SPEYZER Group brings structure to treasury with support from Orchard Finance

SPEYZER Group is a European wholesale organization supplying approximately 57,000 non-food products to retail markets across Europe. The group consists of five companies, EDCO, Edelman, MAXECOM, Newco, and SHI, each operating in different product segments.

After years of growth through acquisitions, the commercial organization had developed strongly, but the treasury function had not kept pace. Bank account management, payments, and foreign exchange transactions were managed in a decentralized manner across the various operating entities.

To create more structure, insight, and control within treasury, SPEYZER engaged Orchard Finance.

A fragmented treasury landscape

When Orchard Finance became involved, the treasury function within SPEYZER was largely decentralized.

Each entity maintained its own banking relationships and used separate online banking portals. In total, this involved approximately 120 bank accounts across around 10 different banks. There was no central treasury management system in place.

Liquidity information was primarily collected via spreadsheets and updated manually, resulting in the absence of a daily consolidated cash position.

According to Guus Groote Schaarsberg, treasury specialist at Orchard Finance, this is a common situation in fast-growing organizations:

“SPEYZER had grown rapidly through acquisitions, but treasury had never been centrally organized. As a result, there was a lack of visibility: where is the cash, which payments are upcoming, and what is the group’s total liquidity position?”

For an organization with approximately €700 million in revenue and global procurement flows, this led to relatively high cash buffers being maintained in local accounts, while external financing was also being utilized.

Creating stability and insight

The first step was to gain visibility and access to all bank accounts.

“The initial priority was simple: creating insight,” says Guus. “Without a real-time overview of your liquidity, it is virtually impossible to actively manage treasury.”

Together with SPEYZER, a selection process was initiated for a central treasury and bank connectivity solution. Cobase was ultimately selected as the platform to connect bank accounts, centralize payments, and consolidate liquidity information.

Orchard Finance led the entire process, from selection to implementation.

Within a few months, nearly all bank accounts were connected, enabling treasury to obtain a consolidated overview of the group’s cash positions for the first time.

Structuring payments and liquidity management

A second key element of the transformation was the centralization of payment processes.

Previously, payments were executed locally through various banking portals, often at different times depending on the entity. By introducing a central payment hub, SPEYZER implemented standardized authorization procedures and clear control mechanisms.

The organization transitioned to a structured weekly payment cycle, allowing treasury to better manage the timing of outgoing cash flows.

According to Guus, this improved not only efficiency but, more importantly, control:

“By bundling and centralizing payments, you create stability in the process. You know when cash leaves the organization and can actively manage liquidity accordingly.”

More efficient use of liquidity

Improved visibility also revealed that significant amounts of cash, across multiple currencies, were held across various accounts, while external financing was still being used.

Based on these insights, a multi-bank, multi-currency cash pooling structure was implemented, and FX management was centralized.

By managing liquidity centrally and only funding accounts when necessary, SPEYZER was able to deploy working capital more efficiently.

“Previously, each entity maintained its own buffer,” says Guus. “Once you centralize this, it often becomes clear that the group can operate with significantly less cash overall.”

This approach led to a substantial reduction in operational cash buffers, resulting in lower financing needs and significant cost savings.

Foundation for further professionalization

In addition to systems and processes, attention was also given to governance and structure within treasury.

The new setup enabled centralized user management, clear authorization workflows, and improved audit trails for payments and transactions.

After establishing the foundational structure and making the systems operational, SPEYZER appointed Bart Hendriks as Group Treasurer to lead the further professionalization of the treasury function.

Bart Hendriks:
“Thanks to Orchard Finance bringing structure and visibility to SPEYZER’s operational treasury activities, and automating them to a large extent, I can now focus on the strategic aspects of treasury.”

The result

Through its collaboration with Orchard Finance, SPEYZER has rapidly established a centralized and scalable treasury function.

Key results include:

• Integration of nearly all bank accounts into a single central platform
• Daily consolidated insight into the group’s liquidity position
• Centralization of payment processes with standardized authorization procedures
• Improved control and governance within treasury
• Implementation of a cash pooling structure
• Centralized execution and registration of FX management
• More efficient use of liquidity and reduced financing needs
• A solid foundation for further treasury professionalization

Where treasury was previously largely reactive, SPEYZER now has the structure and insight required to actively manage liquidity and financial risks.