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Naramata Inn’s former owners being sued for 20 years of losses

The Inn sold to new owners in 2020
Naramata Inn was sold to new owners in 2020. (Google image)

The previous owner of the Naramata Inn is suing two business partners for almost 20 years worth of alleged losses.

The lawsuit was filed in Vancouver Supreme Court on Feb. 14, and names a numbered corporation as the plaintiff, with Keith Scott Leach and Hugh Charles Rennie as defendants.

The corporation is seeking to have $5.9 million in losses from between 2001 and 2020 paid back by Leach and Rennie.

The inn is currently owned by the Naramata Hospitality Limited Partnership, which purchased the property from the previous owner in 2020.

The numbered corporation is the successor to the Abbotsford Concrete Products (ACP) company, which was the corporation that originally had an agreement with Leach and Rennie.

READ ALSO: Naramata Inn evicts tenant

Originally, ACP had agreed to provide financing to renovate the inn with a guarantee from Leach and Rennie that there would be no financial loss for them.

However by December 2001, ACP outright bought the hotel from Leach and Rennie in order to provide long-term financing according to the notice of claim.

That purchase came with an indemnity agreement that Leach and Rennie guaranteed ACP against any and all monetary losses the corporation would take financing and operating the hotel, including the purchase of the hotel for $2.35 million.

Over the next 20 years, ACP and the succeeding corporation put in additional expenses including payroll and labour, insurance, professional fees and more.

The corporation tallied up the losses and after taking away the proceeds of the 2020 sale of the inn determined that Leach and Rennie owed a combined $5.9 million after interest was added to the outstanding $2.77 million in expenses.

The two businessmen, after being informed of the accounting and their respective portions to pay in January, had not paid back the corporation by the time the claim was filed.

None of the claims have been proven in court.

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Brennan Phillips

About the Author: Brennan Phillips

Brennan was raised in the Okanagan and is thankful every day that he gets to live and work in one of the most beautiful places in Canada.
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