ATO FALLS ON VIRTICAL
The strings are unravelling on the rise and fall of the skyrocketing Virtical Group, as the ATO unleashes the first of what could be many fines for improper tax claims. An audit, which is the first to emerge from what
RECEIVERS SNATCH VIRTICAL’S JUST SOLD REPUBLIC
Receivers have taken control of the Republic Hotel in Sydney’s CBD only days after Virtical signed to sell the property to Chris Thomas for a major loss, and as the group is accused of not paying staff Super. Under the
PUBLIC HOSPITALITY CREDITORS TAKE FIVE
The party is winding down for Jon Adgemis’ Public Hospitality Group (PHG), as a major lender calls in receivers and managers on five venues in the collection. Last week FTI Consulting’s Vaughan Strawbridge and Joseph Hansell stepped in, under security
HOSTPLUS AND CHARTER HALL TAKE A SHOT AT HPI
Listed real estate investment powerhouse Charter Hall and teamed again with Hostplus to attempt a takeover of the country’s last remaining listed pub landlord, Hotel Property Investments (HPI). Charter Hall Retail REIT (Real Estate Investment Trust) touts its interest in
ENDEAVOUR AND ALH FY24 RESULTS
Endeavour Group has posted its full year results for FY24, detailing cost-cutting and portfolio hygiene in challenging economic times, yet seeing falling investor sentiment. ASX-listed Endeavour (ASX:EDV) is the holder of 350 pubs, retail outlets Dan Murphy’s and BWS, and
FINANCE AND A FRYING PAN FOR ADGEMIS’ PUBLIC
Aspiring hotelier Jon Adgemis has reportedly finally locked in the $400 million refinancing to save Public Hospitality Group, as lenders mandate management and a Masterchef joins the project. According to sources in finance, Deutsche Bank and other lenders have executed
MELBOURNE METRO FINDING ‘MARKET-DEFYING’ RESULTS
Recent freehold sales in the Victorian capital signify the resurgence of activity in the market as sharp yields reflect both investor and industry interest. The freehold interest in the Cornerstone Hotel of Port Melbourne transacted in recent weeks at a
KINSELAS AND COURTHOUSE DEAL IN COURT
The big-ticket sale of Kinselas and the Courthouse Hotel by MA Financial to operator-developer Virtical has fallen over, with parties now arguing the specifics in court. Last September news broke that Moelis was divesting the pair of pubs at Taylor
PUBLIC HOSPITALITY PUBS JOIN WAVE OF INSOLVENCIES
The Adgemis Public Hospitality empire is in flux again, threatening its refinancing efforts, as two pubs in the portfolio enter administration alongside a record-breaking number of Aussie businesses. Public Hospitality Group (PHG) is scrambling to retain its collection of over
PUBLIC LANDS $400m REFINANCE, WITH CONDITIONS
High flying banker turned publican Jon Adgemis has secured a $400 million refinancing deal to save his floundering hospitality gambit, but will be forced to sell down. According to sources, an agreement has been reached this week with the group’s
