Plans to revive the collapsed pub empire of Jon Adgemis were being explored months before his bankruptcy, with court documents revealing financiers had been circling his assets as early as mid-2025.
Millennium Capital boss Tom Wallace had been attempting to acquire several former Public Hospitality Group venues across Sydney, backed by Singapore-based Vantage Point Asset Management. The strategy included a proposed $145 million plan to purchase debt tied to Adgemis’ struggling portfolio from Deutsche Bank.
Adgemis, whose group carried more than $230 million in syndicated loans alongside additional financing, had sought external backers to stabilise the business, introducing Wallace to lenders as part of efforts to secure a “white knight” investor. However, no deal materialised before Deutsche Bank moved to seize the assets, shortly before Adgemis was declared bankrupt.
While Wallace did acquire several venues from the portfolio, including the Rose, Shamrock and Thistle Hotel and the Kurrajong Hotel, his broader attempt to piece together a $150 million hospitality play has since faltered.
He is now seeking to recover a $1.1 million deposit on the former Bayswater Hotel in Potts Point, citing mould and water damage issues, though receivers McGrathNicol argue the property was purchased on an “as-is” basis.
The dispute forms part of a wider unravelling of Wallace’s ambitions, with potential losses of up to $6 million in deposits across multiple deals, including properties in Annandale and Bondi.
The case highlights the ongoing fallout from the collapse of Adgemis’ once high-profile pub empire, as investors continue to assess — and in some cases retreat from — opportunities tied to distressed hospitality assets.
Source: The Australian
