Super Markets: Sklavenitis completes takeover of SEP Markets in Ioannina

The absorption by the Hellenic Supermarkets Sklavenitis of 9 of the total 11 stores of the Gianniotiki chain SEP Markets – Papadopoulos has been completed.

As of May 20, the 9 stores of the local supermarket chain of Ioannina were added to the network of the leader of the supermarket sector and thus in the mainland capital now has 11 points of sale, including the 2 stores already bearing the Sklavenitis sign.

“The new stores already have a wide variety of products, of excellent quality, at prices “cheaper than anywhere”, as is the case in all our other stores,” reads Sklavenitis’s announcement.

All of the 160 employees of the 9 stores of the SEP Markets – Papadopoulos chain have already joined Sklavenitis, which now holds the leading position on a network level in the city of Ioannina.

The total renovation of the stores, located mainly in the city center, is scheduled to be completed by mid-July and until then the signs outside will be “SEP Papadopoulos”.

The SEP Papadopoulos store in Averof and the store that opened a year and a half ago at the junction of Dodonis and Naxos streets were left out of the deal.

Sklavenitis continues to expand

With the turnover at group level having exceeded 4 billion euros in 2021, the Sklavenitis chain continues to augment both its physical branch network and its digital channel.

In mid-April, the new e-hub of Sklavenitis in the northern Athens suburb of Kifissia started operating, the fourth and largest in the chain, covering the areas mainly of the Northern and Eastern suburbs of Attica, while for the autumn the opening of the two new physical stores in Nea Philadelphia is underway (in the former Renault building – MAVA) and in Glyfada (in the place where the Nova Cinema Odeon cinemas used to operate).

For this year, the investment plan of Sklavenitis amounts to 50 million euros.

Auditor’s notes

SEP Markets is a family business run by the third generation of the Papadopoulos family, which has been active in the field of retail since 1925, headed by Simos Papadopoulos.

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 had 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, the increase of profitability is expected to contribute decisively in this direction, 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,” financial statements note.