Jon Adgemis mortgages his mother’s and grandmother’s home to borrow cash
Already a subscriber?Jon Adgemis, the former KPMG dealmaker turned publican, has used his mother’s and grandmother’s homes as security for loans as his hospitality empire struggles with debt.’s Street Talk column reported on Sunday that Mr Adgemis and his Public Hospitality Group
Documents show Mrs Confos’ house in Kingsford, eastern Sydney, was used as security on a loan to his company Jaga Securities from Gemi Investments, a private financier that has also lent substantial sums to hotels and pubs under his Public Hospitality Group., a spokesman for Mr Adgemis told the: “This is a private family matter and not one associated with any of Mr Adgemis’ businesses.
“Second mortgage style loan arrangements where residential property is pledged by owners who use a special purpose vehicle as the borrower is not unusual and is commonly used as an efficient strategy.”Other caveats have also been taken out against the properties. In September, Bizcap – which markets itself as “Australia’s most open-minded lender” – took a caveat against Mr Adgemis’ mother Rose’s house in Rose Bay, documents show.
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