Eastern suburbs elite on edge over future of Jon Adgemis’ Public Hospitality Group
Some of Sydney’s well-heeled eastern suburbs elite who decided to invest in playboy publican Jon Adgemis’ Public Hospitality Group are on edge as the business teeters on the brink.
NSW
Don't miss out on the headlines from NSW. Followed categories will be added to My News.
Some of Sydney’s well-heeled eastern suburbs elite who decided to invest in playboy publican Jon Adgemis’ Public Hospitality Group are on edge as the business teeters on the brink.
It comes as companies behind two of Mr Adgemis’ pubs — the Kurrajong Hotel in Erskineville and the Rose Hotel on Oxford St in Paddington — were put into voluntary external administration, despite the venues being refurbished in recent years.
And the company has also lost swish Greek restaurant Alpha in the CBD.
One of Mr Adgemis’ money lenders is GEMI Capital, which has had millions invested in it from members of Sydney’s eastern suburbs elite, who are now unsurprisingly anxious over the future of Public Hospitality.
GEMI Capital has loaned about $200 million to Public Hospitality, The Australian has reported.
Embattled Public Hospitality has been struggling for months, heavy in debt and paying high interest rates.
In May, Mr Adgemis sealed a $400 million refinancing deal with a group spearheaded by Deutsche Bank, stopping his business from collapsing.
A spokesman for Public Hospitality said this week the company had been paying staff and suppliers as it refinanced.
“We have made significant supplier payments this month and are working through making further supply payments as facilities become available over the coming weeks,” the spokesman said.
Mr Adgemis – who once dated model Cheyenne Tozzi – had embarked on obtaining a suite of unloved inner-Sydney pubs, with the aim of increasing their value by upgrading the food and ambience, before he got into financial trouble.
Do you have a story for The Daily Telegraph? Message 0481 056 618 or email tips@dailytelegraph.com.au
Cops, judges clash: Law & disorder as courts go soft on youth bail
Senior judges have slammed toughened youth bail laws, but police want them to be even stronger to protect regional towns constantly under siege from under-age crime.
How the government plans to fix Northern Beaches bus crisis
MPs and locals say the Northern Beaches bus system is in ‘crisis’ between growing queues, cancellations and commute blowouts. Plans to get buses back on the road and drivers behind the wheel could be the key to ending the chaos.