Case Study: La Sirena

About La Sirena

La Sirena is a Spanish retail chain specialized in frozen foods. The company has been opting for frozen products as a food solution for over 35 years. Since the establishment of the company, the philosophy has been to focus on the quality and innovation of its products, while having a wide range of products and being very close  to its customers. La Sirena offers healthy and convenient food that can be adapted to the needs of anyone. Its eagerness to provide service has placed the company in a leading position in the sector in Spain. As of today, La Sirena has over 250 stores and more than 1,000 employees.

The origins of La Sirena go back to 1983 when Ramona Solé and Josep Mª Cernuda developed a new business idea: the self-service of frozen products.

In 2019, La Sirena, led by its new CEO, Jorge Benlloch, introduced its new business strategy with a focus on product and variety, customer orientation, improving the shopping experience, multi-channel strategy, and relaunching the online channels. This has been the beginning of a new phase of success.

  • La Sirena has specific working capital financing needs for and has found NoviCap to be an excellent ally.
  • The acceptance of the suppliers of La Sirena is outstanding, all of them are anticipating their invoices with NoviCap
  • NoviCap has become one of the main providers of working capital financing for La Sirena
Caso de éxito La Sirena
The financing needs of La Sirena

 

La Sirena and many other companies that are currently active in the food sector need working capital which is a key element for them because it enables companies to meet its financing and growth needs. In 2012 La Sirena underwent a very deep restructuring process which had a substantial impact on how the company was financed until then and how it paid its suppliers. Likewise, the company has a seasonal purchasing cycle in certain periods of the year with large purchases to suppliers in order to generate all the necessary stock to satisfy the demand on its stores. The company is also experiencing a major growth process in recent years, requiring financial muscle. In order to sustain this growth, working capital is essential. 

NoviCap’s solution for La Sirena

The solution offered by NoviCap to La Sirena consists of a hybrid Supply Chain Finance line (Standard and Early Payment) so that the company can manage the payments to its suppliers from NoviCap’s platform. All this while offering them the possibility of paying early their invoices under favorable conditions and facilitating the necessary deferral that their cash flows require to optimize their cash flow.

The collaboration began with a Supply Chain Finance line which has already tripled in size during the first year of its life, thanks to the good results that the company has experienced during the first months of using the working capital line.

La Sirena’s Supply Chain Finance line makes NoviCap a financial institution with a significant importance in financing the company’s working capital, becoming a high-value partner for the daily operations and payment management of its suppliers.

As of today, nearly all invoices of La Sirena are processed through NoviCap’s Supply Chain Finance platform, allowing them to collect the invoices a few days after they have been issued. La Sirena’s CFO, Paco Garcia, mentioned the following on his experience with NoviCap’s Supply Chain Finance line:

“We have found NoviCap to be an agile partner in our daily operations by offering an efficient technology platform and a high level of service. We are confident that we will continue to strengthen our relationship in the future and that they will accompany us in our growth plans.”

Hear what other businesses have to say about working with NoviCap

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