Officials from the Australian Taxation Office have raided the home and office of Jon Adgemis, the businessman whose Public Hospitality Group empire is in the midst of a $500 million refinancing.
Mr Adgemis’ Public Hospitality Group has been attempting to refinance its significant loans with Deutsche Bank for several weeks in a bid to avert collapse. The ATO lodged a tax default notice against one of his companies weeks ago, and lenders have also been anxious about the negotiations.Since leaving KPMG, Mr Adgemis has pieced together a hospitality group of about 20 venues which spans from Guy Grossi’s Puttanesca Osteria in Melbourne to The Strand Hotel in the Sydney CBD.
The ongoing debt refinancing negotiations are being led by Deutsche Bank, Archibald Capital’s Ben Madsen and Justin Epstein’s Gemi Investments.But some smaller lenders have lost patience with the negotiations and put some properties up for sale or appointed controllers to secure their collateral. In the latest instance, one lender, theThe Melbourne-based fund run by Paul McCombe also took control of the Kurrajong Hotel, another of Mr Adgemis’ Sydney pubs, which is closed.
Source: News Formal (newsformal.com)
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