“I don’t want to say that I won because it’s not quite over yet, but I think so, yes, it’s won. It feels so good! I’m not going to start crying, but it’s a huge relief. Not just for us (editor’s note: managers) but also for the staff.” After two difficult years, Lucien Georgelin is finally starting to smile again. And for good reason, the lights are now green for his company. This is what emerged from the hearing on Tuesday, September 17 at the Agen Commercial Court. Perhaps one of the last before the final exit from the judicial recovery phase that began 18 months ago. Lawyer Christophe Déjean confirms: 90% of the journey has been completed. Now all that remains is for the creditors to vote on the plan presented by the ETI from Lot-et-Garonne, which should not pose a problem.
If these promises seem to inspire confidence, it is because they are based on solid figures corroborated by chartered accountant Patrick Mauri (@com firm). Despite a general context of declining consumption, the Georgelin company has a turnover of €76 million, up ten points compared to before the crisis. Margins are also increasing, while debt (around €47 million) is in line with forecasts. Current profitability will allow it to be paid over a period of ten years. From a commercial point of view, the dynamic is positive. October, perhaps the most important month of the year because it is the month of the famous “baskets”, is already looking like a very good year with more than half of the objectives exceeded. Recent industrial equipment, which weighed heavily on the structure’s debt, will soon be running at full capacity, proving in passing that the investment was fully justified.
No social plan
The satisfaction is double since this spectacular turnaround was able to take place without resorting to a social plan. The workforce remained constant and the SME has not stopped developing its range. This is evidenced by the sensational arrival on the market of a range of jams without added sugar. “I think our strategy was the right one. We were not afraid to go to all our partners and even the press to tell them that things were going badly. We also did not give in to the temptation to sell our nugget to the large groups that were ready to take us over. We stayed the course and it is paying off today. From the beginning, I never doubted. I told everyone “Trust me, I will not disappoint you”. I knew that by obtaining increases from the large retailers, we would get through this”, relates Lucien Georgelin. After 40 years of an adventure that began with two basins and ended with 300 employees and a national reach, the jam maker has not finished surprising.
The Villeneuve-sur-Lot site soon to be transferred to Virazeil?
In this case, the main uncertainty concerns the Villeneuve-sur-Lot site dedicated to the manufacture of breakfast cereals. The former Eurocer, acquired in 2017, could leave the banks of the Lot to join the group’s headquarters in Virazeil. This transfer would allow for better economic logic and would place this subsidiary in the same movement as its big sister, whose performance is worth highlighting. It remains to be seen whether the fifteen or so employees concerned will easily assume this move about forty minutes away.
