Tax authorities pay visit to Jon Adgemis’ Public Hospitality Group

·

The latest intervention by officials from the Australian Taxation Office (ATO) could risk upsetting Jon Adgemis’ attempts to secure a $500 million debt deal for his Public Hospitality Group (PHG) empire.

According to The Australian Financial Review, tax officials visited Adgemis’ home and the PHG offices on Tuesday. The ATO declined to comment on the reasons for its visit.

A spokesman for PHG denied it was a raid.

“There was no ‘raid’… this was an access visit by the ATO seeking documents that had been requested. Public missed the deadline to provide such documents,” the spokesman told The Australian Financial Review, adding the company regretted missing this deadline.

“ATO staff were freely allowed into the property… however, Public did have the right to refuse entry, which they did not invoke.”

Jon Adgemis acquires Sydney’s renowned Greek restaurant Alpha
Jon Adgemis recently acquired Sydney’s A-list Greek restaurant Alpha.

Adgemis’ hospitality group encompasses about 20 venues which spans from Guy Grossi’s Puttanesca Osteria in Melbourne to The Strand Hotel in the Sydney CBD. In January 2024, PHG also acquired Sydney-based Greek restaurant, Alpha.

His 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.

The ATO’s visit comes amid concerns over the viability of Adgemis’ pubs group, with the pub baron looking to nail down a $500 million debt deal with Deutsche Bank and private credit provider Gemi Investments.

Source: The Australian Financial Review.

Cretan Convention - Web Banner

Advertisement

Share:

KEEP UP TO DATE WITH TGH

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

Advertisement

Latest News

Trauma and legacy of Asia Minor women honoured in Melbourne

The Greek-Australian Cultural League (GACL), with the Thessaloniki Association “The White Tower,” hosted a moving commemoration.

Comedy star George Kapiniaris scores lead role in Earlwood Festival

Australian comedy star George Kapiniaris is bringing his trademark humour and penchant for cultural celebration to Earlwood this weekend.

Derrimut 24:7 Gym founder Nikolaos Solomos faces $12.5m tax debt as staff go unpaid

Derrimut 24:7 Gym founder and owner Nikolaos Solomos is under mounting pressure as at least 15 instructors remain unpaid for a month.

Mercury Psillakis’ friends return to surf in tribute

Surfing buddies of Mercury Psillakis reunited on Sydney’s northern beaches to catch waves in his memory, a week after his death.

Police officer Alexander Papanastassis granted bail after manslaughter charge

Alexander Papanastassis, 29, has been charged with negligent manslaughter following the death of Hoppers Crossing man Luke Briggs.

You May Also Like

‘We want change now’: Adelaide students rally against sexual violence in schools

Hundreds of Adelaide high school students, marched to protest against sexism and sexual violence in their school communities.

Newcastle Jets player tests positive for coronavirus

An unnamed Newcastle Jets player has become the first professional footballer in Australia to test positive to the COVID-19 virus.

‘Never Forget’: SΑ’s community gather to commemorate Pontian Greek Genocide

With a multi event ceremony, South Australia's community paused to commemorate the anniversary of the Genocide of Pontian Hellenism.