George Calombaris’ business partner reveals he’s leaving restaurant empire board

A LONGTIME business partner of chef George Calombaris has revealed he is leaving the board of their restaurant empire but has rubbished reports of a split.

A LONGTIME business partner of restaurateur George Calombaris has revealed he is leaving the board of the foodie empire and that he could dilute his shareholding but said the business relationship of 11 years is not over.

Made Establishment major investor George Sykiotis told the Herald Sun he was not walking away and rubbished suggestion a split had opened up in the restaurant empire following revelations it had underpaid 162 staff $1.6 million over six years.

George Calombaris.

Made Establishment major investor George Sykiotis.

He praised the new bosses under white knight investor Radek Sali — the former Swisse boss + which allowed him to step back from management.

“It is a pleasure to work with a CEO and financial officer of this calibre, it means I can focus on family after 11 years in the business,” Sykiotis told the Herald Sun.

He said his new role would be focused on the real estate arm of the business.

Mr Sykiotis said he was discussing whether to dilute “some” of his share holdings. Mr Sykiotis owns a third of the business, with Mr Calombaris and Mr Sali owning the rest.

New Made Establishment chief Troy McDonagh praised Mr Sykiotis and said they were together in Sydney and Brisbane scouting new restaurant properties.

“This idea of a split is a nonsense,” Mr McDonagh said. “We are committed to growth and are a united front.”

The restaurant empire still faces an investigation from the fair work ombudsman for the underpayment with a result expected this year.

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