With €700,000 of debts, the Carré du Palais goes into receivership

Wednesday June 20 2018 by Vitisphere

 The Carré du Palais in Avignon. The Carré du Palais in Avignon.

The Rhone Valley wine showcase, Carré du Palais, has suffered yet another blow. Just a year after its opening in the premises of the former Banque de France in the heart of Avignon, its operator Compagnie du Palais has asked to be placed in receivership, according to an article in the Echo du Mardi. The application was filed after the company was declared in suspension of payment last month.

It operates the restaurant and wine bar and organises various activities in this outstanding venue. An administrator has been appointed to run the establishment. The SAS will benefit from a six-month observation period during which a recovery plan will be proposed. “This is a technical and transitional provision that will enable us to make the necessary economic adjustments”, said Jean-Michel Guiraud, chairman of the Compagnie du Palais. “We have no concerns about the future of our project”.

According to our sources, the company has contracted more than 700,000 euros of debts, though Jean-Michel Guiraud did not wish to comment on the amount. As a reminder, the Carré du Palais, in which marketing board Inter Rhône has invested 2.7 million euros, is intended as a showcase for wines from the Rhone Valley. Its cellar houses some 8,000 different wines produced by wineries across the region, but it has been constantly marred by setbacks.

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