The Real Greek, a UK restaurant chain, will be closing nine of its outlets, resulting in 151 job redundancies due to entering administration. However, there is a glimmer of hope as Karali Group, the owner of Cote Brasserie, has made an offer to acquire 19 of The Real Greek’s 28 sites, potentially saving 358 out of 509 jobs. The affected Real Greek locations include Spitalfields, Westfield London, Dulwich Village, Bristol, Strand, Solihull, Gloucester Quays, Glasgow, and Edinburgh.
Established in London in 1999, The Real Greek aims to transport its patrons to Greece with its charming blue and white decor, relaxed ambiance, and a menu filled with hummus and moussaka. The chain operates predominantly in London, with additional venues in Scotland and various parts of England. Despite its unique concept, the company faced financial challenges, reporting an operating loss of £3.6m in its latest financial statements, as reported by the BBC.
Industry reports indicate that The Real Greek’s central kitchen will also be closed as part of the restructuring. Additionally, the company’s sister brand, Franco Manca, is set to close 16 sites, resulting in 225 job losses. In a statement, the CEO of Fulham Shore expressed optimism about the future, stating that focusing on Franco Manca’s growth potential will place the business on a more sustainable path.
Toridoll, the parent company of Fulham Shore, attributed The Real Greek’s struggles to the challenging trading climate, citing factors such as inflation, rising energy and food prices, and increased labor costs. The company acknowledged that the economic downturn had a more profound impact on The Real Greek compared to Franco Manca.
Fulham Shore was acquired by Toridoll, with backing from investment firm Capdesia, in 2023 for £93.4 million. Following the administration process, the managing director of Alvarez & Marsal, the appointed administrators, expressed satisfaction in securing a future for The Real Greek, emphasizing a smooth transition for the business and support for affected employees.
Overall, despite the closures and job losses, efforts are being made to ensure a positive outcome for The Real Greek and its employees during this challenging period.