One of Jon Adgemis‘ struggling Sydney pubs has turned into a contentious battleground for his frustrated lenders following the collapse of his hospitality empire into administration.
Adgemis’ Public Hospitality Group (PHG) lost control of the Camelia Grove Hotel in Alexandria and four other venues after American private investor Muzinich & Co backed out of a deal to refinance the company’s significant debt.
Currently, two of Adgemis’ lenders are in dispute over the pub’s future, with a literal fence erected by one group of administrators before the NSW Supreme Court ordered its removal.
When Adgemis’ businesses entered administration in September, he owned both the Camelia Grove Hotel and the adjacent property that included its beer garden and bottle shop. These two properties were financed by different lenders, leading to BDO in Australia being appointed as administrators for Adgemis’ hospitality group and the pub, while Hall Chadwick was designated for the adjacent property.
Earlier this week, BDO in Australia initiated urgent legal action in the NSW Supreme Court to prevent administrators and lenders from obstructing access to the terrace, which encompasses the beer garden and bottle shop. This action followed the fencing off of the property and the posting of a notice of possession.
Justice Ashley Black ordered the defendants—receivers Richard Albarran and Kathleen Vouris, along with 152 Henderson Street Pty Ltd—to refrain from taking possession of or recovering the terrace until a final hearing.
They were also instructed to provide keys to the administrators of the Camelia Grove Hotel for the terrace locks and to dismantle the notices of possession and wire fencing set up between the bottle shop and the hotel.
Source: The Daily Telegraph.
