Hospitality mogul Jon Adgemis is seeking to avoid bankruptcy by proposing a personal insolvency agreement to his creditors after handing control of his assets to WLP Restructuring.
According to The Australian Financial Review, Adgemis owes millions, including $26 million to Monaco-based businessman Richard Gazal, and is battling multiple legal actions.
He rose quickly in the industry after founding Public Hospitality in 2021, amassing a large portfolio of pubs and hotels. However, rising debt, higher interest rates, and construction costs forced several venues into administration.
Adgemis is now offering $7.7 million through his company, JAGA Investments, in an attempt to repurchase key properties.
Separately, Adgemis claimed to The Daily Telegraph that a “large-scale theft” contributed to the downfall of his Byron Bay nightclub, Lovers Lane, which is now under liquidation. He is also facing legal action over alleged unpaid council rates, staff entitlements, and the mortgaging of his mother’s home without her consent.
Source: The Australian Financial Review
