$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

Peacekeeper’s vehicle wreckage arrives at Australian War Memorial from Cyprus

A destroyed UN Land Rover, which lay in the buffer zone of Cyprus for decades, has arrived at the Australian War Memorial in Canberra.

Greece declassifies intelligence reports on 1974 Cyprus coup and Turkish invasion

Greece's intelligence service declassified 58 reports detailing the Greek-led coup in Cyprus in 1974 and the subsequent Turkish invasion.

Greek PM calls for more resources to tackle climate change at UN summit

Greece's Prime Minister Kyriakos Mitsotakis has called for more resources to tackle the impact of unprecedented climate shocks in Europe.

Biden and Trump meet in Washington for a ‘smooth transition’ of power

Four years after leaving the White House, Donald Trump has returned to Washington to begin an orderly transition of power.

St Sophia and Three Daughters Parish expand their ‘Feed The People’ program

The Greek Orthodox Parish of St Sophia and Three Daughters at Surry Hills, Sydney continue to expand their 'Feed the People' program.

You May Also Like

Learning Greek to escape poverty: The story of St Nicholas Preparatory School in Ghana

Learning Greek to escape poverty: The story of St Nicholas Preparatory School in Ghana. The Greek Herald speaks with the school's founder.

Greek Community of Melbourne schools organise their annual dance

Following the impressive success of last year's event, Greek Community of Melbourne (GCM) schools are holding a dance for the second year.

Biden and Trump meet in Washington for a ‘smooth transition’ of power

Four years after leaving the White House, Donald Trump has returned to Washington to begin an orderly transition of power.