Jon Adgemis’ Sydney pub entities enter administration

·

Companies behind two of Jon Adgemis’ Sydney hotels have been placed into external administration, according to The Australian.

The latest move by at least one of the small financiers owed money by Adgemis’ Public Hospitality Group (PHG) could potentially jeopardise a significant $400 million debt restructuring for his embattled pub empire.

According to documents filed with the Australian Securities and Investments Commission (ASIC) Register, The Oxford Rose Pty Ltd and 106 Swanson Street Pty Ltd have been placed into external administration. The entities are linked to The Rose Hotel on Oxford St in Paddington and the Kurrajong Hotel in Erskineville respectively.

Insolvency and advisory firm Ankura is working as the external administrator on the entities. It is believed that lenders are owed money in the tens of millions of dollars.

Jon Adgemis
Jon Adgemis owns Public Hospitality Group. Photo: Development Ready.

This comes after Adgemis struck a $400 million refinancing deal in May 2024 with Deutsche Bank, Gemi Investments, Archibald Capital and Muzinich & Co, to save his PHG from collapse.

Adgemis’ project started to fray after he took on hundreds of millions in debt at high interest rates from a variety of lenders just before financing costs rose. Some lenders started trying to sell off his properties, staff were left out of pocket, and suppliers were unpaid. The Australian Taxation Office also visited the pub group’s offices in early May 2024.

Earlier this week, operations at the Hellenic Club of Sydney’s Alpha restaurant and Beta Events were also taken over by Con Dedes of Dedes Waterfront Group after PHG made a swift exit.

The pub group took over business activities of Alpha and Beta Events in early January. Former MasterChef judge and chef George Calombaris also moved into the kitchen at Alpha in March 2024, taking the reins from Alpha’s founding chef, Peter Conistis, who fronted the venue since its opening in 2013.

At the time, Hellenic Club of Sydney members and the wider Greek community raised concerns to The Greek Herald about the future of Alpha and Beta Events, questioning the selection of Adgemis’ PHG over competitors such as the Dedes Waterfront Group, and expressing unease about the club’s financial stability as well as the potential impact on its activities and reputation.

The new management by Con Dedes has been welcomed news for the local Greek community.

READ MORE: Hellenic Club of Sydney venues under new management as Adgemis’ embattled pub group exits

Advertisement

Share:

KEEP UP TO DATE WITH TGH

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

Advertisement

Latest News

From crisis to compassion: Timos Roussos and his family’s mercy mission in war-torn Cyprus

When Turkish troops landed on Cyprus on 20 July 1974, six-year-old Timos Roussos was sitting on the floor of his family’s home in Lemesos.

A granddaughter returns: Georgia Georgiou retraces her yiayia’s occupied village in Cyprus

When Georgia Georgiou handed over her Cypriot ID at the border checkpoint to cross into occupied northern Cyprus, she felt an ache.

‘You never get over it’: A childhood shattered by the Turkish invasion of Cyprus

On a warm July morning in 1974, 10-year-old Anastasia Di Loreto (née Karatzia) was jolted awake by the sound of bombs falling on Kyrenia.

Cyprus: The paradox of tolerance and impunity for Turkey

The lack of a unified, systematic and practical strategy on the part of Greece has led the Cyprus crisis into national disarray.

Lost homes and lingering hope: Greek-Cypriots reflect on Turkish invasion and its aftermath

From hidden stories to haunting memories, two Greek-Cypriot men share what it means to carry the burden of Cyprus’ past.

You May Also Like

Greece sends condolences after South Korean plane crash kills 179

Greek Ministry of Foreign Affairs has expressed deep condolences following the tragic plane crash in South Korea, which claimed 179 lives.

Tottenham chairman breaks silence on Ange Postecoglou sacking

Tottenham chairman Daniel Levy has broken his silence on the shock sacking of Ange Postecoglou, saying winning Europa League wasn't enough.

GCM seeks $27.91 million compensation over land acquired for North East Link

The Greek Orthodox Community of Melbourne and Victoria has filed a court case against the state, to have its compensation increased.