The Real Greek, a UK restaurant chain, is planning to shut down nine of its outlets, leading to 151 job redundancies due to the company going into administration. On the brighter side, Karali Group, the same company that acquired the Cote Brasserie chain last year, has made an offer to take over 19 of The Real Greek’s 28 locations, potentially saving 358 out of 509 jobs. The affected Real Greek sites include Spitalfields, Westfield London, Dulwich Village, Bristol, Strand, Solihull, Gloucester Quays, Glasgow, and Edinburgh.
Established in 1999 in London, The Real Greek aims to transport its customers to Greece with its distinctive blue and white decor, relaxed ambiance, and a menu filled with traditional dishes like hummus and moussaka. Although nearly half of its establishments are in London, the rest are spread across Scotland and the rest of England. The latest financial records indicate an operational loss of £3.6 million, as reported by the BBC.
In related news, industry publication Propel mentioned that The Real Greek’s central kitchen will also cease operations. Fulham Shore, the parent company of The Real Greek, recently initiated a company voluntary arrangement (CVA) for its sister brand Franco Manca, resulting in the closure of 16 sites and the loss of 225 jobs. Marcel Khan, the CEO of Fulham Shore, expressed optimism about the move, stating that it would secure a more sustainable future for the business and allow them to focus on expanding Franco Manca.
Toridoll, the parent company of Fulham Shore, attributed The Real Greek’s struggles to the challenging economic climate, citing inflation, rising energy and food costs, and increased labor expenses as significant factors. Fulham Shore was acquired by Toridoll, with backing from investment firm Capdesia, in 2023 for £93.4 million.
Paul Berkovi, managing director at Alvarez & Marsal, the administrators overseeing the process, emphasized the successful completion of the transaction to secure the future of The Real Greek. He assured a smooth transition for the business and pledged support for affected employees during the site closures. The administrators expressed gratitude to all stakeholders for their cooperation throughout the restructuring process.
