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Boucherie de la République #2

presented by October France



60 months


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Fère-en-Tardenois, France




Presentation of the company

Founded in 1986, Boucherie de la République is the only traditional butcher’s shop of Fère-en-Tardenois (02).

The company, managed by Sébastien Carré, employs 2 people and is based in Fère-en-Tardenois (France)

Activity of the company is the sale of quality meat from certified French farms with traceability of origin.

The company works with private individuals in the municipality and the surrounding catchment area.

The butcher’s shop is known for its meats and charcuterie, which have won medals in various national and international competitions. The manager received an honorary diploma at the international fair in Alençon for his white pudding.

Project description

The butcher shop is in the process of changing premises, which are scheduled to open in April 2018. During the works, the manager had the opportunity to expand his new premises to allow the window to be clearly visible, an operation not foreseen at the beginning of the works. The company wants to borrow €32,000 over 60 months to finance this new expansion.

As a reminder, the Lendix community of lenders accompanied La Boucherie de la République to the tune of €115,000 over 60 months in January 2018 to finance the change of premises for the butcher shop as well as the associated fitting-out work. The new premises are opposite the current butcher shop. There were no delays in the original work.

Like all projects presented to private lenders on Lendix, it is co-financed with institutional investors, sophisticated investors and the management of Lendix, subscribers to the Lendix Fund.

Analyst’s opinion

With a turnover of €349 396 in 2016 and an experienced team, the company has a good performance record in terms of business performance combined with double-digit operating profitability.

In 2016, the decline in profitability was due to the purchase of competition cows and a lower’ high margin’ barbeque activity, as the weather was less favourable. Based on its 2017 VAT returns, the company has a growing level of activity with a turnover of around €374,000.

The forecast was drawn up on the basis of 2017 performance as a result of the expansion of the premises.

The borrower has a good repayment capacity with an expected FCCR (Fixed Charge Cover Ratio*) of 1.07 and an excellent financial structure with a projected net debt/EBITDA ratio of 1.6 and net debt/equity ratio of 69.0%.

The analysis of the project and the borrower leads to a C-rating with an excellent financial solidity and a rate of 8.70% per annum.


  • Over 30 years old butcher’s shop with a central location
  • Good performance record since the takeover with a manager having obtained the diploma of honor at the international competition in Alençon.
  • Good repayment capacity with a FCCR of 1.07

Vigilance Point:

  • Recent recovery of 3 years

*The multiple of FCCR at 1,07 means that the company has a safety margin of 07% in relation to its ability to repay its loan maturities.

The expert opinion is given as an indication on the basis of the information provided by the project leader and information from our databases (Scores & Décisions, Fichier Bancaire des Entreprises). This opinion is only a reflection in the decision of a lender to participate in the financing of a project.