Hellenic Club of Sydney’s members voice concerns amid Jon Adgemis’ debt drama

·

Members of the Hellenic Club of Sydney and wider Greek community have voiced concerns over the future of its operations since it was taken over by Jon Adgemis’ debt-ridden Public Hospitality Group (PHG) in 2024.

PHG took over business activities of the Hellenic Club of Sydney’s Alpha and Beta venues in early January. According to The Greek Herald‘s sources, Adgemis’ pub group trumped competitors such as the Dedes Waterfront Group and the Doltone House Group.

Former MasterChef judge and chef George Calombaris also moved into the kitchen at Alpha in March 2024, taking the reins from Alpha’s founding chef, Peter Conistis, who fronted the venue since its opening in 2013.

George Calombaris
George Calombaris took over Alpha’s kitchen in March 2024. Photo: The Herald Sun.

This takeover came despite PHG being weighed down by $500 million debt at the time. 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.

Last week, it was reported that Adgemis struck a $400 million refinancing deal with Deutsche Bank, Gemi Investments, Archibald Capital and Muzinich & Co, to save his PHG from collapse.

Public Hospitality Group’s (PHG) Jon Adgemis
Public Hospitality Group’s (PHG) Jon Adgemis has secured a debt deal. Photo: The Australian.

The funding will be used to pay staff, suppliers, and creditors, and lenders will be the ones to appoint a new general manager with hospitality industry experience to manage the group’s venues. Adgemis will stay on as executive chairman.

But as the $400 million refinancing deal won’t cover the extent of Adgemis’ $500 million debt, further property sales are expected. 

Club members and the wider Greek community have questioned the selection of Adgemis’ PHG over competitors, expressing concerns about the club’s financial stability as well as the potential impact on its activities and reputation.

The Greek Herald has contacted the President of the Hellenic Club of Sydney for comment on the future of the business, but there was no response at the time of publication.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

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

Advertisement

Latest News

Michael Christofas named finalist in prestigious Percival Photographic Portrait Prize

Michael Christofas has been named finalist in North Queensland's prestigious Percival Photographic Portrait Prize.

Federation of Greek Elderly Citizens Clubs of Victoria elect new executive

The Board of Directors of the Federation of Greek Elderly Citizen Clubs of Melbourne & Victoria voted on its new seven-member board.

SEKA Victoria objects to formation of Parliamentary Friends of Azerbaijan group

SEKA Victoria have today expressed concern that some MPs are considering the establishment of a Parliamentary Friends of Azerbaijan group.

Pan-Laconian Association of NSW “The Spartans” celebrate taverna night

The Pan-Laconian Association of NSW "The Spartans" celebrated a highly successful taverna night at Zarax House on June 15.

Sydney doctor Peter Alexakis wins appeal to keep patient’s $24 million estate

Dr Peter Alexakis was victorious in the NSW Court of Appeal which ruled he had not convinced a patient to leave him most of his $24m estate.

You May Also Like

Innovators collaborate to merge old and new at Cretan olive mill

Two flourishing Cretan olive oil companies have shown how modern production works by opening up Crete’s first restaurant in an olive mill.

Greece sells 15-year debt for first time in more than decade

Greece raised 2.5 billion euros ($2.77 billion) through a 15-year bond sale on Tuesday, according to a lead manager. The bond priced for a yield...

St Basil’s Homes Fawkner Chairman Konstantin Kontis releases open letter to inform public on the situation

Following the recent COVID-19 outbreak at St Basil’s Homes for the Aged in Fawkner, after five deaths and amid allegations that the facility failed...