Kostas Antaras did not begin his business career in food service. Before making his name with Pizza Fan, which came under scrutiny over allegations of tampered cash registers, he worked in advertising.
In the early stages of his career, he worked with George Koskotas, and later set up the advertising agency Staff. He moved into food service through his involvement in businesses in the sector.
Pizza Fan’s story began in 1996, when Kostas Antaras, having already built up considerable experience in advertising, decided to enter the food service market. From its early years, Pizza Fan invested in a central telephone ordering system.
By 2004, the chain had grown to 26 company-owned outlets. 2005 marked a turning point, as management adopted the franchise model.
The following period was marked by geographical expansion and efforts to internationalise. In 2011, Pizza Fan had a presence in Istanbul, and later expanded into Cyprus.
By 2021, it had 85 outlets in Greece and Cyprus. In July 2025, nearly three decades after its founding, Pizza Fan reached the milestone of 100 outlets with the opening of a branch in Oropos.
The financials
According to financial statements published on 19 October, sales at FANATIKS PIZZA Provision of Services and Restaurant Operations Ltd rose 18.6% to €60.44 million, from €50.97 million in 2024. Over the same period, net profit fell 66.5% to €533,100 from €1.59 million. Earnings before interest and tax came to €819,900, down 63% from €2.22 million in 2024. Pre-tax profit fell to €772,800 from €2.18 million.
According to the published balance sheet, the 24.9% increase in the cost of sales brought it to €39.67 million. As a result, gross profit rose to €20.77 million from €19.21 million, while the gross profit margin fell to 34.4% from 37.7%.
Administrative expenses rose 63.6% to €4.16 million, from €2.54 million in 2024. Meanwhile, distribution costs increased 9.8% to €17.34 million from €15.78 million.
The company is managed by Konstantinos Antaras, who signs the management report as manager and is named in the financial statements as its legal representative.
Pizza Fan has an extensive presence in the Greek market. The company says in its report that it has 110 branches across the country.
Cash and cash equivalents fell to €4.86 million from €6.02 million at the end of 2024. Trade receivables rose to €4.88 million from €3.79 million, while inventories increased to €2.51 million from €2.03 million. Trade payables stood at €9 million, up from €8.8 million, while short-term bank loans remained at €2 million. The company’s current liabilities of €14.70 million exceed its current assets of €14.12 million.
The report by the certified auditors at PKF Euroaudit is of particular interest. They issued a qualified opinion on the financial statements for the 2025 financial year. The qualifications mainly concern the failure to recognise impairment on trade and other receivables from doubtful and disputed customers and debtors, totalling about €979,000.
The auditors also note that no provision has been made for employee compensation on leaving service, estimated at about €164,000. According to the report, this omission means that the related provisions are understated and equity is overstated by the same amount.
The third qualification concerns the tax years from 2020 to 2025, which have not been examined by the tax authorities. The auditors note that the company has not estimated any potential additional taxes and surcharges that could arise from a future tax audit, and that it was not possible to determine the amount of any provision that may be required. In total, the auditors’ two quantified findings relate to €1.14 million, a significant proportion of the reported equity.