Man Buys Jon Adgemis’ Failed Pubs for $150M | The Australian

Millinium Capital Managers has acquired $150 million worth of pubs from the remnants of Sydney businessman Jon Adgemis’s collapsed Public Hospitality Group, a deal that has prompted scrutiny given the investment firm’s previously limited profile. The acquisition, finalized on February 17, 2026, represents a significant, rapid expansion for Millinium Capital, raising questions about its financial capacity and strategy.

Adgemis’s financial downfall has been marked by substantial debt and allegations of trading while insolvent. Liquidators revealed he had borrowed over $135 million against a property in Hurstville, which is now in ruins, and accumulated debts exceeding $1.7 billion, making his bankruptcy one of the largest in Australian history, trailing only Alan Bond’s 1992 collapse. A proposed settlement of $1.5 billion in debts was rejected by creditors last Friday, with the Australian Taxation Office (ATO) voicing concerns that taxpayers would receive a minimal return – just 0.17 cents on the dollar.

The ATO, in a letter to bankruptcy trustee WLP Restructuring, questioned whether Adgemis had genuinely engaged in negotiations with creditors, given the disparity between his substantial debts and his continued lavish lifestyle. Reports indicate Adgemis maintained a $60,000-a-month penthouse in Bondi Beach and drove a Mercedes-Benz AMG G63 valued at approximately $260,000, despite owing the ATO $162 million.

Prior to the collapse, Adgemis had attempted to regain control of five Sydney venues – Oxford House, The Exchange in Darlinghurst, The Norfolk, The Strand Hotel and Camelia Grove Hotel – that were once part of his Public Hospitality empire. These venues were placed under receivership in September 2025 by New York lender Muzinich & Co, with FTI Consulting appointed as receivers and BDO as administrator of Public Lifestyle Management. Adgemis had made initial payments totaling around $1 million towards a $6.7 million deal to buy back the pubs, structuring the remainder as convertible notes through Archibald Capital, intended to cover employee entitlements, including unpaid superannuation estimated at $4.5 million. However, the final $6.7 million payment, due September 30, 2025, was never made.

In June 2025, Adgemis transferred $500,000 to cover outstanding superannuation payments owed to Public Hospitality staff, as part of an effort to revive his pubs empire. JAGA Investments, Adgemis’s firm, made the payment under a deal with the administrators. Wealthy clients of Gemi Investments, a Sydney private lender, have reportedly lost their entire investment – approximately $60 million – in loans secured against five pubs that supported Adgemis’s Public Hospitality Group.

The emergence of Millinium Capital Managers as a major player in the Australian pub market, following Adgemis’s failure, has raised questions about the firm’s origins and financial backing. Details regarding Millinium’s investors and long-term strategy remain undisclosed.