Big Mac is here, Te­tra-Pak packs up

Financial Mirror (Cyprus) - - FRONT PAGE -

The iconic golden arches of the fast-food McDonald’s chain is about to open its first out­let in Cyprus, with sup­pli­ers ex­cited they will get lu­cra­tive con­tracts, while another brand, Te­tra-Pak, is clos­ing down its Cyprus of­fice, ac­cord­ing to the is­sue 183, on Oc­to­ber 16, 1996.

The McDonald’s chain is ex­pected to open its first fast-food res­tau­rant in Cyprus in less than a year’s time, op­er­ated by Micha­lakis Var­nava from Lar­naca who has a suc­cess­ful chain of stores in Ger­many and is plan­ning to re­lo­cate back home. The chain will open stores in Ni­cosia, Li­mas­sol and Lar­naca, aims to sell about




1,500 burg­ers a day at each out­let and will have its first drive-thru at the end of 1997. Al­ready, Pan­cyprian has clinched the dealt to sup­ply Mac­stan­dard buns, Chrysi Patata will pro­vide the fries and Gre­go­riou/Lam­bri­an­ides the burg­ers. Coke will be the drinks sup­plier of choice.

Pack­ag­ing gi­ant Te­tra-Pak is shut­ting its Cyprus off­shore of­fice and re­lo­cat­ing prob­a­bly to Egypt, a de­ci­sion that will deal a ma­jor blow to the is­land’s rep­u­ta­tion as a fi­nan­cial ser­vice cen­tre and ef­forts to at­tract in­ter­na­tional brands. A to­tal of 45 jobs will be lost due mainly to a rising cost of liv­ing and a strong value of the Cyprus pound.

The rate of growth is forecast to reach 3.5% in 1997 ac­cord­ing to op­ti­mistic com­ments in par­lia­ment by Fi­nance Min­is­ter Christodou­los Christodoulou.


pack up:





Ser­bian Pres­i­dent Slo­bo­dan Milo­se­vic will visit Cyprus, in­vited by For­eign Min­is­ter Ale­cos Michaelides, af­ter sign­ing sev­eral pro­to­cols of co­op­er­a­tion in Bel­grade. (Ed’s note: well, we all know

how that turned out…)

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