Hellenic Club to bring in new operators following PHG’s departure
Dedes Waterfront Group has taken over operations at the Hellenic Club of Sydney’s Alpha restaurant and Beta Events.
The move comes after Public Hospitality Group’s (PHG) Jon Adgemis’ exited, having held the assets since early January.
Ironically, the embattled PHG beat out all comers at the start of the year, including Dedes Waterfront Group, to take control of the properties. The takeover occurred despite, PHG being weighed down by $500 million debt.
Adgemis’ financial battles have been widely reported by Australian Hospitality Directory this year. Eventually, Adgemis struck a $400 million refinancing deal with Deutsche Bank, Gemi Investments, Archibald Capital and Muzinich & Co.
That deal hasn’t been enough to satisfy Hellenic Club of Sydney members, or the wider Greek community who recently raised concerns to The Greek Herald about the future of Alpha and Beta Events.
Adegmis brought into question the club’s financial stability and the potential impact on its activities and reputation.
On June 17, the Hellenic Club of Sydney confirmed that it had mutually agreed with the pub group that PHG would depart as operators.
Con Dedes will transition Dedes Waterfront Group into operations over the coming weeks.
“On behalf of Kerrie my partner, myself and the team at Dedes Group, we are honoured to have been entrusted with this beautiful asset,” Dedes told The Greek Herald.
Dedes is behind several Sydney restaurants including Flying Fish and Sala in Pyrmont.
“We thank the Hellenic Club for their trust and we shall work hard to continue the wonderful hospitality legacy which the Hellenes are famous for,” he said.
Jonathan Jackson, 19th June 2024
