. Mr Adgemis had been struggling to come up with a $2.5 million bond the firm had demanded. Bain had used consultants to survey PHG’s suppliers to be assured of the true size of his debts, people familiar with the matter said.
Since then, the portfolio has been subject to sky-high interest rates on its loans, and the continued closure of many of his venues. Multiple further mortgages and caveats have been taken out against the properties by lenders in the last 12 months. Then there are other, less conventional, lenders that Mr Adgemis has been forced to rely on. Staff have told theAnother of Mr Adgemis’ larger lenders is Gemi Investments, run by George Fleming and Justin Epstein, which holds mortgages on a number of PHG’s properties.
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