The operator of award-winning Sydney CBD cocktail bar Maybe Sammy and Randwick pizzeria Maybe Frank have split from Jon Adgemis’ Public Hospitality Group.
According to The Sydney Morning Herald, Maybe Group founders Vince Lombardo and Stefano Catino announced the end of the partnership with PHG on Friday, July 12, and said the venues would be better served under Maybe Group’s wing.
Lombardo said their Paddington tequila bar El Primo Sanchez will also “transition” from PHG to The Maybe Group through a licence agreement. The pub where the bar is located was put up for sale last week.
This latest development is a fresh blow for Adgemis who struck a $400 million refinancing deal in May 2024 with Deutsche Bank, Gemi Investments, Archibald Capital and Muzinich & Co, to save his PHG from collapse.
Adgemis’ project started to fray after he took on hundreds of millions in debt at high interest rates from a variety of lenders just before financing costs rose. Some lenders started trying to sell off his properties, staff were left out of pocket, and suppliers were unpaid. The Australian Taxation Office also visited the pub group’s offices in early May 2024.
In June this year, operations at the Hellenic Club of Sydney’s Alpha restaurant and Beta Events were taken over by Con Dedes of Dedes Waterfront Group after PHG made a swift exit.
Other properties of Adgemis’ have also been seized by lenders. In Sydney’s Potts Point, Bank of Queensland has taken charge of one of his properties in Ward Avenue.
Source: The Sydney Morning Herald
