Weakened by scandal and saddled with debts, France’s once powerful conservative party, The Republicans, may be forced to sell their 10-storey Paris headquarters three months after their parliamentary election rout, reports The Telegraph.
The party of the former president, Nicolas Sarkozy, and François Fillon, whose presidential bid was derailed by a financial scandal, has fallen on hard times both financially and politically.
The Republicans have suffered a sharp fall in state funding, which depends on their number of MPs, after losing half their parliamentary seats. Their membership has also dwindled and overspending has left them with debts of nearly £50 million.
The party bought the opulent modern building, which has an imposing glass facade and a 450-seat conference hall, for more than £35 million, financing much of the cost with a 14-year mortgage taken out in 2010, two years before Mr Sarkozy lost power.
Bernard Accoyer, the party’s secretary-general, said: “Is it really rational to keep such large premises, especially in a period when we are in opposition?”
A party official added: “Selling is clearly a possibility if we want to reduce our debts. Parting with a few storeys could also be a compromise.”