George Calombaris’ business partner quits board
George Sykiotis, the long-time business partner of George Calombaris, has announced he is stepping down from the board of Made Establishment, the company behind Hellenic Republic, The Press Club and Gazi restaurants.
He has also flagged diluting his shareholding in the business.
But he says he will still be involved in the business.
And he has dismissed suggestions that there had been arguments in the company following revelations it had underpaid 162 staff $1.6 million over six years.
Mr Sykiotis said the new bosses the under white knight investor Radek Sali., who was the former Swisse boss, had allowed him to step back from management.
“It is a pleasure to work with a CEO and financial officer of this calibre, it means I can focus on family after 11 years in the business,” Mr Sykiotis told the Herald Sun.
In his new role, he said, he would focus on the real estate arm of the business.
Mr Sykiotis owns a third of the Made Establishment, while Mr Calombaris and Mr Sali own the rest.
He acknowledged he was looking at diluting some of his shareholdings in the business.
He said he was moving away from full-time involvement to spend more time with his family.
The departure of Mr Sykiotis caps off a tough period for the business.
Early this year, the business had to pay $2.6 million in missed wages after an external audit found 162 staff at Hellenic Republic, The Press Club and Gazi were owed backpay.
Salary issues, including some overpayments, only emerged after Sali joined the business and the new chief executive officer, Troy McDonagh, was appointed in late 2016.
Added to that was Calombaris getting charged with assault following an AS-1 League Grand Final and Hellenic Republic getting sued over a food poisoning outbreak dating back to 2014.
Troy McDonagh praised Mr Sykiotis.
He said they had been scouting new restaurant properties in Sydney and Brisbane.
“This idea of a split is a nonsense,” Mr McDonagh told the Herald Sun.
“We are committed to growth and are a united front.”
by Leon Gettler, July 7th 2017
