Pizza Fan: Bank accounts unfrozen – Green light for stores to reopen

A significant development paving the way for Pizza Fan stores to reopen comes with the decision to unfreeze two of the company’s bank accounts, enabling it to settle key financial obligations.

The relevant order was issued by Charalambos Vourliotis, head of the Hellenic Anti-Money Laundering Authority, allowing the chain to make payments that had previously been blocked due to the freezing of its accounts.

Under the new order, Pizza Fan can use the two designated bank accounts to meet a range of obligations. These include payments to suppliers, employers’ social security contributions, loan instalments and debts owed to the state. Other financial claims by third parties may also be settled.

These obligations are directly linked to the company’s day-to-day operations, and settling them is considered essential to restoring the chain’s business activities.

What restrictions previously applied to the bank accounts

Before the new decision, the exemption from the freeze applied exclusively to payroll accounts, ensuring that employees could continue to receive their wages.

However, this exemption was insufficient to cover the company’s other financial needs, as payments to business partners, suppliers and other creditors remained restricted.

The unfreezing of the two additional accounts now expands Pizza Fan’s financial flexibility, allowing it to address outstanding obligations that had affected its operations.

The development creates the conditions for the chain’s stores to reopen, although it does not mean that a return to normal operations is immediate or guaranteed.

A decisive factor will be the company’s ability to meet its financial obligations and restore the transactions necessary for its business activities.

Owner’s lawyer: “Pizza Fan is resuming operations”

“Pizza Fan is resuming operations,” according to a press release issued by Michalis Markoulakos, lawyer for the chain’s owner and legal counsel to the company, following the Anti-Money Laundering Authority’s decision to lift the freeze on the company’s current accounts.

The press release states:

“Pizza Fan is resuming operations following the decision by the Anti-Money Laundering Authority to lift the temporary freeze on the company’s current accounts to cover its operating needs. This development enables the resumption of business activities and the continuation of transactions with employees and business partners.

“Through this decision, the Authority reaffirms its commitment to its institutional responsibilities and demonstrates meaningful social sensitivity, creating the conditions necessary to safeguard jobs and support partner businesses, while preventing the broader economic and social consequences that a prolonged suspension of the company’s operations would have caused.

“The decision was reached following meetings, consultations and the submission of all legally required documents to the Authority. Specifically, it authorises payments to employees, suppliers, landlords, public utility providers and stores within the franchise network, as well as the settlement of taxes, social security contributions, loans and leasing obligations.

“At the same time, the company is permitted to receive payments from all Pizza Fan customers and from food delivery platforms such as efood and Wolt. These revenues may be used to cover the expenses of the company and its franchise network stores.

“To ensure that banks can process the relevant transactions without disruption, FANATICS Ltd. (ΦΑΝΑΤΙΚΣ ΕΠΕ) will submit detailed lists of employees, suppliers, landlords and all its contractual counterparties. Restrictions on cash withdrawals and the distribution of dividends and profits will remain in place, ensuring that profits are retained within the company and strengthen its financial position.

“FANATICS Ltd. has already begun the process of submitting amended tax returns for previous years. According to the company, the amounts involved are significantly lower than those reported to date. It also expects that the inaccuracies it attributes to the speed of the initial investigation will be corrected in the coming period.”

The company’s lawyer, Michalis Markoulakos, stated:

“We express our gratitude to the judiciary and all the competent authorities for taking our arguments into consideration. The Authority, remaining committed to its institutional role and mindful of the economic and social consequences, has made it possible for the business to restart operations and for jobs to be protected.

“Its decision averts the risk of financial suffocation and supports the continued operation of a company with a significant economic and social footprint. We believe that normal operations across the entire Pizza Fan network will be restored promptly.”

Kerameos: “An extremely important development”

Labour Minister Niki Kerameos referred to the protection of employees and the safeguarding of their jobs in a post on the social media platform X.

The minister described the development as “extremely important”, stressing that cooperation with representatives of both employees and management is continuing.

Specifically, she wrote:

“An extremely important development for the protection of employees and their jobs, while the judicial investigation into this serious case continues.”

“We remain in close cooperation with representatives of employees and management to protect jobs,” she added.