French wine business Domaine Lafage has taken over local wine cooperative Groupement Interproducteurs du Collioure Banyuls (GICB).
In a post on LinkedIn, the family-run group confirmed the purchase of GICB, which operates in the Côte Vermeille region.
“Following the decision handed down by the Court of First Instance of Perpignan, Domaine Lafage takes over the activities of the Groupement Interproducteurs Collioure Banyuls (GICB),” it said.
According to national French broadcaster Ici, Domaine Lafage was the sole bidder for GICB, and acquired the group for €1.5m. It has reportedly pledged to invest €10m in the business.
The outlet said GICB had been facing debt of close to €20m, and had been placed under court-ordered administration.
According to France’s business directory, GICB was registered in 1863 and specialises in producing still wines. As of 2023, it had up to 199 employees.
Following the purchase, Domaine Lafage is renaming the business Terrasses Vermeilles, it said.
“The Lafage family’s commitment to this takeover reflects a desire to preserve an exceptional collective heritage and to build a sustainable future for the Banyuls and Collioure appellations, their producers and their employees.”
According to Ici, Domaine Lafage has said the new Terrasses Vermeilles venture brings together almost 500 producers and 500 hectares of vineyard, and will make up 60% of the production in the Banyuls and Collioure appellations.
The group added: “The work currently underway to adapt Mediterranean vineyards to climate change will be applied to the Banyuls wine-growing region in order to strengthen its resilience and prepare for the future.
“The historic Templiers site, the iconic brands, the expertise and the identity of the appellations will be preserved. These will form the foundation upon which Terrasses Vermeilles will build its future development.”
According to Ici‘s report, Domaine Lafage business is due to retain the majority of staff from GICB.
Domaine Lafage produces red, white rosé, sweet and sparkling wines from plots across the Roussillon terroirs.
“France’s Domaine Lafage buys local wine cooperative” was originally created and published by Just Drinks, a GlobalData owned brand.