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Rubix Group

Europe's largest supplier of industrial maintenance, repair and overhaul (MRO) products and services.

About Rubix

With turnover of €2.3 billion in 2018, and over 650 locations across 22 countries, Rubix Group deliver services through a number of brands across Europe. Each offer specialist expertise in specifying, providing and installing an unrivalled scope of industrial parts, with a tailor-made service for all customers.

RUBIX Group currently employs over 8,000 staff across Europe, and has been ranked Number 27 on the 2018 Sunday Times HSBC Top Track 100.

Problem Overview

After being acquired by new private equity owners (Advent International) in 2017, two large European brands (Brammer and IPH) merged to become RUBIX, and Headquarters were moved to London.

The new private equity owners and the combination of two large businesses increased the focus on cash flow, and increased the need for reliable visibility over current and future liquidity.

After initial requirements were identified, and a competitive selection process with two other vendors, CashAnalytics was selected to rollout our software solution.

What are their key requirements?

As the catalyst for change was the merger of two large businesses and an increased focus on cash flow, there were a variety of different interests which all needed to be served by the process, which would be controlled from the new head office in London.

This meant that a cornerstone requirement of the new process was that it would automate as much as possible and run highly efficiently, enabling the team to keep to tight reporting deadlines and maintain a keen focus on cash.

  • Implement a solid 13-week forecasting process to provide rolling visibility over group-wide cash flow and funding needs.
  • Gain group-wide bank account visibility, showing total liquidity position covering 350 bank accounts across over 30 banks.
  • To be managed by a small head office team with tight reporting deadlines.
  • Output supports critical activities and therefore needs to be of high quality.
  • Need to quickly produce reports and forecasts on an ongoing basis.
  • Include all forecast contributors (50+ people) without increasing workload.

The Solution

Following a competitive tendering process, RUBIX selected CashAnalytics as its cash reporting and liquidity forecasting software solution provider.

After an eight-week project, which covered scoping and planning, set-up, training, and rollout, RUBIX began using CashAnalytics in February 2019.

Carefully managed roll-out

As there were over 50 people across the business who would be involved in the process, it was important to ensure that each of them would be incorporated with minimal impact.

This was achieved with quickfire 30-minute web-based training sessions of users across different geographies, who were each provided with customised training and support material, and who were closely guided through the first reporting cycle by dedicate members of the CashAnalytics team.

Group-wide cash visibility

Over 350 bank accounts across 30 banks were connected into the CashAnalytics dashboard, offering daily consolidated cash balances and other cash management KPIs.

“With any growing company such as RUBIX, it is important to identify cash levels and cash needs across the group quickly, and CashAnalytics allows us to have this view,” said Paul Brighton, Head of Treasury at RUBIX.

Clear benefits for day-to-day activities

With different teams in business units in various locations, it was important that the head office had a clear understanding of how cash is trending across the group.

“On a day to day basis, the system is used for Bank Reconciliation, Net Cash Flow Actual Trends and 13-Week Forecast Reporting,” noted Paul, “the view that we gain through CashAnalytics allows us to challenge our teams’ numbers across the Group.”

Quick and easy FX exposure analysis

As mapped out in the requirements at the outset, it was key that head office be able to perform detailed FX exposure analysis quickly and easily.

“The system is regularly used to report currency exposures and provides us with good FX detail for our entities,” Paul confirmed.

Day-to-day Benefits

Since its recent formation RUBIX has been through a period of profound growth and, thankfully for shareholders, it seems that growth is going to slow down any time soon.

Therefore it remains important that CashAnalytics isn’t just the right solution, but is also capable of scaling our support for RUBIX’s cash management activities as to mirror their growth.

On a day to day basis, the CashAnalytics system is used for:

  • Multilocation Forecasting
  • Daily Consolidated Cash Balances
  • 13-Week Forecasting Reporting
  • Net Cash Flow Actual Trends
  • Bank Reconciliation
  • Detailed FX Exposure Analysis

Day-to-day benefits

Since its recent formation RUBIX has been through a period of profound growth and, thankfully for shareholders, it seems that growth is going to slow down any time soon.

Therefore it remains important that CashAnalytics isn’t just the right solution, but is also capable of scaling our support for RUBIX’s cash management activities as to mirror their growth.

On a day to day basis, the CashAnalytics system is used for:

Multilocation Forecasting

Daily Consolidated Cash Balances

13-Week Forecasting Reporting

Net Cash Flow Actual Trends

Bank Reconciliation

Detailed FX Exposure Analysis

In their words

“CashAnalytics has proven to be a solid solution for our Cash Forecast Management needs, with quick support from a knowledgeable team.”

Paul Brighton Head of Treasury

“the system has been able to adapt to our ever-changing needs within the Group, both in terms of structure and reporting.”

Paul Brighton Head of Treasury

“CashAnalytics is of great importance to our company. It’s an effective yet simple solution that’s easy to use, with high quality support from the CashAnalytics team.”

Paul Brighton Head of Treasury

“the system is very user friendly with excellent custom reports.”

Paul Brighton Head of Treasury