More than $7.7 million in public funds gobbled up by Pâtisserie Gaudet

Over $7.7 million in public funds gobbled up by Pâtisserie Gaudet

UPDATE DAY

Quebec could remain unsatisfied and lose $7.7 million in the bankruptcy of Pâtisserie Gaudet in Acton Vale, which already had Walmart as a client when the company was tasting to success with its pies and tarts.

“The balance owed by the company to the Government of Quebec and Investissement Quebec is $7.7 million “, confirmed yesterday to the Journal Dominik Boudreault Lapierre, spokesperson for Investissement Québec (IQ).

Pâtisserie Gaudet, which has just declared bankruptcy, had a debt of 23.8&nbsp ;millions $, which makes Quebec a major creditor.

Among the 113 workers, the pill is hard to swallow. Some are even afraid of never seeing the color of their pay of the last few weeks, according to the daily.

However, a few years ago, the flagship company of Montérégie had the wind in its sails and was the third largest producer of pies in the country.

More than nine million pies came out of its ovens each year, in 2015.

Even the American giant Walmart had started to have appetite for its “Made in Quebec” products of the MRC of Acton.

Rain of millions of dollars

Over the years, Pâtisserie Gaudet has been entitled to millions of dollars in financial support of all kinds to continue doing business.< /p>

In 2016, Quebec granted him a loan of $700,000 for a new factory. 

The following year, another loan of $1 million  was granted for a second production line in this same facility.

Two years later, another loan of $2.2 million was offered to Pâtisserie Gaudet “in order to improve the the company's working capital,” says IQ.

Finally, last year, Investissement Québec made two other loans totaling $4.3 million for the purchase of equipment, machinery and for its “working capital”.

Yesterday, Pâtisserie Gaudet did not respond to interview requests from Journal.

< p style="text-align:right;">– With Martin Jolicoeur