Yesterday
- Exclusive
- Managed funds
Ed Peter’s Duxton empire in pain as it cuts jobs, sells properties
The former bank executive has built a considerable asset management business with wealthy backers. But tough times have forced it to restructure – and shrink.
- Primrose Riordan and Simon Evans
This Month
- Exclusive
- Hotels
Paradise lost: Virtical pub empire’s problems have roots in Eden
Neil Rankin thought he would fund his retirement after selling a small-town pub to a company involving John Palasty. Instead, it turned into a lengthy legal battle.
- Larry Schlesinger, David Marin-Guzman and Max Mason
September
- Exclusive
- Insolvency
John Palasty jumps from Virtical’s sinking ship
The developer is trying to distance himself from Virtical’s collapsing empire, stepping down and selling his shares to a director of multiple failed companies.
- Max Mason, David Marin-Guzman and Larry Schlesinger
- Exclusive
- GST
ATO found pub empire made ‘fictitious’ GST refund claims
Virtical Group made false claims for millions in GST refunds based on invoices for construction that did not happen on property it did not own, the tax office has found.
- David Marin-Guzman, Max Mason and Larry Schlesinger
- Exclusive
- P2P lending
Adgemis makes bold play to reclaim Public Hospitality’s lost pubs
Jon Adgemis is keen to take back control of the five Sydney pubs Public Hospitality Group lost control of last week.
- Max Mason
- Exclusive
- Property investment
Republic Hotel goes into administration as financiers chase $90m
Financiers have given embattled hospitality group Virtical one month to pay $90 million in loans.
- David Marin-Guzman and Max Mason
- Exclusive
- Hotels
Embattled pubs owner hasn’t paid super to staff all year
Property developer Virtical, facing an investigation over $100 million in GST refunds, is now subject to complaints it has not paid superannuation to hospitality staff.
- Max Mason, David Marin-Guzman and Larry Schlesinger
Jon Adgemis’ Public Hospitality loses control over five pubs
US private credit investor Muzinich & Co has pulled out of a major refinancing deal and called in receivers for venues including Oxford House and The Norfolk.
- Max Mason
AVC, Charter Hall snap up pubs as corporate dealmaking ramps up
PAG-backed Australian Venue Co has acquired 10 leasehold venues in Brisbane and the Gold Coast while funds giant Charter Hall has bought Melbourne’s Harlow Bar.
- Larry Schlesinger
- Exclusive
- P2P lending
New York lender in fight over slice of Adgemis’ pubs group
A major lender to Public Hospitality Group, the hotel empire of former KPMG deal maker Jon Adgemis, has signalled it will call in receivers to five Sydney pubs.
- Max Mason
- Exclusive
- Moelis Australia
Redcape set to refresh pubs portfolio with $120m in deals
An unlisted pubs fund run by MA Financial had to freeze redemptions last year. But there’s some good cheer for its investors as funds flow again.
- Campbell Kwan and Nick Lenaghan
Charter Hall and Hostplus take $710m bet on regional pubs landlord
But the board of ASX-listed Hotel Property Investments, which owns 58 hotels leased to Australian Venue Co, says the takeover bid is far too low to accept.
- Campbell Kwan
Surry Hills pub sold for the first time in nearly 50 years
The landmark pub near Central Station sold for about $10 million to local publican Laurence Collins.
- Larry Schlesinger
August
The $500m pub owner you’ve never heard of
David Tomsic, the son-in-law of billionaire pub owner Bruce Mathieson, started out as bricklayer but now owns an empire spanning over 40 venues.
- Larry Schlesinger
Sydney, beautiful but boring, relearns to party
The city is ending a shortage of bars and nightclubs, overruling inner-city residents who prefer their streets quiet.
- Aaron Patrick
Dan Murphy’s owner Endeavour reveals slow start to the financial year
The group, which also runs hotels and wineries, started the new financial year with weaker than expected turnover.
- Carrie LaFrenz
Kinselas and The Courthouse on the edge amid $61m sale stoush
A fight between a high-flying pub investor and an investment bank has put the future of Sydney’s most iconic pubs under a cloud.
- Updated
- Max Mason
The big names to watch as craft beer stages a comeback
Comedians, UFC fighters, an ex-NAB chief executive and an NRL superstar are among those backing craft brewers in tough times. There’s plenty of fight left in the industry, with diversification into ready-to-drink spirits one of the weapons.
- Simon Evans and Emily Day
Iconic Bondi pub with lucrative licence sells for $75m
The Tea Gardens Hotel was purchased by John and Sally Ryan, who operate other Sydney venues Ryan’s Bar on George Street and the Paragon Hotel at Circular Quay.
- Larry Schlesinger
Developer Mark Toma ordered to settle $61m pub deal
The former Virtical director was the guarantor on an agreement to buy two Darlinghurst hotels from MA Financial that did not settle.
- Larry Schlesinger