The Real Greek

The Real Greek restaurant chain has been partially rescued from administration after Karali Group acquired 19 of its 28 outlets. However, this rescue comes with the closure of nine locations and the loss of over 150 jobs.

As part of the restructuring, 358 out of 509 jobs will be saved. The central kitchen operation will also shut down, marking a significant shift in operations for the brand. The closures affect sites in London, Bristol, and Scotland.

The Real Greek reported an operating loss of £3.6 million in its last accounts. This financial strain was a key factor leading to the need for a rescue deal. The owners had initially planned to appoint administrators before Karali Group stepped in.

This situation is part of a broader trend affecting the UK hospitality sector, which faces challenges from rising costs and inflation. Industry players like Fulham Shore, which owns The Real Greek and Franco Manca, are also restructuring to adapt to these pressures.

Marcel Khan from Karali Group stated that “the transaction will ensure that the business is placed on a more sustainable footing for the future.” This sentiment reflects the ongoing struggle within the casual dining market as operators navigate economic hurdles.

Paul Berkovi added that they worked closely with The Real Greek’s management team to secure a future for this restaurant group, enjoyed by diners for many years. Yet, the impact of these closures will resonate through local economies where these restaurants operated.