Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

23 Mar 2004



PSD disclosed:

09 Oct 2003

Project Description

The proposed project will attempt to expand Boliari's operations in the cities of Varna and Bourgas, alongside the Black Sea coast, and eventually support the transformation of the Company expansion into a national chain.

Transition Impact

The project's main transition impact will derive from the envisaged improvements to corporate governance and transparency at the company (including the company's registration as a joint stock company, separation of management from ownership, improvements in transparency, changes to IT/MIS systems etc).
Additional transition impact may derive from linkages to suppliers, through longer and larger supply contracts and better food quality and hygiene standards. The project would benefit Boliari's suppliers by offering reliable market outlets to farmers and local agro-processing enterprises. It would lead to improved quality and diversity of products offered to consumers in Bulgaria. The project is also expected to promote economic growth in the area.

The Client

Boliari EAD is a regional supermarket operator in Varna, Bulgaria with total estimated sales of approximately € 21 million in 2003. The Company was established in 1994 and it operates three supermarkets under the Piccadilly Supermarkets brand in the city of Varna.

EBRD Finance

Financing package of up to € 14.5 million, including loan and equity financing. A part of the loan will be syndicated to a commercial bank.

Project Cost

Up to € 25 million

Environmental Impact

The project was screened B/0, requiring an environmental analysis of impacts associated with the construction and operation of new stores. The analysis, carried out by the Environment Department of the EBRD, showed that the Company is in compliance with Bulgarian environmental, health and safety standards and regulations and has a comprehensive worker health and safety policy with no violations, fees or penalties incurred in the last five years.
The Company will be required to comply with applicable domestic and EU environmental, health and safety standards. They will be required to submit a report on environmental, health and safety issues to the EBRD annually.

Technical Cooperation


Company Contact

Mr. George Papourov
Managing Director
1a Bitolia Str.,
Varna 9000
Phones: +359-52-663434 & 663433
Fax: +359-52-663456

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

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Text of the PIP

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