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Sydney’s flashy hospitality dealmaker Jon Adgemis has fallen on his sword, declaring himself bankrupt with debts around $1.8 billion.
The collapse of his Public Hospitality Group follows years of financial woes for the former KPMG management consultant, who had picked up venues including The Norfolk in Redfern, Oxford House in Paddington, Darlinghurst’s The Strand Hotel and Alexandria’s Camelia Grove Hotel.
“I take responsibility for the position that has been reached,” Adgemis said in a statement on Thursday.
Jon Adgemis’ pub empire had expanded rapidly before he fell into debt difficulty. Credit: Jesse Marlow
“I am deeply disappointed that my broader vision for the group did not come to fruition, and that, despite sustained efforts, I was unable to deliver a better outcome for creditors.”
The move follows the Australian Taxation Office’s successful bid to become the lead plaintiff in a case seeking Adgemis’ bankruptcy over debts of more than $150 million.
The 47-year-old has become known for both his financial difficulties and extravagant lifestyle. He had been living in the “Bang and Olufsen” mansion in Point Piper, paying up to $20,000 a week in rent, until earlier this year.
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