France's veteran sales company Mercure Distrbution has been liquidated and will cease its activities in January.

One of the last true independent sales agents in France, Jacques Le Glou had recently been rumoured to be selling his catalogue as a way to raise cash but was unable to stave off the financial downturn caused by a rotten economy and the current crisis in the independent sector.

With the TV pre-sales market drying up, the profusion of films on the market and the reduction in prices that distributors are willing to pay, it has not been an easy time for exporters.

Neither has Mercure been peddling a bunch of duds. On the contrary, Le Glou has had prescient taste when it comes to the auteur film. The champion behind such critically acclaimed hits as The Dreamlife of Angels, Harry, He's Here To Help, Venus Beauty Institute and Everybody Famous, he has continually worked with high quality projects that sold well.

Notably, Harry was picked up at Cannes for $1m by Miramax in 2000 and Lot 47 had a good run with Venus Beauty Institute in the US that same year.

But Le Glou won't disappear entirely. He has struck a deal with Films Distribution where he will work as consultant.