Jon Adgemis’ El Primo Sanchez bar taken over by lenders

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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

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