The Hellenic Club of Sydney has revealed it was left with a $1.6 million wedding deposit bill following the collapse of its operating partnership with Jon Adgemis’ Public Hospitality Group (PHG).
The Club says it was forced to honour prepaid deposits made by families who had booked wedding receptions at Alpha Restaurant and Beta Events, venues owned by the Hellenic Club and previously operated by PHG.
“We were left owing $1.6 million in deposits for weddings,” Hellenic Club President Nick Hatzistergos told The Daily Telegraph.
“We could not go to families who had paid up to $40,000 for their daughter’s wedding and say they had lost the money so we made the decision to pay it ourselves. It placed a very heavy financial burden on us.”
Mr Hatzistergos added that Adgemis had “burned his reputation” in the Greek community.
A spokesperson for PHG has denied the Hellenic Club’s version of events, saying Mr Hatzistergos’ claims were “simply not true.”
The Greek Herald first revealed that PHG, which had taken over operations at Alpha and Beta in January 2024, secured the management contract over other contenders including the Dedes Waterfront Group and Doltone House. Former MasterChef judge George Calombaris was brought in to head Alpha’s kitchen in March, replacing founding chef Peter Conistis.
However, concerns were raised to The Greek Herald almost immediately by members of the Greek Australian community and Hellenic Club members, who questioned why PHG — already saddled with significant debt — had been awarded the tender. Community figures warned at the time of potential risks to the Club’s reputation, stability and finances.
By mid-2024, those fears were realised. PHG’s financial woes escalated, with staff left unpaid, suppliers chasing invoices, and the Australian Taxation Office making unannounced visits to the group’s offices. Despite a $400 million refinancing deal with Deutsche Bank, Archibald Capital and others, PHG failed to steady itself.
The fallout extended to its venues and partnerships. In June 2024, the Hellenic Club and PHG agreed to part ways, ending the short-lived partnership. Respected restaurateur Con Dedes has since taken over operations at Alpha and Beta.
Meanwhile, Mr Adgemis’ financial struggles have continued to play out publicly. His 28-metre Italian-built yacht Hiilani, once a symbol of his lavish lifestyle and formerly owned by Hollywood actress Shirley Temple, was recently sold by receivers for an undisclosed sum. The vessel had been listed for $1.05 million.
The yacht sale follows Adgemis’ attempt to keep a shrinking hospitality empire afloat. Once boasting more than 20 pubs and venues across Sydney, PHG is now weighed down by $6.7 million in outstanding payments owed to 150 hospitality staff. One of Adgemis’ companies has paid $600,000 towards superannuation, but the rest must be repaid by 31 July.
Amid legal action from councils and creditors, including an allegation that Adgemis mortgaged his mother’s $10 million Rose Bay home without her knowledge — a claim his spokesperson denies — he is now reportedly living at the Bondi apartment of billionaire fund manager Will Vicars.
