Merivale was shown internal financial spreadsheets by one major lender, but ultimately decided against exploring a deal, sources said.
Lenders to publican Jon Adgemis tried to convince hospitality baron Justin Hemmes to take over his Public Hospitality Group earlier this year before the embattled business locked in a refinancing deal.were shown internal financial spreadsheets by one major lender trying to stem the losses at Public Hospitality, revealing Mr Adgemis’ high debts and relatively low revenues, three sources familiar with the approach said.
Mr Adgemis has given the impression that his pub group is secure, saying this week that its new refinancing deal has placed the group in a strengthened financial position. But it is still facing challenges and pressure from creditors. The group is also having trouble maintaining an office. Public Hospitality was forced to exit its former home in Sydney’s Paddington to save on rent. Over the past week, it has been asked to vacate the upper levels of the Rose Shamrock & Thistle Hotel, a source with direct knowledge said.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Jon Adgemis’ Paddington pub Rose, Shamrock & Thistle Hotel housing El Primo Sanchez up for saleThe move follows a complex refinancing effort of Mr Adgemis’ Public Hospitality empire involving Deutsche Bank, Muzinich and Archibald Capital’s Ben Madsen.
Read more »
Jon Adgemis to cede operational role as pub empire locks in $400m refiAn announcement is expected as early as Wednesday, after Deutsche’s slice settles.
Read more »
Why first-time buyers are finding it harder to get a mortgageMore first home buyers are struggling to get their mortgage applications over the line with lenders.
Read more »
Why first-time buyers are finding it harder to get a mortgageMore first home buyers are struggling to get their mortgage applications over the line with lenders.
Read more »
Why first-time buyers are finding it harder to get a mortgageMore first home buyers are struggling to get their mortgage applications over the line with lenders.
Read more »
Mobile banking: alarm as fraudsters take over handsets and raid accountsScams underline risks of banking on mobile, with not all lenders prepared to refund victims
Read more »