Family-owned investor Karali Grouo, which also owns Taco Bell and Marugame Udon franchises, is said to be in advanced talks with advisors, with a deal expected to lead to the closure of roughly half of the chain’s sites, according to Sky News.
The acquisition will likely to see Karali taking on around 10-15 of The Real Greek’s sites, with the remainder of its 26-strong estate expected to close, Sky News reports.
It is expected to take place via a pre-pack administration, and could be formalised by the end of the week.
The Real Greek is part of Fulham Shore, whose sister chain Franco Manca also undergoing a restructure, with 16 restaurants closing.
Fulham Shore has launched a company voluntary arrangement (CVA) for Franco Manca, which will see it retain ownership of the business.
In February, Fulham Shore owner Toridoll Holdings warned The Real Greek and Franco Manca operator could close ‘a substantial number of underperforming sites’ as it struggles with a ‘sluggish restaurant market’.
Karali Group, which is led by Salim and Karim Janmohamed, acquired French brasserie brand Côte last year and also owns Crosstown doughnuts, the UK franchise for noodle chain Marugame Udon, and a 46-strong Taco Bell franchise.
