Sklavenitis absorbs Saturn

By George Lampiris

The Greek Sklavenitis Supermarkets are proceeding with the absorption of the company Kronos Karakitsos. This is a company, of which Sklavenitis holds 100% of the shares, however until recently it had a separate VAT number and operated as an autonomous business entity, something that is now changing.

It should be noted that as a company, Kronos had stopped operating as a retail entity as early as 2020, as its only activity concerned the leasing of its stores to the parent company, Hellenic Supermarkets Sklavenitis, given that the last corporate year in which it maintained retail activity as Kronos Karakitsos was that of 2019.

During the last year that it maintained a retail network, its turnover was at 18.98 million euros, recording loss-making results after taxes for 2019 at the level of 3 million euros. Now, within 2020 and operating purely as a lessor of the stores it has to the parent company EYS, its turnover was only 837 thousand euros with net losses after taxes of 514.67 thousand euros.

The route of Saturn from Marinopoulos to Sklavenitis

The local branch network of Kronos passed into the control of the Greek Sklavenitis Supermarkets in mid-July 2019, when an agreement was signed between the chain and the Karakitsos family, for the acquisition of the remaining 45% by EYS, as 55% was already owned by Sklavenite.

We remind you that the Bazaar chain was among those interested in acquiring this 45%, however the agreement in this case did not go ahead. As for the initial 55% that Sklavenitis owned, before finally proceeding with the full acquisition of the parent company, it came from the acquisition of Marinopoulos as, the said shareholding previously belonged to the Marinopoulos family. In fact, Marinopoulos’s side had tried to acquire the remaining 45% without, however, ever paying the price for its acquisition, which is why the percentage then remained with the Karakitsos family.