Alshaya Group took over a company with negative equity of €33.5 million, non-performing loans of €34.7 million and short-term liabilities that exceeded current assets by €41 million, acquiring control of Starbucks’ Greek operations from the Marinopoulos family.
The financial statements of Alshaya Hellas, the renamed former Marinopoulos Coffee Company, show the scale of the restructuring accompanying the change of ownership. In April 2026, the new shareholder made a €5 million capital increase, with the funds going towards the partial repayment of overdue loans.
At the same time, an agreement was reached with the loan servicers for the final write-off of the remaining balances. The company had not been meeting the contractual terms of its bank loans since 2016.
At the end of 2025, the company owed €18.37 million to Eurobank, €9.10 million to Alpha Bank and €7.23 million to Piraeus Bank. All borrowings were classified as short-term, while the €2.9 million increase during the year was due to the capitalisation of unpaid interest.
The restructuring agreement was reached this year and is not reflected in the balance sheet as at 31 December 2025. Last year, sales rose 8% to €28.53 million, while the company returned to a net profit of €2.81 million, compared with a loss of €795,000 in 2024. This was due to the inclusion in the results of a one-off gain of €3.078 million from the write-off of a liability to a related company, and a deferred tax benefit of about €564,000.
At the end of 2025, the company operated 30 Starbucks stores in Greece, with the exclusive right to use the brand in physical stores, excluding airports. Investment in equipment and store fit-outs amounted to €1.16 million, while the new management plans to expand the network further.