Despite its 130-year history, the Malamatina winery, founded in 1895, faced near collapse this year but was rescued at the last moment. The winery, now under new ownership, continues producing Retsina and other wines. However, its former head, Konstantinos Malamatina, remains embroiled in ongoing issues.
The company’s history is marked by internal family disputes, making it a potential subject for a novel or Hollywood drama. These disputes involved love, hatred, passion, divorces, forgeries, legal battles, private jets, villas, and an ‘army’ of servants, set against the backdrop of a financial crisis.
Currently, under the Mantis group, the winery is in a new phase, but turbulence continues for Konstantinos Malamatina. As revealed by ‘THEMA,’ whose company’s property in Kalochori, Thessaloniki is being auctioned scheduled for December 18, 2024, the auction involves a commercial property expedited by Intrum. The property includes a 6,830 sq.m. plot with a commercial building erected under a 1983 permit for a ground-floor shop with a basement.
In 2003, a new permit changed the property’s use from a shop to an industrial warehouse, including loft legalization. The building, made of reinforced concrete with optical brickwork, stands 7.50 meters tall with a total area of 1,200 sq.m., split between the ground floor and loft, each 600 sq.m. It also includes a 600 sq.m. basement and various metal structures covering around 300 sq.m. outside, plus a 65 sq.m. tented area.
The property has a 2,500 sq.m. cemented section and simple fencing. The auction, set for December 18, 2024, has a starting bid of €756,000. Seized on May 8, 2024, for €100,000 by Sunrise I NPL Finance DAC, it has additional liens: a 2010 mortgage note for €2,150,000 and a 2022 mortgage for €56,610.40.
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The Multifaceted Civil War in the Malamatina Family
The Malamatina family, known for their retsina winery, faced internal strife leading to financial disaster. Once prosperous, their fortunes changed with the arrival of Katerina Malamatina-Tialiou, leading to familial and business turmoil. Konstantinos Malamatinas and Katerina, having different paths since their college days, saw dramatic shifts when Katerina entered the family business.
Katerina, an old acquaintance of Konstantinos from the American College of Thessaloniki, entered his life and the business following a stormy romance and marriage in 1989. Known for her extroverted lifestyle, Katerina increasingly sought influence in the company. In 2002, she founded Quiero Cafe, a coffee business that failed, marking the beginning of family disputes.
In 2003, Konstantinos clashed with his sister Myrto, who sold her 38.9% stake to ELGEKA and later launched her retsina brand, Myrto, which also failed. Myrto’s venture ended ingloriously, as did her life, which ended prematurely.
By 2005, Konstantinos’s relationship with his mother Ioanna, the company president, soured, and he took over as president, appointing Katerina as managing director in 2006. This led to financial mismanagement, including extravagant expenses such as a 6 million euro Falcon aircraft and multiple luxury properties, causing the company’s financial derailment. The family’s internal disputes and financial recklessness ultimately brought the once-strong winery to the brink of disaster.
Financial Missteps and Family Disputes
From 2006, under Katerina Malamatina-Tialiou, the company invested over 20 million euros in non-productive ventures, leading to financial strain and increased bank loans. Konstantinos and Katerina’s relationship deteriorated, leading to accusations of infidelity and attempts by Katerina to take over the company. Legal battles ensued, with Konstantinos initially winning, but Katerina was later acquitted in 2021. By 2019, Malamatina was negotiating with banks to restructure 43.8 million euros in debt. Measures included layoffs and asset sales, such as their Falcon aircraft. To stabilize the company, a plan to reduce debts and find an investor was approved. The Doumia subsidiary was sold, and the Mantis group acquired the winemaking operations, assuming over 13 million euros in obligations and committing to 12 million euros in new investments. Under the Mantis group from March 2022, Malamatina began showing positive results.
Historical Background
Efstratios Malamatinas began winemaking in Tenedos in 1860. His son, Konstantinos, founded the first winery in Alexandroupoli in 1895, producing retsina. Following the 1922 Catastrophe, the family moved to Greece, setting up a new winery in Avlida in 1934. Evangelos (Vakis) Malamatinas, Konstantinos’s successor, played a key role in expanding the company and popularizing Malamatina retsina by improving quality and bottling it in durable ‘bubble’ bottles. The Malamatina winery’s history was marked by significant achievements and dramatic internal conflicts, culminating in its recent financial recovery under new ownership.
After nearly collapsing and being acquired by the Mantis group, led by entrepreneurs Alexandros and Charalambos Krommydas, the Malamatina Winery S.A., established in December 2020, continues its legacy with retsina and other wines. With a renewed corporate identity, it now reaches every corner of Greece and 37 countries abroad.
