Jon Adgemis’ pub group rescue plan approved despite ATO objection

·

A rescue plan for Jon Adgemis’ Linchpin Group (formerly Public Lifestyle Management – a key pillar of his Public Hospitality Group), has been approved despite a last-minute attempt by the Australian Taxation Office (ATO) to block it.

Adgemis, a former KPMG deal-maker, must pay $400,000 by Friday, January 10 to finalise the deal, which aims to settle $64 million in debts with a $7.7 million plan, including a $1 million cash payment and a $6.7 million convertible note from Archibald Capital.

While staff will receive full entitlements, unsecured creditors will only recover 13.3 cents on the dollar.

Peter Crinis and Jon Adgemis. Photo: David Swift.

The plan covers only part of the group’s debts, and if Adgemis fails to meet payment conditions by March 2025, the deal may collapse.

Adgemis is also facing legal battles, including a court case with his former business partner, Peter Crinis, and multiple claims from lenders, such as Milbrook and Angas Securities, over properties and assets. Adgemis’ yacht has also been seized.

Despite approval, concerns about financial mismanagement, including allegations of withdrawing $9 million from the business, remain unresolved.

Source: The Australian Business Review.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

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

Advertisement

Latest News

How a Greek yiayia, green ants and a royal encounter shaped Kris Lloyd’s cheese legacy

“My grandmother was a big part of my life,” Kris said. “She would take me to the market, and we would go stall to stall buying different cheeses."

Athens off-script: A disruptive guide to food, wine and wonder

This new Athens is expanding tradition. Young chefs, winemakers and bartenders are no longer chasing foreign trends.

Dr Emmanuel Chris debunks myths around mental health and antidepressants

In an increasingly destabilising world, more and more people are turning to psychologists and medication to assist them in coping.

ABSC Inc. launches Ekonomos, Issue 6, 2025 at Annual Gala Dinner in Sydney

The event was held to formally launch the sixth issue of the Council’s business affairs magazine, EKONOMOS.

SA businessman Theo Maras warns ‘don’t kill the city’ over Hutt St revamp plans

Theo Maras has added his voice to growing backlash against Adelaide City Council’s proposed $12 million revitalisation of Hutt St.

You May Also Like

Students get competitive on first day of Greek Orthodox National Schools Event

The first official sporting day of the 2024 Greek Orthodox Archdiocese of Australia National Schools Event took place on Wednesday.

18-year-old admits assault of police officer during volleyball clash

An 18-year-old confessed to assaulting a police officer during a volleyball match between Olympiakos and Panathinaikos in Rentis, Piraeus.

Ancient Greek wall unearthed in Croatia

Archaeologist Dr. Marina Ugarković revealed that a well-preserved Greek wall, approximately 70 meters long and over three meters high.