Crushpad Bordeaux not in financial trouble

Crushpad Bordeaux has moved to distance itself from any financial difficulties of its Californian parent, Crushpad Sonoma.

In an email to all 350 Crushpad Bordeaux clients, Stephen Bolger, CEO, Crushpad France said, ““In mid-April, the whole of Crushpad Bordeaux’s operating activities were taken over by a separate entity owned by the Cazes family of Chateau Lynch-Bages.”

“The new entity (temporarily called CCW) is well-funded, guarantees the completion and availability of all your wines and, more importantly, the continued growth and development of our Bordeaux operation.”

The reason behind the email according to Bolger was because many of reports on Crushpad’s financial difficulties, “focus solely on “Crushpad” and not distinguish between the US activities and our nascent Bordeaux operation.”

US Crushpad has made recent attempts to complete new financing which were not successful.

The Bordeaux wing of Crushpad is now part of the Cazes family business in the wine tourism village of Bages, and is not affected by the finances of its Californian parent.

They are also expanding as they signed contracts for a new winery and are preparing for the first harvest in the village of Bages, after three vintages in Saint Emilion.

“Since late last year, both the Cazes’ and I have been aware that the US was raising funds to counter some challenging times. While we have no clear visibility into Crushpad USA’s current fundraising process, I agree with Crushpad USA’s CEO (Peter Ekman) when he states that raising funds is a normal part of the business cycle,” continued Bolger in his email.

Bolger admitted that he has,” insufficient visibility to comment on Crushpad Sonoma’s current status.”

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