Supreme Court orders sale of assets after The Beach House Inc. fails to repay loan
A building once occupied by one of the best-regarded restaurants in the Northeast Avalon is now on the market because of a lawsuit filed against its owners.
The Atlantica restaurant and rental property in Portugal Cove and some of their contents have been advertised for sale. The owner, Beach House Inc. is in receivership after being sued by the Business Development Bank of Canada. — Telegram file photo
The Beach House Inc. owned and operated Atlantica and a four-unit rental property on Beachy Cove Road in Portugal Cove. In April, the Business Development Bank of Canada sued the company for half a million dollars. That figure — $524,623.37 including interest as of Feb. 4 — accounts for the outstanding balance from a $650,800 loan granted to the company in 2008.
In its statement of claim, the bank said it would eventually sell off the company’s assets given it did not repay the loan within 10 days of receiving a demand letter dated Feb. 4.
An advertisement published in the classified section of Wednesday’s edition of The Telegram details of the terms of that sale by tender. Now up for sale is the restaurant building, the four-unit rental property, land, restaurant equipment, furniture and other items.
The Supreme Court of Newfoundland and Labrador issued a receivership order on June 2. The court appointed Jane & Noseworthy to handle the sale. It will accept bids until July 18.
In 2007, Air Canada’s EnRoute magazine named Atlantica the number one new restaurant in Canada. St. John’s food critic Karl Wells ranked Atlantica as one of the province’s Top 10 restaurants in multiple years.
Kory Turpin was the former owner. His parents, Wayne and Elaine Turpin, partially secured the loan through a guarantee limited to 25 per cent of the outstanding balance. This required them to pay $131,155.82.
By the fall of 2011, Kory Turpin was no longer involved in Atlantica and new owners came on board. He died last October due to an illness.
The provincial government’s online business registry listed Alana Walsh Giovannini, Robert Giovannini and Taylor Giovannini as the most recent directors of The Beach House Inc.