Latest news with #PublicHospitalityGroup
News.com.au
17-07-2025
- Business
- News.com.au
Jon Adgemis mother's house repossessed, prepared for sale
The Rose Bay home that embattled pub baron Jon Adgemis owns with his mother has been repossessed by financiers. The six-bedroom home on a 567sqm block at 2A Conway Ave, where Mr Adgemis's mother and grandson had been living, now has signs on the doors saying 'the mortgagee is in possession of this property'. The note advises that the 'mortagee has secured all doors and windows and will prosecute you if you trespass upon or in the property'. There are padlocks on the gates, the property has been emptied of furniture and TVs have been pulled from the walls. The Daily Telegraph reported last month that Mr Adgemis's Public Hospitality Group has a whopping $500m in debts. A call around of eastern suburbs agents has revealed that Fred Small of Laing and Simmons Double Bay has been appointed to sell it, and the property is now being prepared for sale. Mr Small has been approached for comment. Reports emerged in late May in the Australian Financial Review alleging that the former KPMG dealmaker mortgaged the property behind his mother's back. Mr Adgemis's mother had been in the Supreme Court trying to keep the property, as La Trobe Financial sought to claim it as part of efforts to recoup $6.2m that Adgemis borrowed to finance his business. The Supreme Court heard that his mother 'does not recall and has no record of ever receiving' any legal documents. It was also alleged that the mortgage was taken without her knowledge or authority. La Trobe had applied to the court to repossess the Rose Bay house, that last traded for $4.45m in 2018. Double Bay agents estimate the property would now be worth between $7m and $8m. The land title includes a long list of caveats from creditors, including the chief commissioner of state revenue. The hospitality boss has been battling to keep his faltering hospitality empire — which included Oxford House, pubs The Lady Hampshire and the Camelia Grove and Noahs Backpackers — out of the hands of liquidators as he faced hundres of millions of dollars in debt. Mr Adgemis now lives in a Bondi apartment owned by billionaire fund manager Will Vicars, having moved out of the Point Piper 'Bang & Olufsen' waterfront house owned by Jerry Yafu Qiu, in exchange for property maintenance.
Daily Telegraph
17-07-2025
- Business
- Daily Telegraph
Jon Adgemis mother's house repossessed, prepared for sale
The Rose Bay home that embattled pub baron Jon Adgemis owns with his mother has been repossessed by financiers. The six-bedroom home on a 567sqm block at 2A Conway Ave, where Mr Adgemis's mother and grandson had been living, now has signs on the doors saying 'the mortgagee is in possession of this property'. The note advises that the 'mortagee has secured all doors and windows and will prosecute you if you trespass upon or in the property'. There are padlocks on the gates, the property has been emptied of furniture and TVs have been pulled from the walls. The Daily Telegraph reported last month that Mr Adgemis's Public Hospitality Group has a whopping $500m in debts. MORE: Australia's most bitter celeb divorces MORE: Hemsworth's Aus esky drink hole in receivership A call around of eastern suburbs agents has revealed that Fred Small of Laing and Simmons Double Bay has been appointed to sell it, and the property is now being prepared for sale. Mr Small has been approached for comment. Reports emerged in late May in the Australian Financial Review alleging that the former KPMG dealmaker mortgaged the property behind his mother's back. Mr Adgemis's mother had been in the Supreme Court trying to keep the property, as La Trobe Financial sought to claim it as part of efforts to recoup $6.2m that Adgemis borrowed to finance his business. The Supreme Court heard that his mother 'does not recall and has no record of ever receiving' any legal documents. It was also alleged that the mortgage was taken without her knowledge or authority. La Trobe had applied to the court to repossess the Rose Bay house, that last traded for $4.45m in 2018. Double Bay agents estimate the property would now be worth between $7m and $8m. The land title includes a long list of caveats from creditors, including the chief commissioner of state revenue. The hospitality boss has been battling to keep his faltering hospitality empire — which included Oxford House, pubs The Lady Hampshire and the Camelia Grove and Noahs Backpackers — out of the hands of liquidators as he faced hundres of millions of dollars in debt. Mr Adgemis now lives in a Bondi apartment owned by billionaire fund manager Will Vicars, having moved out of the Point Piper 'Bang & Olufsen' waterfront house owned by Jerry Yafu Qiu, in exchange for property maintenance. MORE: Kyle Sandilands' love nest sells
News.com.au
16-06-2025
- Business
- News.com.au
$500m feeding frenzy as empire implodes
The $500m collapse of a hospitality giant is set to spark a feeding frenzy among Australia's richest pub barons. The collapse of Jon Adgemis' Public Hospitality Group (PHG), has happened slowly, then suddenly with the former KPMG partner now facing the break up of his beloved empire. The Sunday Telegraph reports PHG has a whopping $500m in debts. A Notice of Application for Winding up Order has been lodged with ASIC. Adgemis' empire included 20 pubs, with the opportunity for some savvy buyers to 'pick them up on the cheap'. The pubs and other ventures in that empire that have been put up for sale include boutique hotel Oxford House in Sydney's Paddington, The Norfolk in Redfern, Camelia Grove Hotel in Alexandria, Darlinghurst's Exchange Hotel, The Strand Hotel in the CBD, The Oxford Tavern in Petersham, the Exhange Hotel in Balmain and the Melbourne's Clifton Hotel and St George. According to reports, staff are still owed $6.7m that needs to be paid by July 31. And jobs could be at risk, depending on how the hospitality venues are carved up and sold. Some of these venues have already been snapped up by hospitality giants such as the Solotel Group, run by industry veteran Bruce Solomon, whose other venues include the Clock Hotel in Surry Hills and the Golden Sheaf in Double Bay. Given the huge interest from cashed up pub barons in adding to their asset base, the sell-off of PHG, could see Aussie pub barons enter another scrap. That could lead to a showdown of sorts between the likes of pub tsars Arthur Laundy and Justin Hemmes over the ruins of Adgemis' empire. Scott Didier, Group CEO of construction firm Johns Lyng Group, could be another interested party after he recently expanding his empire with the $140m headline grabbing buy of the Beach Hotel in Byron Bay. It was the second highest price ever paid for an Aussie pub, behind The Crossroads Hotel in Casula in Sydney's southwest which changed hands for $160m in 2022. The Crossroads was purchased by former Sydney Lord Mayor and philanthropist Nelson Meers, could he also been interested in an offload from PHG? One of the more interesting assets in PHG's empire is the old Town Hall hotel in Balmain, which was an inner-city icon before being turned into a gym and is now looking for a new existence. Adgemis is not alone, with some experts are warning the increasing cost of doing business is driving more publicans and owners to call time on their venues. Adgemis was also working on big build projects including 19-room boutique hotel the Flinders in Darlinghurst, and one on the site of the former Noah's Bondi backpackers on Campbell Parade, Bondi Beach. That was bought for $68m by Adgemis in 2022 and is now looks likely to be sold off to creditors. Adgemis has also had to move out of the waterside Bang & Olufsen House, a $130m+ mansion in Australia's most expensive suburb – Point Piper. It was so named because Elton John thought it looked like a stereo when he spotted it while sailing on Sydney Harbour and considered buying it as an Aussie pad.
