In Patras’s industrial heartland, a company with a history spanning decades is seeking to redefine its future. BGS Alcohols, which came under the control of an investment group led by Dimitris Chandris and Harry Smith, in 2022, is investing €34.7 million in a new ethanol production unit.
The investment comes at a time when the performance of the existing business is moving in the opposite direction. Last year, sales fell to €8.1 million, from €8.28 million, while net profit declined by 39% to €158,159. At the same time, advances and assets under construction surged to €19.96 million, from just €535,496 in 2024.
Behind BGS Alcohols is the long-established V. G. Spiliopoulos. Today, with Tasos Evangelou as chairman and managing director, the company is backed by Cyprus-based XS Spirited Investments Corporation Limited, which is listed as a shareholder and guarantor of key financing.
The change in scale is reflected in the balance sheet. During 2025, capital increases totalling €8.2 million raised share capital to €11.73 million. At the same time, bank borrowings reached €15.45 million, from zero a year earlier.
The €11.55 million bond loan is secured by a pledge over all BGS Alcohols shares and security over its machinery and equipment of up to €20 million. The terms include restrictions on dividend distributions, linking the company’s financial flexibility to the implementation of its investment plan.