Supermarkets: Sklavenitis buys 9 stores of SEP Markets in Ioannina

Deal wrangling in the Greek supermarket sector continues with smaller firms in the spotlight.

Sklavenitis’s negotiations with SEP Markets Papadopoulos for the acquisition of most of the network of the latter in the city of Ioannina is the latest move in the market of organized food retail, while it was preceded by the acquisition of the chain “Spar Magi Markets” in Veria and Chalkidona by the Pitsias chain of Pieria, expanding its footprint further in northern Greece.

The discussions between Sklavenitis and the family business SEP Markets Papadopoulos are in the final stage and according to information they concern the acquisition by the industry leader of 9 of the 11 stores that SEP Markets has today.

The stores of the chain managed by the family of Simos Papadopoulos, that will pass under the control of Sklavenitis, when and if the final signatures fall, employ 160 people, who are expected to remain in their positions, while the goal is to create new ones.

The agreement will ensure the sustainable operation of the local company, which will be able to focus on new areas of activity, according to sources close to Sklavenitis.

The 9 stores of SEP Markets will be integrated in the network of the Sklavenitis group at the beginning of the summer after renovation works and change of the marquees, expanding the number of points of sale to 440 from 431 today.

Note that SEP Markets has 11 stores in the following areas:

a) at 53 Michail Aggelou Street in Ioannina,

b) at 66 Dodonis Avenue in Ioannina,

c) at 1 Megalou Alexandrou Street in Ioannina,

d) at 46 Ethnikis Antistaseos Street in Katsika, Ioannina,

e) at 29 Vogianou Street in Ioannina

f) at 27 Asimakopoulou Street in Neochoropoulo, Ioannina

g) in the K.L.D.I. in Stavraki, Ioannina

h) at 49 Averof Street in Ioannina

i) at 64 Georgiou Papandreou Street in Ioannina

j) at 66-68 Thomas Paschidi Street in Ioannina

k) at 119 Dodonis Avenue in Ioannina

On the other hand, Sklavenitis has only 2 stores in the city of Ioannina, which it acquired after the rescue deal of Marinopoulos.

From 2017 to 2020, the Sklavenitis chain has created 6,000 new jobs, increasing the number of employees to 27,000 while at the same time the investments exceeded 200 million euros.

The turnover of SEP Markets in 2020 was 17.63 million euros from 18.54 million euros in 2019, with marginal profits before taxes of 20.9 thousand euros compared to 7.2 thousand euros in 2019.

It should be noted that based on the auditors’ opinion, the total value of the equity of SEP Markets has become less than ½ of the share capital, while there was also a negative difference between short-term receivables and liabilities at the end of 2020. The company in 2021 adjusted part of its debts to the State, as stated.

“These arrangements are being serviced normally, making a significant part of these obligations long-term. In addition, in this direction, the increase of profitability is expected to contribute decisively, due to the reopening of the activity of the gym, after the lifting of the restrictions due to covid-19, as well as the opening of two new supermarket branches at the beginning of 2021 “, it is noted in the financial situations.