Bordeaux Cannelé Maker Baillardran Saved from Bankruptcy by Real Estate Firm

The renowned family-run pastry business Baillardran, celebrated for its traditional Bordeaux cannelés, has been rescued from bankruptcy by an unexpected buyer: a real estate professional. The company, which had been in judicial restructuring since April 22, found a new owner in Bricks, a firm known for its real estate crowdfunding ventures.

In a surprising decision, the Bordeaux Commercial Court selected Bricks' offer over those submitted by established professionals in the pastry and chocolate industries. The court deemed Bricks' proposal superior in terms of business sustainability, execution guarantees, job preservation, and the settlement of liabilities, which amounted to an estimated 6 million euros, largely due to rent arrears.

Bricks has assured the court that it will partner with a seasoned pastry expert to manage the business. This move aims to revitalize the 40-year-old brand, which popularized the cannelé, a small French pastry. The new owner intends to emulate the success of luxury brands like Ladurée to relaunch the struggling company.

Baillardran's distinctive shops, with their signature red storefronts, will remain open. The acquisition marks a new chapter for the iconic Bordelaise institution, which had faced financial difficulties for several years prior to the judicial proceedings.