civilization

With a full cash register, high double-digit growth in turnover and profits, a plan for 50 stores – up from 32 today – and the construction of a proprietary distribution center underway, the McDonald’s in the domestic market it seems that it has definitively turned the page, finding the… button of Greek consumers.

Based on the balance sheet of Premier Capital Hellas, manager of McDonald’s restaurants in Greece, published earlier in GEMI, in 2023 the chain broke the barrier of 100 million in sales for the first time, mainly due to the new points added to its network.

In more detail, according to the company’s annual financial statements, in 2023 the turnover of Premier Capital Hellas increased by 26% compared to 2022, reaching from 81.63 million euros to 102.54 million euros, while the gross profit also increased from €30.96 million to €39.58 million.

The company’s net profits after taxes were also strengthened by 18.4%, which amounted to 3.36 million euros, compared to 2.84 million euros in 2022.

It is noted that Premier Capital Hellas belongs to the Maltese group Premier Capital Plc, which manages the McDonald’s brand and restaurants in Romania, the Baltic countries, Greece and Malta.

New stores and a new logistics center

Today the company operates 32 McDonald’s restaurants, having added 7 new points to the network in 2022 and 2023, while for this year it is planned to open at least 3 more stores, as well as to operate the privately owned 4,000 sq.m. storage center. which is being built in Aspropyrgos, an investment of around 7 million euros.

The funds that Premier Capital has invested in the Greek market since 2011, when it took over the development of the American brand as a Developmental Licensee, amount to 40 million euros to date, while they are about to reach 55 million euros, taking into account the develop its development plan for this year.

In fact, according to Melo Healy, president of Premier Capital Plc., the company plans to open a total of 18 more stores by 2028, creating a network of approximately 50 stores and doubling the number of its employees.

Last year the average number of employees of Premier Capital Greece reached 1,734 people (243 average number of employees and 1,491 average number of daily wage earners), compared to 1,531 people (217 employees and 1,314 daily wage earners) in 2022.

The locks of 2011 and the ultimate upheaval

When Premier Capital Hellas took over the business in 2011, the turnover of the chain in Greece was 19.04 million euros with losses of 199 thousand euros.

It was the time when McDonald’s was in full retreat. Flagship stores, such as the one in Kifisia, were closing and the problems seemed to “swallow” the chain synonymous with American culture.

With an almost bankrupt company in their hands at the time when the memorandums had entered our lives and the crisis was raging in Greece, the Maltese did not hesitate to “break eggs”, closing loss-making restaurants (e.g. Omonia) and bankrupting the company .

The reverse course began in 2014 when the last line of the balance sheet… turned red, with the chain recording profits even marginally, 36 thousand euros.

For the sake of history, let’s say that the first McDonald’s store in Greece was opened in November 1991 in the former central pastry shop of Papaspyros, at the bottom of Syntagma Square, which is still operating today.

At the height of its glory, around 2005, the American chain had over 60 stores throughout Greece, most of which were developed through franchises.

Source: OT

On his appointment Ioannis Tsakiris to its Steering Committee, she proceeded European Investment Bank (EIB). Following a decision of the EIB shareholders – i.e. of EU member states – Mr Tsakiris comes from Greece to succeed Christian Kettel Thomsen, who left the bank last year to take up the position of Governor of the Central Bank of Denmark. The new vice president officially took office on May 1.

Ioannis Tsakiris holds an engineering degree and has significant experience at the EIF Group, having worked for 15 years at the European Investment Fund (EIF), before becoming Greece’s Deputy Minister of Development and Investment in 2019. He served in various positions at the EIF, including as Head of the EU’s South East Europe and Neighborhood Department, and has worked in areas spanning a wide range from private equity investment to strategic development.

As a deputy minister of the Greek government from 2019 to 2023, he played a key role in the establishment of the Hellenic Development Bank and the utilization of the resources of the EU structural funds, as well as the Recovery and Resilience Mechanism.

“Having served the EIB Group for most of my career, it is a great honor to join its leadership team,” said Mr. Tsakiris. “Our work delivers tangible benefits to EU citizens, supports businesses every day, strengthens the competitiveness of our economies and facilitates significant investment.”

EIB President Nadia Calviño referred to the internal and external expertise that Mr. Tsakiris will offer. “Ioannis Tsakiris knows how the EIB Group works and has first-hand experience in the development and utilization of our financial instruments” said Ms. Calviño. “It is with great pleasure that I welcome to the Steering Committee this new member who will bring a wealth of expertise and experience.”

The Management Committee is the permanent collective executive body of the EIB. It consists of nine members — the President and eight Vice-Presidents. Under the supervision of the President and under the control of the Board of Directors, the Management Committee ensures the management of the current affairs of the EIB, prepares the decisions of the Board of Directors and ensures the execution of these decisions. Its members are appointed by the Board of Governors, which is made up of EU finance ministers, following a proposal from the Governing Council.