Deutsche Bank has taken control of five pubs owned by Public Hospitality Group and appointed McGrathNicol as the receiver.

The venues are The Empire Hotel in Annandale, The Diplomat Hotel in Potts Point, The Exchange Hotel in Balmain, Claridge House in Darlinghurst and the South Bondi Hotel, formerly Noah’s Backpackers.

Deutsche led a major refinancing of Public Hospitality Group’s debt last year, which now stands at $371 million.

“The receivers have secured funding to support their strategy and are focused on working constructively with all key stakeholders, including employees, patrons, suppliers and subcontractors to continue trading and constructing venues to maximise value,” McGrathNicol partner Jonathan Henry said.

“We are actively pursuing options for the sale process and anticipate a high level of interest in these iconic Sydney venues.”

The move comes ahead of Public Hospitality Group founder Jon Adgemis facing a bankruptcy hearing in the Federal Court on Friday. Adgemis (above) is fighting to avoid bankruptcy over a potential $1.8 billion of debts.

At its peak, Public Hospitality Group had 22 pubs and hotels across Sydney and Melbourne. The group lost control of five Sydney pubs in September 2024 after private credit investor Muzinich & Co pulled out of a refinancing deal: Oxford House, The Exchange in Darlinghurst, The Norfolk, The Strand Hotel and Camelia Grove Hotel.