Karali Group rescues The Real Greek out of administration

Cote Brasserie owner, Karali Group, has agreed to rescue 19 The Real Greek restaurants out of its 28-strong portfolio, after the chain was put in administration by Fulham Shore on Friday (1 May). 

While the hospitality chain will close its central kitchen, cease trading in nine restaurants – of which four are in London – and cut some 151 jobs, Karali Group’s acquisition secures the future of 358 workers.  

London branches in Dulwich Village, Spitalfields, The Strand and Westfield in west London are scheduled for closure. However, the remaining restaurants in Bankside, Covent Garden, Marylebone, Soho, St Martin’s Lane, St Paul’s, Tower Bridge and Stratford Westfield will continue trading.

According to Fulham Shore, the deterioration in the economic environment has had “a more significant impact on The Real Greek than on the Franco Manca business”.

Paul Berkovi, managing director of Alvarez and Marsal, told Hospitality Week: “We have worked closely with The Real Greek’s management team and are pleased to have completed a transaction that secures a future for a restaurant group enjoyed by diners over many years.

“Our immediate focus as administrators will be to provide a smooth transition for the business and to support employees affected by site closures. We are grateful to all stakeholders for their constructive engagement throughout this process.”