“The situation is difficult; you’ll have to excuse me for not commenting.” That was the terse response given to Euro2day.gr by the owner of a restaurant chain whose name has been mentioned among those potentially interested in Pizza Fan.
The company is at the centre of an investigation into alleged VAT fraud totalling €35 million, its owner has been arrested — editor’s note: he is due to give his statement tomorrow, 27 October — and its outlets have remained shuttered over the past 24 hours. For now, it is unclear whether or when the chain will be able to reopen, or under what conditions.
The market is already discussing who might step in to rescue it. Pizza Fan has a strong brand, an extensive network, a substantial customer base and its own infrastructure, which handled more than 30% of its orders and reduced its reliance on third-party platforms.
There is, however, one factor that cannot be ignored. Even if an investor willing to rescue Pizza Fan comes forward, who will hand over the keys?
Finding a “white knight” is not enough. The stance of the current owner will be crucial — Konstantinos Antaras founded the chain in 1997 — as will the legal options for changing its management and control, and, above all, the conditions under which it can reopen and when.
Time is not on its side. The shutdown affects a network of 110 outlets, 2,500 employees, more than 80 franchisees and over 100 suppliers. The longer the business remains inactive, the greater the risk that the chain will lose its value, while the state’s ability to recover amounts owed to it also diminishes.
Meanwhile, concern is growing over the fate of employees. The Food and Tourism Workers’ Union has scheduled a protest for 2pm today outside the company’s offices in Chalandri.
Among other things, it is calling for all jobs to be protected, full information on the progress of the case and a timetable for the reopening of departments and outlets, as well as guarantees for employees’ pay and social security rights. It is also seeking a freeze on employees’ debts to banks, energy providers and other organisations.
What Pizza Fan has in common with Marinopoulos, Creta Farms and Folli Follie
The crisis has hit Pizza Fan as sales rise but profitability falls sharply. According to the financial statements of FANATIKS PIZZA Ltd, published on 19 October, reported revenue rose by 18.6% last year to €60.44 million, from €50.97 million in 2024. Net profit, however, fell by 66.5% to €533,100, while operating profit before interest and tax dropped by 63% to €819,900. Bank borrowing remained at €2 million.
The financial figures, however, tell only part of the story. For the market, the decisive factor now is time — and whether the chain can retain its value until a solution is found.
That is also where the comparison with Marinopoulos lies. In 2016, the collapse of the supermarket chain threatened thousands of jobs, suppliers and an extensive network of outlets. A restructuring agreement that allowed Sklavenitis to take over the business prevented the chain from losing all its value. In that case, the network was still operating and the Marinopoulos family agreed to the restructuring plan.
The case of Creta Farms was different. In 2019, amid financial problems and a clash between the main shareholders, creditor banks played a decisive role in events, backing a change in management and the restructuring process. The business was subsequently restructured and taken over by a new investor.
At Folli Follie, after the financial scandal came to light in 2018, court intervention was needed to change control of the management. At the request of the Hellenic Capital Market Commission, the Athens Court of First Instance appointed an interim administration. Its task was to ensure the company continued operating and advance its restructuring, without requiring a prior transfer.
The three cases differ both from one another and from Pizza Fan’s. Marinopoulos was unable to meet its obligations, Creta Farms faced financial problems and a clash between its main shareholders, while Folli Follie faced the fallout from a major financial scandal.
In Pizza Fan’s case, the crisis is linked to the tax and criminal investigation and its impact on the chain’s operations. This will also determine which options are available. Legal sources told Euro2day.gr that finding a solution is no simple matter. They say the priority at this stage is the chain’s reopening, which is also what its 2,500 employees are calling for.