Provision of a Group Wide Banking Solution

Overview

Starting on the 23rd of September at 12:00Noon Abri will launch a tender to locate a supplier to cover the following requirements: Post combination with Silva, there are 12 main entities within the Abri group. Using around 159 bank accounts which it currently operates. Most are wholly owned, however some are Joint Ventures. 139 accounts are sinking funds which are used for major estate or building repairs. These accounts are funded by leaseholders and from accounts within the group which collect rent. Abri use Open Accounts accounting system and EBIS, Open Housing and Selfserve for invoice approvals, which then feeds into Open accounts in order to create payment runs for invoices due and approved. Payment and collection types including transaction volumes are included in Appendix A. The group is not directly exposed to exchange rate movements in any currency The Group has separate receivable and payables accounts. There are same entity sweeps daily to zero balance the receivable accounts and payable accounts with funds sweeping to the main accounts for Abri and Swaythling, however there is no cash pooling or sweeping between entity accounts currently Currently Abri use the bank online portal’s to obtain bank statements for most of the accounts with some being sent via email where an entity is not a party to the online banking platform.