Sydney pub boss Jon Adgemis has agreed to pay out his former business partner Peter Crinis as the two prepared to face off in court.
According to The Daily Telegraph, Adgemis and Crinis struck a deal on Monday, August 5 to settle the brewing legal dispute, which came after the former Crown Resorts boss lodged papers against Adgemis in June.
The NSW Supreme Court heard the pair had struck a deed to settle their dispute at 8.30am on Monday, with Adgemis agreeing to pay Crinis in two tranches over August and September, ahead of a new court hearing on September 6.
Sources indicate Crinis will get significantly less than the $800,000 he was seeking from Adgemis.
Crinis joined Adgemis’ Public Hospitality Group (PHG) in November 2021. He was awarded equity in the company as part of the deal, which saw him join PHG as a consultant. But Crinis left the company in April amid a dispute over the running of the business.
PHG, which boasts 16 operational sites across Sydney and Melbourne and a further six under renovation or construction, has been under pressure in recent months, struggling under an almost $500 million debt.
The pub group is now set to overhaul its management after successfully closing a refinancing deal with Deutsche Bank and other lenders.
Source: The Daily Telegraph.
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