Jon Adgemis’ El Primo Sanchez bar taken over by lenders

·

Public Hospitality Group’s Jon Adgemis has had his flagship venue, El Primo Sanchez bar taken over by lender, Australia Pacific Mortgage Fund.

The popular Mexican bar and restaurant based in Paddington is part of the Maybe Group’s portfolio, acquired by Adgemis last year.

According to AFR, the Melbourne-based fund run by Paul McCombe has also taken control of the Kurrajong Hotel in Erskineville, east Sydney.

El Primo Sanchez in Oxford St, Paddington, eastern Sydney. Jennifer Soo AFR.
El Primo Sanchez in Oxford St, Paddington, eastern Sydney. Photo: Jennifer Soo/AFR.

Madsen of Archibald Capital, another of Adgemis’ lenders, took charge of the company holding the El Primo Sanchez business last year, but has since transferred the ownership back to one of Adgemis’ companies.

The action comes amid discussions for a debt refinancing plan sponsored by Deutsche Bank, Archibald Capital’s Ben Madsen, and Gemi Investments’ Justin Epstein, all of whom are key lenders to Adgemis.

Under the Deutsche deal, Adgemis’ assets are expected to be restructured.

At this stage, both Adgemis and McCombe have not made any comment on the unfolding situation.

Source: AFR

Advertisement

Share:

KEEP UP TO DATE WITH TGH

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

Advertisement

Latest News

Mother’s Day for Greek Australians: A time for love, memory and reflection

The roots of Mother’s Day can be traced back to Ancient Greek and Roman festivals which honoured the mother goddesses Rhea and Cybele.

Greek olive oil poised for growth in booming Australian market

A study by the Economic and Commercial Affairs Office of the Greek Consulate in Sydney highlights strong opportunities for Greek olive oil.

The Greek alphabet may be older than first thought

Associate Professor Willemijn Waal, with the help of a Vici grant, aims to explore whether the alphabet could be several centuries older.

Evangelos Demos to give seminar on the geopolitics of Greek foreign policy

Evangelos Demos is currently a PhD candidate at the University of Sydney under the supervision of Professor Vrasidas Karalis.

Niki Louca shares her recipe for Daktylies (Cypriot-style bread)

Niki Louca from My Greek Kitchen shares her favourite recipe for Daktylies (Cypriot-style bread) with The Greek Herald.

You May Also Like

Sydney set for an epic concert honouring rebetiko legends Tsitsanis and Bellou

Sydney is set to experience an unforgettable night of Greek Rebetiko music from the acclaimed band Estudiantina of Melbourne.

‘Always smiling’: Tributes flow as Greek pop singer Dakis passes away aged 79

Greece has paid tribute to iconic Greek pop singer, Dakis, on Sunday after his death at the age of 79 following a long battle with cancer.

Theo James resists calls to become the next Bond

39-year-old actor of Greek heritage, Theo James, has heard suggestions he could be the next James Bond and said the prospect "terrifies" him.