The “Greek FBI’s” investigation into alleged VAT fraud of at least €25 million at Pizza Fan, the chain built by Konstantinos Antaras around centralised control of orders and transactions, has brought transactions worth more than €200 million under scrutiny, according to sources familiar with the matter.
The investigation concerns alleged tampering with the cash-register systems dating back to 2022 and has led, according to reports, to nine arrests, including Pizza Fan founder Konstantinos Antaras, company executives, store managers and accountants. Seizures are also reported of more than €500,000 in cash, along with luxury cars and jewellery. The liability of those involved remains under investigation.
The case has taken the market by surprise, as it involves one of the country’s largest restaurant chains. But beyond the course of the investigation, the question is when and how Pizza Fan’s operations will be restored.
Its outlets have remained closed since the police operation began, as order-taking and other key processes depend on its central systems. With the timing of the network’s reopening still unknown, a prolonged shutdown could put pressure on liquidity and affect employees, franchisees and suppliers.
From Koskotas to the pizza market
Antaras’ career did not begin in the food-service industry. Born in Chania, he lived in Athens and Rhodesia, now Zimbabwe, before returning to Greece in 1978. He studied marketing and worked in advertising, rising to become commercial director at “Grammi”, George Koskotas’ company.
As he revealed in an interview, his pay reached as much as 70 times the minimum wage. Even so, he left the job to set up his own advertising company. “It was an inner calling,” he had said.
The idea for Pizza Fan grew out of his work with Roma Pizza, then the market leader with 98 outlets. He said he had proposed a single call centre that would electronically link all points of sale. Roma Pizza did not take up the proposal.
In 1997, Antaras decided to put the idea into practice himself, opening the first outlet in Ampelokipoi. The central system collected orders, tracked delivery times and handled complaints, and allowed orders to be transferred between outlets. The chain is, after all, one of the few not wholly dependent on platforms, as more than 30% of orders went through its own systems.
“Without an organisation like that to protect you and create value for both the franchisee and the customer, there is no way you can survive,” he had argued.
The company also invested in data analysis. Antaras has said the chain had collected ratings from around 1.6 million customers. In one notable campaign to bring customers back, 246,000 inactive customers were given a free pizza, with 32% returning as customers, generating, according to him, €14 million in sales over four years.
The 50% discount voucher introduced in 2008 helped the network expand from 20 to 67 outlets during the crisis, according to Antaras.
The published figures behind Pizza Fan
According to the financial statements of FANATICS PIZZA Ltd, published on 19 October, turnover in 2025 rose 18.6% to €60.44 million, from €50.97 million in 2024.
Net profit, however, fell 66.5% to €533,100, while operating profit before interest and tax fell 63% to €819,900. Cost of sales rose faster than revenue, increasing by 24.9% and narrowing the gross margin to 34.4% from 37.7%. Administrative expenses rose 63.6% to €4.16 million.
Meanwhile, cash holdings fell to €4.86 million from €6.02 million, while short-term liabilities of €14.70 million exceeded current assets of €14.12 million.
In the same financial statements, PKF Euroelegktiki issued a qualified opinion. The auditors identified an unrecorded impairment of about €979,000 for doubtful and disputed receivables, as well as the absence of a provision of about €164,000 for staff compensation. The two findings amount to €1.14 million in total.
The third qualification concerns the unaudited tax years 2020–2025. The auditors noted that no assessment had been made of potential additional taxes and surcharges arising from future audits, and that they could not determine the amount of any provision that might be required.