Build Better Future (BBF) will proceed with a combination of residential and commercial development with a landmark Building Complex, at the coastal block of the KEAN factory, BBF General Manager of Lefteris Constantinou told "Entrepreneurial Limassol".
Mr. Constantinou added that from the moment the deal was signed, BBF started the relevant procedures and a preliminary meeting was already held with the Department of Town Planning, which is awaiting the proposal for the new project.
Regarding the relocation of the KEAN factory, he stated that BBF has already drawn up a short list of industrial sites in Greater Limassol, in order to select the most suitable one, indicating that the new factory will be more modern and efficient.
One of KEAN's major shareholders to date, Mrs. Kikoula Cotsapas, told "Entrpreneurial Limassol" that a preliminary agreement for the sale has been signed and the Due Diligence process is now underway, which is expected to last three months, in order to complete the transaction. Mrs. Kotsapa reiterated that it was agreed that the factory would remain as it is with its staff, since it is a successful and profitable company, with increased sales, despite the crisis in the market. From the family that owns KEAN, Mrs. Kotsapa told us that it is most likely that some of the younger staff members will remain in the company.
As for the relocation of the factory, she told us this had been planned for a long time, but it is a huge project that needs a lot of work, attention and funds. She added that a suitable place has not been identified so far, but she estimated that BBF, with its experience and way of approaching things, can carry it out successfully.
Answering a question, from a personal/emotional point of view, Mrs. Cotsapas said KEAN was a huge her father Takis Christodoulou's life who created it (in 1949), herself and her sisters. She indicated that it was with regret that the decision to sell was made, "but we have to move on as life goes" as she put it. "There are reasons relating to work and continuity that we factored in and decided that this is the best solution", she concluded.
