Bread Factory – The new owners, the investments and the private capital companies with a turnover of 20 million euros

The restaurant chain Bread Factory plans to invest 2 million euros in 2022, expanding its network of stores in the southern suburbs of Attica. In a horizon of 3 years, the investment plan of the company, which since November 2020 operates under a new shareholding structure and management, will amount to 4 million euros with the aim of having a presence in the first phase in Thessaloniki, while suitable properties are being sought in Patras and Kalamata.

At the same time, as the CEO of the company Mr. Panos Dimitropoulos told, the management plans to place Bread Factory with new points of sale in areas where renovations and tourist developments are planned, with priority on the port of Lavrio and the new airport in Heraklion prefecture in Crete.

However, the development of the chain, which currently has 9 stores (8 in Attica and 1 in Larissa) will not come only from the geographical expansion of the company, said Mr. Athanasios Kolokythas, who represents the new shareholding interests, during the a press conference on the occasion of the operation of the new store at the FIX area of Athens.

Specifically, he said that the chain development plan also includes the strengthening of Bread Factory sales through partnerships with major online delivery platforms and the addition of new codes, as well as new specialized food categories, such as plant based products.

In this context, Bread Factory proceeded to the creation of a new production department of fresh ice cream of the day with an authentic Italian recipe in collaboration with an Italian pastry Chef of Angolo di Gelato.

At 20 million euros the turnover – Different IKE stores

For 2020, the total turnover of the Bread Factory stores (excluding the Larissa and FIX stores, which opened this year) amounted to approximately 20 million euros, according to Mr. Kolokythas.

According to Mr. Dimitropoulos, each store has an annual turnover of 3 to 4 million euros, depending on the size. It should be noted that each store operates as a private capital company (IKE) and no consolidated balance sheet is published. As mentioned by the representatives of the chain, the corporate transformation of the stores is in progress.

The new administration

The Bread Factory stores that operate on a 24-hour basis 365 days a year, since last year belong to the company Thunesia Enterprises Limited based in Cyprus.

The company, which is owned by Cypriot entrepreneurs active in the food service sector, as highlighted in the press conference, acquired 70% of the chain’s management company, while the remaining 30% was acquired by Manos Eleftheriou with businesses in Mykonos.

What is Bread Factory?

The company started operating in January 2016 with the first store in Moschato (40 Piraeus St.). It was soon followed by a second one in Karaiskaki Square in Metaxourgeio, in August of the same year.

The third Bread Factory store opened in Holargos, at 275 Mesogeion Avenue, in December 2017, while a few months later two more new stores were opened in Peristeri and Aspropyrgos. In June 2018, the chain’s sixth store opened in Piraeus, while at the end of 2019 the seventh was opened in Maroussi. A year later, the Larissa store opened in the midst of a pandemic and the last one is the FIX store.

The Bread Factory employs over 1,500 people, while the average traffic is more than 2,000 customers per day (per store) with a minimum receipt of 5 euros. Its product range includes about 1,000 codes (bakery, confectionery, ready meals, coffee, etc.), while it has developed a separate section with standardized food and beverages from selected producers throughout Greece. Among them is the Vatopedi Monastery on Mount Athos.