Thanks for all of the suggestions. I still can't crack the code. A good list at this link Forum Tonton Vélo ? Afficher le sujet - Liste des marques de vélos anciens... pour le WIKI also didn't shed any further light.

I still think likely as follows
1. A 70mm wide BB. So likely anItalianframe.
2. The brand name. Based on the spacing likely 5 or 6 letters. Possibly _ R E _ P _. As R & E are capital letters then likely all capital letters. Could the third letter be a capital D or J? And the fourth a P?
3. The lower word. Town of origin? Based on the spacing again likely 9 or 10 letters. Possibly S A _ _ _ N A C _ _. Could the third letter be a capital B or D? Fourth letter unsure. Fifth maybe a capital G or C?