Australia Pacific Mortgage Fund, a lender to embattled publican Jon Adgemis, has put one of his Public Hospitality Group’s flagship venues up for sale – the home of the El Primo Sanchez bar in Sydney’s eastern suburbs.
El Primo Sanchez is a Mexican cocktail bar that PHG has been running jointly with the group behind Maybe Sammy and is located in Paddington’s historic Rose, Shamrock and Thistle Hotel.
According to The Australian Financial Review, Andrew Jolliffe and Dan Dragicevich’s HTL Property listed the pub for sale on Wednesday, with expressions of interest closing on August 7.
Other properties of Mr Adgemis’ have also been seized by lenders. In Sydney’s Potts Point, Bank of Queensland has taken charge of one of his properties in Ward Avenue.
This news comes after Adgemis struck a $400 million refinancing deal in May 2024 with Deutsche Bank, Gemi Investments, Archibald Capital and Muzinich & Co, to save his PHG from collapse.
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.
In June this year, operations at the Hellenic Club of Sydney’s Alpha restaurant and Beta Events were also taken over by Con Dedes of Dedes Waterfront Group after PHG made a swift exit.
Source: The Australian Financial Review
