Sydney pub baron Jon Adgemis defends $9m transactions amid insolvency claims

·

Sydney pub mogul Jon Adgemis has rejected claims by administrators that he withdrew $9 million from his struggling hospitality business, arguing that the transactions were intended to support the company.

    In response to an administration report by BDO Business Restructuring’s national leader Duncan Clubb, Adgemis insisted that he did not derive “any personal benefit from those transactions.”

    The BDO administrators highlighted $9 million in funds taken out of Adgemis’ pub business in the year leading up to their appointment, suggesting the transactions “may constitute uncommercial transactions.” Additionally, they allege Adgemis extracted $475,000 from the business since becoming a director on 6 November 2023.

    Administrators have advised creditors to liquidate Adgemis’ businesses, which were taken over by lenders due to a $100 million debt dispute. This recommendation comes despite Adgemis proposing a deed of company arrangement to fully repay certain creditors for his five pubs.

    Public Hospitality Group’s (PHG) Jon Adgemis
    Public Hospitality Group’s (PHG) Jon Adgemis. Photo: The Australian.

    A spokesperson Adgemis stated on Thursday that a supplementary report for creditors is expected to provide clarity on his deed of company arrangement compared to the uncertainties and potential losses of liquidation.

    The $9 million identified by BDO represents a “subset of transactions in respect of intercompany transfers between the property group,” the spokesman explained, clarifying that Adgemis had not personally benefited from the transactions, which were directed towards legitimate business expenses.

    The spokesman added that the transactions were carried out under the direction of lenders to the property companies and Public Lifestyle Management (PLM), the employment entity of the pub group.

    Adgemis’ company, JAGA, is now a “net creditor” to the companies in administration, potentially owed up to $13 million.

    Source: The Australian.

    greek film festival 2025

    Advertisement

    Share:

    KEEP UP TO DATE WITH TGH

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

    Advertisement

    Latest News

    Step into the world of mental health with Georgia Cassimatis’ latest book

    Greek Australian author and journalist, Georgia Cassimatis, has released a book all about exploring the world of mental health.

    GOCNSW Welfare Service to put a spotlight on cyber security awareness

    The Greek Orthodox Community of NSW’s (GOCNSW) Welfare Service has organised three Cyber Security Awareness education and training workshops.

    Marriage of a Greek woman abroad: What to watch out for

    It is during this registration process that numerous problems arise, which are not dealt with immediately but later on.

    Athena Competition Greek winners show olive oil diversity

    By Lisa Radinovsky from Greek Liquid Gold. At the 10th anniversary edition of the ATHENA International Olive Oil Competition in Chania, Crete, Greece in May, 175 Greek olive oils...

    Greece’s island communities face population crisis

    The demographic decline in Greece is hitting its islands hard, with Lemnos and Agios Efstratios showing alarming signs of aging populations.

    You May Also Like

    Greek aged care homes in Australia win inaugural Excellence Awards

    The Aged & Community Care Providers Association (ACCPA) has announced the winners in its Excellence Awards, marking Aged Care Employee Day.

    Plans to renovate Ermou Street in central Athens approved

    The Central Council of Architecture (KESA) has approved a plan for renovating the lower part of Ermou street in Athens, stretching from Kapnikarea Church...

    German Foreign Minister: Greece ‘deserves our full solidarity’ with border control

    Germany's Foreign Minister Annalena Baerbock has stressed the EU has to do more to support Greece as they deal with illegal border crossings.