Adgemis' yacht sold as Public Hospitality Group battles $500 million debt
A luxury motor yacht once symbolic of Jon Adgemis’ rise in Sydney’s hospitality and finance circles has been sold, amid mounting debts tied to Public Hospitality Group (PHG).
The 28-metre Italian-built yacht Hiilani, once owned by Hollywood star Shirley Temple, was used by the former KPMG dealmaker to host lavish events at the height of his pub empire. However, receivers appointed by the Commonwealth Bank have now confirmed the vessel has been sold, reportedly for A$1.05 million. The new owners have requested anonymity.
The yacht sale forms part of a broader attempt to stabilise PHG, which once boasted 20 pubs but is now struggling under A$500 million in liabilities. A spokesman for Adgemis said, “his priority was to ensure staff were paid, not luxury items.”
Administrator Duncan Clubb of BDO said Adgemis expanded aggressively while credit was cheap, but rising borrowing costs exposed a flawed financial model. “The model was broken. He went on a buying spree and ended up with a portfolio of pubs that were over leveraged,” he said. “He then continued to double down and borrow more... He is not a detail kind of guy.”
Efforts to retain venues such as Oxford House, The Norfolk, and The Strand Hotel have included a A$600,000 payment covering superannuation for 150 staff. A further A$6.7 million in entitlements is due by 31 July. According to his spokesman, this is to be funded by private lender Archibald Capital.
Celebrity chef Luke Mangan said the PHG fallout presents opportunities for rivals. “The vision had great potential, but obviously not enough capital to make it happen,” he said. Fellow chef George
Calombaris described his dealings with Adgemis as “arm’s length” and without incident.
However, the Hellenic Club, which previously partnered with PHG at Alpha Restaurant and Beta Events, claims it was left covering A$1.6 million in wedding deposits. “We could not go to families who had paid up to $40,000 for their daughter’s wedding and say they had lost the money,” said Hellenic Club president Nick Hatzistergos. “It placed a very heavy financial burden on us.” A spokesman for Adgemis rejected this version of events as “simply not true”.
Jonathan Jackson, 18th June 2025
