Public Hospitality Group Founder resolves legal battle with payout
Sydney pub baron Jon Adgemis will pay out former business partner Peter Crinis after the pair struck a deal to settle their legal dispute.
Crinis lodged papers against Adgemis in June, but the NSW Supreme Court heard they had struck a deed to settle their dispute, with Adgemis to pay the former Crown Resorts boss in two tranches across August and September.
Crinis, a former KPMG dealmaker, joined PHG in 2021 but departed amid the business dispute.
According to reports Crinis will get receive less than the $800,000 he was seeking.
Crinis, whose lawyers requested a court adjournment until September, was seeking an outstanding $800,000 debt from Adgemis. The legal team argued that a new hearing is necessary to ensure all agreed-upon payments are made.
The debt stems from a deal struck last April when Crinis ended his consulting role with Adgemis’s hospitality group. Initially, they agreed to a $1.2 million payment for Crinis to relinquish his equity in the 22-venue Public Hospitality Group (PHG).
PHG, which operates 16 venues and has another six under development, is grappling with a near-$500 million debt burden.
However, Adgemis recently secured a $400 million refinancing deal brokered by Deutsche Bank, which will trigger a major restructure, including a potential name change and asset sales.
The company has also encountered legal challenges from other associates, including Richard Gazal and former Bank of Queensland boss George Frazis.
On a positive note, Celebrity chef George Calombaris is set to take on a larger role as PHG undergoes a rebrand.
Jonathan Jackson, 7th August 2024
