'Taizoon Khorakiwala’s participation creates a new dynamic for Amaro Hospitality'

A vote of confidence, which paves the way for even more investments and new additions in the catering sector, as well as in retail for Amaro Hospitality Group has been given by Switz Group, specifically Switz Group Europe - as the group's European arm is called – which belongs to Indian businessman and mega-investor, Taizun Korakiwala.

This vote of confidence translated into Switz Group's particpation into Amaro's share capital a few months ago, where it has acquired a significant percentage of shares, but not concern the majority.

However, this constituted a landmark development for Amaro Hospitality Group, as it creates a new dynamic for the group and especially for its development plans.

Aspirations for expansion

Speaking to InBusinessNews and confirming the entry of the Switz Group, the CEO of Amaro Hospitality Group, Pavlos Kyriacou, emphasised that this is an event that creates an even greater growth perspective, with new business plans in the works.

"Soon we will see new openings, which had previously been in the group's plans and for which this particular investment acted as a catalyst," he indicated, among other things.

Amaro Hospitality Group's upcoming plans include the opening of new concepts and restaurants with an emphasis on Nicosia, where the group's base is. At the same time, however, as Kyriacou pointed out, the group has visions for expansion in Limassol as well.

The first new opening

As Pavlos Kyriacou mentioned, the first new opening concerns a cafe that will open its doors in Nicosia in the autum, serving coffee and options for breakfast and lunch.

In addition, as Kyriacou told InBusinessNews, when it comes to retail trade, the group will expand into the bakery and confectionery sector. Essentially, this will be an extension of Qboo Bakehouse concept, combined with the other projects that are underway.

The activities of Amaro Hospitality Group

The activities of Amaro Hospitality Group started in 2017 and were the realisation of a vision of Pavlos Kyriacou and his partner, Stylianos Petsas, to introduce a new approach in the field of catering, both on a business and culinary basis.

Currently under the Amaro Hospitality Group umbrella are the restaurants Bottega Amaro in Nicosia, Aigaion House in Nicosia and Riva Beach House at Ayia Napa Marina.

In addition to the restaurants, the Qboo Bakehouse, an alternative (by Cypriot standards) bakery, patisserie and bistro is also under the group’s umbrella.

As far as Istorja is concerned, it functions as a cafe and at the same time a concept store. It has options for breakfast, lunch and early drinks. Within the retail part, it emphasises the slow living philosophy and has a selection of furniture, kitchen decoration items and various other accessories.

More on the Switz Group

The Switz Group is the investment arm of the Coraciuala family in the food industry, a sector in which it has been active for the last 40 years, mainly in the categories of bakery, eggs, confectionery raw materials, biscuits, croissants, frozen doughs, as well as retail chains such as patisseries and bakeries.

The group has a strong footprint in the Greek business scene, where, since 2017, it has made a series of acquisitions in the food retail, bakery and confectionery sectors.

It is worth noting that in Cyprus, in addition to the Amaro Hospitality Group, Switz Group also entered into another agreement, with the Limassol-based coffee shop chain La Croissanterie.

(Source: InBusinessNews)