The Huot Group, a major real estate player in Quebec, is shelving most of its construction sites but wants peace of mind about its future.
“In the current context of the economic situation, in particular the increase in interest rates, the increase in the cost of materials, as well as the availability of labor, a group of businessmen from Quebec mobilizes to provide financial support to the Huot Group to maintain operations”, we can read in a press release read, which was sent out on Friday morning.
“The group’s priority is to establish a governance structure to ensure future decision-making and allow projects to resume as soon as possible.”
“Meanwhile, financial obligations to mortgage holders will be respected and the committee will ensure support and customer service is maintained for all of the group’s customers and tenants.”
“The Huot Group and the businessmen involved will not respond to interview requests until further notice.”
rumours
On Thursday, FM 93 presenter Jérôme Landry announced that “the Huot group will be placed under guardianship by its creditors” and that the Millénum Construction division would close the sites.
Suppliers met by Le Journal at the Ariela site on Friday morning were unaware of the rumours. In addition, workers were on site.
In a post on her Instagram account, Stéphanie Huot, the founder’s daughter, said that “this unsubstantiated statement creates instability and undermines a company that has participated in Quebec’s economy for more than 20 years.”
“The group can count on a group of investors who will provide the necessary funds for a speedy resumption of work.”
“It is therefore responsible for taking a step back and reassessing the situation in order to quickly bring the sites back into operation and respect the ongoing infrastructure projects,” she says.