M. Kasapis: KEAN enters new era of hope, staff are safe

Food and beverage company KEAN is entering a new era after selling 100% of its shares to high-end property developer bbf., which will see it keep its brand name, executive team, staff and produce.

Speaking to InBusinessNews, the general manager of KEAN Soft Drinks Ltd., Marios Kasapis, said nothing has changed for the company’s some 200 employees and its clientele.

With the agreement in principle the company has signed with bbf. being subject to due diligence, which is expected to last three months, the company’s staff will continue to work under the same terms and there will be no lay-offs.

Even though the company’s ownership is changing, its staff and executive team will remain the same, said Kasapis, as the new prospective owners consider their presence a must to ensure the company’s continuing successful operation.

As he explained, KEAN is entering a new era of hope, and the new owners are very enthusiastic and optimistic about the future. And so, he added, the company’s prudent policy will continue, always focusing on its growth plan.

“With bbf., we have to the greatest extent managed to achieve the goal we set from the start, which was to protect the staff, keep the KEAN trademark and produce, while securing a good price for the deal,” said Kasapis.

Given the two companies’ good financial standing, each counting their own successes in their respective industries – that is, retail/industry and real estate – the transaction was not based on financial criteria.

Being a family business with a long and very interesting history, KEAN felt it was for the best that the shares are sold to a flourishing brand, such as bbf., which is also behind the renovation of the legendary Berengaria hotel.

Asked how skyrocketing inflation and price hikes have affected consumption, Kasapis said that the Cypriot market was definitely affected. “These were unprecedented conditions and external factors that we have no control over. What we tried to do was moderate and absorb the increases as much as we could, fully aware of the consumers’ dwindling purchasing power,” he explained.

As such, he added, there were certain products that had not gone up in price for over a decade. And so, even though he conceded that the business’ profitability would most likely be affected over the next couple of years, Kasapis said he was optimistic because the current crisis will eventually become a thing of the past.