

Allan Handley (15:25):
Thanks, Matt—I appreciate the free advertising! Yes, I’ll be available soon, and I agree. Whisper’s growth has been exponential, and while I didn’t have prior experience scaling a business like this, I did have deep knowledge of theproduct: production. That’s been key.
Many finance leaders don’t fully understand the product they’re supporting.I’ve always believed that to make informed decisions, you need to understand the business from the ground up.

Matthew Ash (16:07):
I think that’s a real differentiator. So, for those listening—whether they’re peers or just starting out—what’s one piece of insight you’d share from your journey in finance, tech, and production?

Allan Handley (16:47):
Understand the product. That’s my biggest piece of advice. If you’re working in finance in TV, know what you’re financing. You wouldn’t hire a cricket producer if you’re not producing cricket—it’s about investing in the right talent forthe right job.
What you see on screen is someone’s creative vision, and supporting that requires understanding and respect for the craft. I’ve also been fortunate to work with founders who believed in me and gave me room to take calculatedrisks. That’s essential for growth.

Allan Handley (17:45):
Whether it’s investing in new tech or hiring top talent—genre-specific or sport-specific—you need to be bold. Whisper’s success has come from having an aligned, entrepreneurial management team willing to take those risks.
Of course, not every company wants to scale aggressively. Some are lifestyle businesses, producing a few shows a year—and that’s perfectly valid. But if you want to grow fast, you need to be decisive as a CFO and surround yourself withthe best people.

Matthew Ash (19:02):
That’s a great point. Many CFOs are brought in to cut costs and drive profit—but growth can be just as effective. Hiring great people might cost more upfront, but it’s a powerful way to increase revenue and long-term profitability. Cost-cutting alone can be short-sighted.

Allan Handley (19:45):
Exactly. It’s about finding the right balance. Smaller companies can be profitable without scaling, but once you grow, the complexity increases—and so does the need for strategic management. At Whisper, with over 200 projects, you can’t scale each one with freelancers. You need a robust structure and the right team in place.

Allan Handley (20:24):
It’s important to have a core team of permanent staff who are adaptable—able to work across different sports and genres. That flexibility is key. At the same time, we want to maintain high production value without compromisingcreativity.
For me, it’s not about cutting costs—it’s about being disciplined with them.When you scale, you gain leverage. For example, if you’re using an OB company for one production, you pay a certain rate. But if you’re using them for ten, you can negotiate better deals. It’s about smart procurement and cost control, not restricting creativity.

Matthew Ash (21:17):
Absolutely. I couldn’t agree more. Allan, thank you so much for joining us. We really appreciate your time and insights. As I said earlier, there aren’t many people who’ve achieved what you have, and I’m sure listeners will find this incredibly valuable.
We’ll be sharing this episode on the Creative Total Media website and LinkedIn.And for anyone interested in connecting with Allan, they can find you onLinkedIn, right?

Allan Handley (21:59):
Yes, absolutely. Thanks, Matt. I’ve really enjoyed the conversation—appreciatethe opportunity.

Matthew Ash (22:01):
Fantastic. Thanks again for joining me. All the best, Allan. Take care.

Allan Handley (22:05):
Cheers. Take care. Bye-bye.

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