The sale of the Souvlakihut franchise system with some stores officially transferred under the sale agreement to the new owner, the Astera Consortium.

The new owners are continuing to work with some of the remaining franchisees in an endeavor to find ways to help them to stay into the network.

New CEO, Sophie Valkan said: “We hope to be able to provide more franchisees from the network with the opportunity for them to salvage their businesses by working with us to restructure their expenses. These franchisees have been amazing in their commitment to the brand and we would love nothing more than to have them join us in the new Souvlakihut business.

Ms Valkan said: “While we can’t take on all franchisees, we are working with some and doing all we can to try and put them in a viable situation that enables them to take control of their business and run it profitably – that is after all the essence of a strong franchise relationship.

“We are retaining great operational skills in many of the head office staff who have felt hamstrung in their efforts to assist franchisees while the franchisor was in financial distress. We have a great base to start with including some amazing people as franchisees. It was a valuable experience to meet personally with all of them during our short due diligence period.”

“We have had some challenges and the time frames we have had to work to have frustrated some things we would like to have achieved on behalf of the people that really matter, our franchisees. Our agenda going forward will be the same as our focus during this period of due diligence – that is our franchisees, our staff, our suppliers and our customers.”

A summary of the initiatives that the new Owners have taken already, illustrating their commitment to the network, includes:

Early in the New Year the new owners will be looking to implement some changes that are designed to deliver immediate improvements to the concept and franchisees. These will be followed by a thorough review of the business and with a view to rejuvenating the brand, making it better and more appealing to the wider public.