News

Deal done for Naramata pub

Len Fox has some good news for Naramatians — he has found a buyer for the Camp Creek Station Pub.

The popular Naramata pub operated for more than two decades, most recently with owners Larry and Esther Knight, but it closed and went into receivership last year.

Fox said they have found a buyer for the pub, which, since it is a court-ordered sale, they will be taking before a judge for approval later this month.

“It’s been a long time, we do have to get court approval before the sale is finalized. My understanding is the buyer wants to have it up and running in the spring,” said Fox, adding that he hears lots of questions and rumours about the sale.

“If I go to Naramata and go in the coffee shop, I just get inundated,” said Fox.

“We continually get asked when is it going to be up and open. Of course there are rumours and things.”

While he wasn’t willing to disclose the name of the purchaser, Fox did say the prospective buyer is an individual rather than a group.

“The intention from the present buyer is to get things up and running as quick as possible,” said Phillip Fox, Len’s son and partner at Fox & Fox.

“I would think any buyer would have the same objective. Summertime is when you make money in a pub.

“There has been a lot of interest in the pub,” said Len.

“The Naramatians are really anxious to get this meeting place, this social centre, up and running again.”

Because of the nature of the sale, the Foxes also weren’t willing to put a figure to the price they are taking before the judge.

The pub was originally listed at $459,000 and lowered to $450,000.

“Obviously, the accepted offer is below that. But it includes the building and all the equipment,” said Len.

Philip explained the selling price becomes public knowledge when it goes to court, at which time there is an opportunity for other buyers to step in.

“There is an opportunity for other purchasers to come to court to make an offer at that time.  It could sell to someone else, it could sell for more money. We simply don’t know until that date,” said Philip.

“If there are no other offers at court, unless the judge said this isn’t enough money for some reason, which is very unusual, then the property will be sold.”

 

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