Royalty hardwoods

Close to a year after Royalty Hardwoods went into receivership, assets of the former Pooles Corner specialty shop were auctioned off Tuesday.

The status of a $1.3 million provincial loan given to the company in 2014 is still unknown.

A spokesperson from the province said the assets are still in the hands of the receiver.

‘We can’t provide any update in terms of what the final write-off would be until we realize our assets,” Andrew Sprague said.

“It will probably be at least a couple of weeks before we can bring any information to cabinet.”

As well as the movable assets being auctioned, there is an impending sale of the land and the buildings to a local welding company.

In last week’s orders in council the province approved the sale of 10 acres of Royalty Hardwood property to Brothers Machine & Welding Ltd.

Royalty Hardwoods was originally owned by Martinus Rose and changed hands sometime before 2015.

Bhibah Investments Corporation, based in New Brunswick, owned the businesses when it was taken over by receivers BDO in August 2018.

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