The pandemic is leaving its mark on Spanish premium producer Grupo Bodegas Palacio. According to Spanish media reports, turnover has dropped from €41 million in 2019 to €29 million in 2020. No wonder, since the hotel and restaurant industry, which has been hit hard by the pandemic, is a main customer of the company's wines.
Against this background, Bodegas Palacio now reports a change of ownership: The Spanish Acconia group has ceded its shares in the company. Thus, more than 80 percent of the shares (81.48 percent) are now in the hands of the company's chairman José Manuel Entrecanales and his deputy Juan Ignacio Entracanales.
Grupo Bodegas Palacio 1894 is also to be given a new name. It will be renamed Entrecanales Domecq e Hijos. Gonzalo Entrecanales will be the new chairman, and CEO Antonio Soto will remain in his post. Almudena Alberca, Spain's first Master of Wine, remains responsible for wine production.
"With utmost respect for our wine estates’ history and my own family’s legacy, our main objective is now to focus on the consolidation and international recognition of our fine wines. Particular care will be taken in the winemaking techniques used in the development of all our wines and work on our land through what we call ‘regenerative agriculture’. Naturally, there is also the possibility of building on strategic alliances that will allow us to continue to grow. We are at the outset of an exciting journey that we take on with commitment and responsibility," says Gonzalo Entrecanales.
Bodegas Palacio, now Entrecanales Domecq e Hijos, has more than 400 hectares of vineyards and wineries in the DOs of Rioja, Ribera del Duero, Rueda and Valdeorras.