The CGA teams impressed us with a highly customised solution LUDOVIC GARNIER GROUP FINANCIAL CONTROLLER, MWBRANDS 26 I SOCIETE GENERALE 2013-2014 ong considered a last resort for companies in difficulty, factoring L is now a common financing tool for major accounts. Societe Generale offered MWBrands a factoring programme that was tailored to its business and specific challenges. Tuna is generally fished in winter, but for canned fish, which is the specialty of MWBrands, better known in France through its Petit Navire brand, summer (with its picnics) marks the high season for sales. MWBrands, which posts annual sales of over €600 million, faces significant retail price fluctuations over the course of the year. “For the past two years, we’ve also had to contend with major price hikes for tuna, our main product,” explained Ludovic Garnier, the Group’s financial controller. “After using overdrafts to respond to significant cash flow problems last year, we looked for a more sustainable solution that capitalised on the quality of our relationships with our mass retail clients. Factoring seemed to be the most advantageous solution for France and the UK, which represent 80% of our market.” Factoring is a way for companies to transfer their receivables to a specialised credit establishment, or factor, which then finances them until invoices are settled by clients. MWBrands opted for this solution, which was proposed by CGA, Societe Generale’s factoring subsidiary, in spite of its desire to diversify its sources of financing (Societe Generale is its primary bank). In the end, the company was won over by the quality of CGA’s service. “The CGA teams insisted on meeting with us. They impressed us with a customised solution, which was tailored to our business and our specific challenges related to discounts and allowances. They were the most attentive to our needs and presented us with a very clear solution and attractive financial terms,” explained Ludovic Garnier. Philippe Patriarca, the Major Account manager at CGA responsible for developing the commercial solution for MWBrands, observed that major corporations are increasingly turning to factoring, particularly with confidential deconsolidation programmes that make it possible for them to reduce their balance sheet. “We aim to offer creative, tailor-made solutions, and a transparent advisory approach,” he explained. CGA also offers contracts to manage accounts payable for companies on the ordering side, optimising their working capital while supporting their suppliers. ■ CGA is a part of Global Transaction Banking (GTB), Societe Generale’s “transactional” bank, which offers Cash Management, Correspondent Banking, international trade finance and related currency services.
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