Lenders push Jon Adgemis’ hospitality group out of five Sydney pubs

·

Jon Adgemis’ Public Hospitality Group has lost control of five Sydney pubs after private credit investor Muzinich & Co pulled out of a deal to refinance the company’s debt.

Muzinich has called in Vaughan Strawbridge and Joseph Hansell of FTI Consulting to take over four of PHG’s trading venues (The Strand Hotel, Camelia Grove Hotel, Norfolk Hotel, Oxford House), and one development site, the Exchange Hotel.

According to a press release by FTI Consulting, they will work “with existing management and staff teams to continue to trade the venues in the ordinary course of business while they commence a sale of business campaign.”

This latest development is a fresh blow for Adgemis who 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.

Jon Adgemis in financial dispute over his grandmother’s estate
Lenders push Jon Adgemis’ hospitality group out of five Sydney pubs.

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.

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

Other properties of Adgemis’ have also been seized by lenders. In Sydney’s Potts Point, Bank of Queensland has taken charge of one of his properties in Ward Avenue.

Source: The Australian Financial Review.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

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

Advertisement

Latest News

Cypriot courage remembered: Join the ANZAC Day March, keep their legacy alive 

On Anzac Day we commemorate the bravery and good deeds of Australian, New Zealand and Allied forces over many conflicts.

Orthodox Mission in Madagascar uplifted by Australian generosity

As Bishop Theophilos prepares to return to Madagascar, he issued a statement expressing his deep gratitude for the support and affection.

Aaron Zerefos Enterprises acquires Fresco Beverages 

Aaron Zerefos has announced the acquisition of the Fresco Beverages business, enhancing his hold on the Australian drink distribution market. 

Feros Group to take over premier waterfront venue in Darling Harbour

The Feros Group has announced they now own and operate the iconic Helm Bar & Bistro in Sydney's Darling Harbour.

Peter Mamouzelos aims to play in Greece as rugby league grows

Peter Mamouzelos has expressed his ambition to play rugby league in Greece, a goal that has been hindered in the past due to the sport's ban.

You May Also Like

Greek Foreign Minister holds first phone call with US Secretary of State, Antony Blinken

Greek Foreign Minister, Nikos Dendias, held his first phone call with US Secretary of State, Anthony Blinken, earlier on Monday.

Greek Australians shine at the St George Community Awards

Sydney's Greek community celebrated a stellar presence at the 14th annual St George Community Awards held on Friday, November 29.

Opinion: Now Is the Time for Leadership

Now is the time for Australia’s Greek communities to come together and deliver a unified approach in assisting those that may require help.