$400 million debt deal secured for Jon Adgemis’ pub group

·

Jon Adgemis has struck a $400 million refinancing deal with a consortium led by Deutsche Bank to save his Public Hospitality Group (PHG) from collapse.

According to The Australian Financial Review, Adgemis signed the long-awaited agreement with his major lenders, Deutsche Bank, Gemi Investments and Archibald Capital, this week.

Sources told the AFR the funding will be used to pay staff, suppliers, and creditors, and a new general manager with hospitality industry experience is expected to be appointed to manage the group’s venues. Adgemis will stay on as executive chairman.

Adgemis’ hospitality group encompasses about 20 venues which span from Guy Grossi’s Puttanesca Osteria in Melbourne to The Strand Hotel in the Sydney CBD. In January 2024, PHG also acquired Sydney-based Greek restaurant, Alpha.

Jon Adgemis acquires Sydney’s renowned Greek restaurant Alpha
Jon Adgemis acquired Sydney’s A-list Greek restaurant Alpha.

His 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.

PHG has become so weighed down by debt, 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 last week.

An earlier refinancing deal, with Bain Capital, fell over before it was finalised.

Source: The Australian Financial Review.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Woman who confessed to killing infants moved to high-security Korydallos prison

Eirini Mourtzoukou, the 25-year-old woman who has confessed to killing at least three infants, has been transferred to Korydallos Prison.

GOCNSW youth lead heartfelt farewell to Greek Consul General in Sydney

The Greek Orthodox Community of NSW hosted a special farewell reception for the Consul General of Greece in Sydney, Yannis Mallikourtis.

From Athens with purpose: Reflections on the Global Summit of Hellenic Lawyers 2025

As the Global Summit of Hellenic Lawyers 2025 drew to a close, it did so against the majestic backdrop of Athens.

Honouring Cyprus’ martyrs: Melbourne remembers the sacrifice of July 9, 1821

A hierarchical memorial service was held on Sunday, July 13, at the Holy Church of the Presentation of the Theotokos in North Balwyn.

Melbourne’s Greek community pays emotional tribute to the ‘Pontian Eagle’ Peter Jasonides

On a cold Friday night, a full hall at Alphington Grammar’s Lyceum brought warmth to those gathered to honour the life of Peter Jasonides.

You May Also Like

Nick Kyrgios qualifies for the Tokyo Olympics, marks return in Wimbledon

Nick Kyrgios is set to make his Olympic debut and has emerged in Wimbledon after a five-month hiatus to begin a tense match with...

Embrace tradition at the Kytherian Association of Australia’s Debutante Ball

Young females are preparing for their public debut at the Kytherian Association of Australia’s annual Debutante Ball on Saturday, May 18.

Greek authorities investigate ownership of Bill Papas’ Xanthi FC

Greek government authorities have begun investigating the ownership status of Bill Papas’ Xanthi Football Club.