Former owner of more than 20 pubs across Sydney and Melbourne declares bankruptcy after owing $1.8 billion

Pub baron Jon Adgemis has declared bankruptcy, owing more than $1.8 billion in debts.

The entrepreneur who founded Public Hospitality during the pandemic, acquired 22 pubs and development projects in his portfolio.

Mr Adgemis built his pub empire of hotels in Melbourne and Sydney with financing from key lender Deutsche Bank.

The decision to choose bankruptcy comes after he lost the support of Deutsche as well as another lender, GEMI Investments, meaning Mr Adgemis had to cede five pubs to KordaMentha as administrators and McGrathNicol as receivers.

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

In a statement, Mr Adgemis