Cooking supplies company Victorian Epicure Inc. has a shortfall of $5.7 million on its books, according to its bankruptcy trustee.
Epicure shut down operations based out of its 10555 West Saanich Rd. property on Jan. 24. The company voluntarily entered bankruptcy and MNP Ltd. has been appointed as licensed insolvency trustee.
The first meeting of Epicure creditors, via a conference call, is set for Feb. 21.
MNP is in the midst of liquidating Epicure products via the company’s website, which says “Everything must go.” The products are being sold as “final sale, as is, where is.”
Epicure was a home-grown success story started by Sylvie Rochette, who initially sold a blend of spices at a market in Central Saanich.
The business grew to became a direct sales operation that eventually moved to a picturesque acreage in North Saanich. Daughter Amelia Warren became company chief executive. They could not be reached for comment.
Epicure’s network of sales ambassadors is believed to have numbered in the thousands.
It also employed up to 175 staff in North Saanich as recently as 2017, and carried hundreds of products, including gluten-free dips, rubs, seasonings and cookware.
An email from MNP, attributed to Rochette, said Epicure could not recover from financial challenges that have impacted direct-sales businesses in recent years.
The company added operations in the U.S. in 2019 and reported having over 20,000 consultants in 2021.
In 2017, Epicure hosted a picnic for 800 people on the Fairmont Empress lawn to celebrate its 20th anniversary and held a gala at the Victoria Conference Centre.
In the creditors’ package, MNP lists nearly 100 creditor categories. The total number of creditors will be larger because ambassadors (direct sales people) and employees are listed as groups and not broken down by individuals.
Epicure’s assets total $9.252 million, MNP said. Total liabilities are about $15 million, leaving a shortage of $5.7 million.
The largest creditor is BMO Financial Group, which is claiming $10.8 million, according to the creditors’ package. Of that amount, $9.252 million is secured, which means it receives priority payment among creditors. No other creditors are listed in the secure category.
Other creditors include a numbered company, 644303 B.C. Ltd. The province’s company registry lists Rochette as its director at the West Saanich address. It is claiming $588,000.
That company is also listed in B.C. government records as owning Epicure’s North Saanich site, which is assessed at $2.214 million. The value of the 29 acres is $425,662. It is categorized for farm use, which is assessed at a lower rate than other uses. Buildings on the site are assessed at $1.7 million.
Ambassadors are listed as a creditor group owed $583,515.
The employee creditors group is pegged at $868,261.
Other creditors include a box company, florist shop, coffee supplier, distribution company, New York producer of frames and awards, label company, office supplies, U.S. hotel and resort firm, and a natural ingredients supplier from the U.S.
The main assets are inventory, which the creditors’ package says is valued at $8.6 million, and “other property” at $1.445 million.
Furniture is listed as being worth $981,734, and machinery and equipment is at $149,143.
Anyone wishing to participate in the creditors’ meeting this month must file a proof of claim with MNP.
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