Sydney pub baron Jon Adgemis has completed a $600,000 payment to former staff of his collapsed Public Lifestyle Management group, fulfilling his personal contribution to a rescue deal.
The payment follows a $400,000 transfer in February, aimed at repaying nearly 150 employees owed wages and superannuation.
Administrators BDO confirmed the funds will be distributed via an interim dividend, with the Australian Taxation Office set to verify remaining superannuation liabilities.
When the group entered administration, staff were owed $4.5 million in entitlements.
BDO’s Duncan Clubb said Adgemis is “pleased to have achieved this milestone” and thanked staff for their patience.
Attention now turns to a $6.7 million convertible note from financial backer Archibald Capital, due to be triggered by July 31 and converted to cash by September 30. BDO will update creditors in October.
Adgemis once controlled over 22 venues, but his hospitality empire unravelled amid a failed refinancing effort.
American lender Muzinich forced five venues into administration last year, and other creditors have since stripped him of key properties. Funders like GEMI Investments warn recovery of their loans may be delayed until mid-2026.
Linchpin Group now operates many of the remaining venues.
Source: The Australian.
