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Jon Adgemis’ Sydney pub entities enter administration – The Greek Herald

Companies behind two of Jon Adgemis’ hotels in Sydney have been placed under external management The Australian.

The latest move by at least one of the small lenders owed money by Adgemis’ Public Hospitality Group (PHG) could potentially jeopardize a significant $400 million debt restructuring for its embattled pub empire.

The Oxford Rose Pty Ltd and 106 Swanson Street Pty Ltd have been placed into external administration, according to documents filed with the Australian Securities and Investments Commission (ASIC) register. The entities are linked to The Rose Hotel on Oxford St in Paddington and the Kurrajong Hotel in Erskineville respectively.

Insolvency and consultancy firm Ankura works as an external administrator for the entities. Lenders are believed to be owed tens of millions of dollars in money.

Jon Adgemis
Jon Adgemis is owner of Public Hospitality Group. Photo: Development completed.

This comes after Adgemis struck a $400 million refinancing deal with Deutsche Bank, Gemi Investments, Archibald Capital and Muzinich & Co in May 2024 to save its PHG from collapse.

Adgemis’ project began to falter after he took on hundreds of millions in debt at high interest rates from several lenders just before financing costs rose. Some lenders tried to sell his properties, staff were left behind and suppliers went unpaid. The Australian Taxation Office also visited the pub group’s offices in early May 2024.

Earlier this week, the operations of Hellenic Club of Sydney’s Alpha restaurant and Beta Events were also acquired by Con Dedes of Dedes Waterfront Group after PHG’s quick exit.

The pub group took over the business activities of Alpha and Beta Events at the beginning of January. Former MasterChef judge and chef George Calombaris also moved into Alpha’s kitchen in March 2024, taking over from Alpha’s founding chef, Peter Conistis, who had been in charge of the venue since it opened in 2013.

At the time, members of the Hellenic Club of Sydney and the wider Greek community raised concerns The Greek Herald on the future of Alpha and Beta Events, questioning Adgemis’ PHG’s choice over competitors such as Dedes Waterfront Group, raising concerns about the club’s financial stability and the potential impact on its operations and reputation.

Con Dedes’ new management is welcome news for the local Greek community.

READ MORE: Hellenic Club of Sydney venues under new management as embattled Adgemis pub group departs

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