The two heads of the Joseph Richard Group, a major B.C. restaurant company, have been named in two suits initiated by the National Bank of Canada.
Court documents detail the claims made against both individuals.
Owners Andre Bourque and Ryan Moreno have both been named in separate cases with damages of just over $16 million. On LinkedIn, Moreno is listed as CEO and co-founder, while Bourque is listed as an owner at the Joseph Richard Group.
We first reported that the Joseph Richard Group owed millions of dollars back in July 2023 when the group had filed for creditor protection.
In that story, we shared that the group owed $45,389,900 to creditors, including $34.4 million to Edmonton-based Canadian Western Bank and over $5 million to the Canadian Revenue Agency. The group also owed the Bank of Montreal $2.3 million and Sysco, based in Port Coquitlam, $1.4 million.
Court documents filed on June 18, which Daily Hive obtained, state that Canadian Western Bank, mentioned above, “amalgamated with National Bank of Canada.”
“As a result of the amalgamation, and pursuant to the Bank Act, the two banks are permitted to commence and carry on business under the name of National Bank of Canada,” the court filing states.
At some point in July 2022, the bank advanced loan funds to Joseph Richards Investments.
“JRI has since defaulted on its obligations under the Loan Agreements by failing to comply with the terms thereof, including by failing to repay the amounts owing to the Bank as and when they came due,” the court filing states.
The court documents list two amounts for both Bourque and Moreno, totalling $1,988,177.92 under a commitment letter and $14,026,974.68 under an ELSA, both with interest, for a sum of $16,04,152.60 each.
The Joseph Richard Group has been in operation for nearly 25 years. On its LinkedIn page, it calls itself the fastest-growing hospitality group in the province. The group is connected to several restaurants and other ventures in the province, including The Henry in Surrey, Oak & Thorne, and S+L in Langley, as well as Stanley Park Brewing in Vancouver.
Earlier this year, a longstanding Joseph Richard Group pub, The Buck & Ear, closed after 77 years in operation.
Additionally, in 2021, we learned that the Joseph Richard Group would be operating a “culinary and retail market experience” at the downtown Vancouver Amazon office.
We’ve contacted the group for comment on the impending case.
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