UK restaurant chain to close up to half its stores - in business since 1999
A struggling chain of Greek restaurants could be set to close around half its more than two dozen UK locations as part of a rescue deal. The Real Greek was founded by chef Theodore Kyriakou in 1999, launching their first restaurant in Hoxton, East London.
The chain describes itself on its website as having a menu that "celebrates the dishes you'll find in homes and tavernas across Greece". "From flame-grilled souvlaki and traditional meze to fresh salads, warm flatbread and time-honoured recipes, everything we serve is designed to be shared. Simple ingredients. Bold flavours. Honest cooking."
In the 27 years since, it has expanded under a couple of different owners. It now has some 26 restaurants across London, Manchester, Edinburgh, Glasgow, Liverpool, and Southern England. Some reports suggest there may be as many as 28.
UK kitchens firm closes down after plunging into administration - in business since 1947
Petrol and diesel drivers urged to fill up before 10am on Saturday
The chain is currently owned by investment firm The Fulham Shore, which also owns popular pizza restaurants Franco Manca.
But both The Real Greek and Franco Manca have struggled in recent times due to rising costs and low consumer confidence as cost-of-living pressures continue to bite.
Franco Manca is undergoing a major restructuring that looks set to see 16 of its locations close. Meanwhile, hospitality operator and owner of Cote, Karali Group, is closing in on a deal to save part of The Real Greek chain, as per Sky News.
According to the outlet, it would entail closing of roughly half the brand's sites. Karali is understood to be in advanced talks with advisers to The Fulham Shore.
A deal would be expected to be completed though a pre-pack administration, a type of legal firewall often used to arrange a quick sale whilst maintaining the everyday business of the company.
According to the outlet it could be formalised by the end of the week.
It cited sources in the restaurant industry who said it would likely result in between 10 and 15 of the sites being saved, roughly half of The Real Greek's estate.
It comes as the casual dining sector reckons with cost inflation, reduced footfall, and increased costs due to the Iran war, which has sparked a global oil and fuel crisis.