January 2016

Memorabilia: Did you know that...

Memorabilia: Did you know that …

It was in the year 1929, under British colonial rule, that Limassol entrepreneurship gave rise to Cyprus’ first soap factory!

It was the year of the beginning of the Great Depression in America and beyond when Ioannis Colakides of Limassol, who had studied Commerce in Smyrna in the 1890s, developed what was, under the circumstances, a revolutionary initiative: the establishment of the Colakides Bros. Pomace Olive Oil & Soap Industrial Company..

The factory began its operations on the Limassol seafront, in the building that later became known as Theodosiou Bonded Warehouse.

The company was set up on the basis of the Company Law of 1922, with a capital of £12,000 divided into 2,400 shares of £5 each

The black-and-white picture shows factory founder Ioannis Colakides and his wife.