100 Years of P.M. Tseriotis | A Century of Innovation and Growth

100 Years of P. M. Tseriotis A century of innovation & growth

/5

Published by Action PR and Publications Ltd (Action Global Communications) on behalf of P. M. Tseriotis group Ltd Editor: Zoe Christodoulides Art direction and design: Victoria Leonidou - Menta Projects Ltd Production: Natalie Christophides Photography: Nicos Louca, (pages 85, 112, 137) | Demetris Vattis (page 161) Printing: Laser Graphics Ltd Copyright for the edition and text: Action PR and Publications Ltd (Action Global Communications) Copyright for images: P. M. Tseriotis group Ltd No parts of this publication may be reproduced or transmitted in any form or by any means without prior written permission of the publisher.

ISBN 978-9963-7910-3-3 Published in Nicosia, Cyprus, 2017 Action PR and Publications Ltd (Action Global Communications), 6 Kondilaki Street, Nicosia. Tel: 00 357 22 818884. www.actionprgroup.com

Dedicated to those who came before us Panayiotis, Ioanna, Lellos and Lya

A special thank you to everyone who helped in the creation of this anniversary book, particularly all collaborators and the Cyprus Press and Information Office for material contributed, as well as Tseriotis group employees, both past and present, who shared their memories and experiences.

CONTENTS 11

CHAPTER 1

Celebrating 100 years of success 19

CHAPTER 2

The legacy of Panayiotis & Lellos Tseriotis 29

CHAPTER 3

A picture journey through time 145

CHAPTER 4

Giving back to the community 159

CHAPTER 5

Drawing on the past, advancing into the future…

CHAPTER 1

Celebrating 100 years of success

/11

/13

/15

Secures sole agency of JOHN WEST FOODS Incorporation of P. M. Tseriotis as a limited liability company

Panayiotis Michael Tseriotis initiates operations Commission Agent for LEVER Brothers (UNILEVER) and BASF

Entry into the automotive business with the representation of JAGUAR motor vehicles

Secures sole agency of H.J HEINZ

1916

1927

1928

1938

1932

1939

1946

1947

1953

JOHN WEST

Secures sole agency of TELEFUNKEN electrical goods Appointed principal agent of NORWICH UNION INSURANCE

Appointed sole importer and distributor of VOLKSWAGEN motor vehicles. Brings legendary VW BEETLE to Cyprus.

Secures sole agency of LOWENBRAU beer

From the introduction of Sunlight and Lux packaged soap, as well as Heinz tomato ketchup onto local supermarket shelves in the 1920s, to the appearance of the legendary Volkswagen Beetle on Cypriot streets in the early 1950s, and on to the introduction of the first mobile phones in the 1980s, the P. M. Tseriotis group celebrates countless significant milestones in its long history.

With the group constantly strengthening and expanding its core business, it now comprises operational and holding companies in Cyprus and Greece. Its activities include sales and after-sales services of motor vehicles, sales and distribution of branded fast-moving consumer goods, the manufacture of home and personal care products, Information Technology services, callcentre outsourcing services and third-party logistics services.

We look ahead, we pioneer, we adapt to the times. We are not afraid to face challenges and make decisions for the long-term good of the company.

Christianna Diogenous, Director

Drawing on the success of the past, the group moves steadfastly towards the future with the same core principles and values set out by its founder, Panayiotis, and later his son, Lellos Tseriotis, who took over the company reigns in the 1960s.

With integrity at its core and a strong professional work ethos, the P. M. Tseriotis group prides itself in always remaining one step ahead of the times.

Always adapting to changing trends and consumer demands, the running of the business still remains largely a family affair, with the current Board of Directors consisting of third and fourth generation family members. As it continues its dynamic expansion, P. M. Tseriotis celebrates 100 successful years, setting new strategic targets and launching a fresh corporate identity inspired by the original 1960s company logo.

We remain dedicated to the vision, principles and values of our founder, which continue to guide us, while always adapting to modernday business needs and demands. With over a century of achievements and dynamic presence in the Cypriot and Greek markets behind us, we are confident of an equally successful future. We would like to express our gratitude to our employees and our associates, as well as to our customers who have established us as leaders in our fields of operation.

Alexandros Diogenous, Director

/17

CHAPTER 2

The legacy of Panayiotis & Lellos Tseriotis Today’s powerful corporate entity owes its existence and the integrity with which it stands to two leading figures - a visionary father and son - who passionately ventured into unchartered territories to build a pioneering business empire that continues to grow and flourish an impressive 100 years after its initial establishment.

/19

Panayiotis Michael Tseriotis 1881-1962

“I always remember him greeting me every day after school, with two kisses and a shilling at the Phaneromeni office,” warmly reminisces his granddaughter, Pandora Tseriotis.

“He was very impressive, sitting in his office where everyone would pass by to pay their respects,” enthuses his other granddaughter, Anna Tseriotis Diogenous.

“And do you remember how everyone admired that he was driven around town in a commercial company van?”

Humble and serious, renowned for his strong personality and progressive nature, Panayiotis Tseriotis is praised today for laying the foundations of what was to become one of Cyprus’ most successful business empires from a small room in the shadow of Old Nicosia’s Phaneromeni church. The year was 1916, and the 35-year-old Larnaca-born Panayiotis decided to embark on a daring solo path in the burgeoning Nicosia hub with just a small amount of capital at his disposal, following 16 years as Nicosia manager for G.P.L. Mavroidis merchants.

Not one to sit behind a desk, he set about on regular travels across all corners of the country on a horsedrawn carriage

Not one to sit behind a desk, he set about on regular travels across all corners of the country on a horse-drawn carriage, canvassing for products like Sunlight, Lifebuoy and Bell soaps as commission agent for Lever Brothers and BASF. Unbeknown to many, Panayiotis not only took customer orders, but even delivered the post when he visited some of the more remote villages of the island.

As he took his first steps as a businessman, he was also embarking on a journey of fatherhood and family life. His wife, Ioanna Hadjiloizou, gave birth to their daughter, Louiza, in 1915, followed by their son, Lellos, in 1919.

With a perceptive nature, a real ‘go-getter’ attitude, and an instinctive knack for sales, Panayiotis was appointed principal agent of Norwich Union Insurance in 1927 and went on to secure sole agency for the likes of H.J. Heinz, Telefunken electrical goods, Lowenbrau beer and many other novel products for Cyprus at the time.

His growing and prosperous business expanded into storage and stock holding, and in 1947 was incorporated into a limited liability company. Widely admired for being ahead of his time, he continued to introduce modern, innovative products like radios, televisions and motor vehicles to the local market. In 1953, recognising the

potential of the unknown and eccentric for the time Volkswagen Beetle, he secured the sole agency of the Volkswagen brand for Cyprus, marking the beginning of a successful and long-standing relationship with the Volkswagen group.

Widely admired for being ahead of his time, he continued to introduce modern, innovative products[...] to the local market P. M. Tseriotis was not Panayiotis’ only major achievement. He was one of the founding members of the New Bank of Cyprus in 1943 (today’s Bank of Cyprus), going on to serve on the Board of the Bank, and was the bank’s Vice Chairman at the time of his death. He was also Chairman of the General Insurance of the Bank of Cyprus and was a Board Member of Cyprus Airways, Ardath Tobacco Company and the Pancyprian Gymnastic Association (GSP). He was also honoured by the British Government on numerous occasions as a member of the Advisory Council to the Governor.

Panayiotis’ years of tireless work laid the foundations for a family business that was to grow beyond all expectations, and when he passed away in 1962, he left a great legacy behind him and his son, Lellos, to lead the business. /21

Lellos (Eleftherios) Tseriotis 1919-2006

The year is 1970, and a smart-suited Eleftherios Tseriotis appears before the camera at Kyrenia harbour, with a piercing look that is both serious and warm, his distinguished thick dark moustache complementing a proud yet modest smile.

“Eleftherios Panayiotis Tseriotis is a man with an immense capacity for enjoying life and business. For him, business is not merely a necessity for life,” reads the opening paragraph of a four-page article dedicated to his accomplishments in Unilever International Magazine, with his full-page portrait gracing the front cover.

A far-sighted pioneer, an excellent businessman and keen salesman, Lellos poured his heart and soul into the company, continuing to bring goods to Cyprus that few people had ever heard of, with the import of Birds Eye frozen fish fingers from the UK in the early 1960s standing as a prime example. Lellos was prudent in assessing opportunities, never jumping into unchartered territories without thought and consideration of the risks involved. His daughters recall that one would always get a “no” before convincing him of a “yes”, with Lellos always thinking through and processing everything first.

A far-sighted pioneer, an excellent businessman and keen salesman, Lellos poured his heart and soul into the company

Eleftherios, who much preferred to be called by his diminutive, ‘Lellos’, had at this point spent eight years at the helm of P. M. Tseriotis since his father’s passing, having been involved in the business since returning from his studies in the UK in 1946.

Lellos was also characterised by his considerate nature towards his employees.

He was always keen to foster personal contact with all of his staff, getting to know them on a first name basis, chatting to them about daily life and discussing any problems that arose. “He was full of life, and would always have a laugh with us,” says Kety Kilaniotou, his secretary for 45 years. “He was a great, talented man that I was extremely proud to call my boss.

I’ll never forget the way he was always there to help everyone. There were so few people like him.”

Lellos was also characterised by his considerate nature towards his employees This was particularly evident during the difficult time following the Turkish invasion of Cyprus. “We all respect the way he strived to retain all company staff following the invasion, despite the serious losses endured,” recalls Xenia Mita, who worked for him for 40 years between 1973 and 2013.

A mere two years after the severe blow of the Turkish invasion, he achieved one of his major milestones: the establishment of Unicars to undertake the company’s activities in the automotive sector. Then, as the economy recovered and began to boom in the 1980s, the passionate and hardworking Lellos facilitated the joint establishment of Lever PMT industries with Unilever, as well as the launch of the first mobile phones in Cyprus in 1984, following an agreement with Motorola Inc. In the 1990s, he continued to serve the business, overseeing and consulting on countless ventures, including the establishment of Tseriotis Consumer Goods in 1996.

/23

Lellos was just as devoted to his family as he was to his business. He adored his wife, Lya, whom he married in 1946, after spotting the exuberant 18-year-old Limassolian in the mountain resort of Platres. “I’ll never forget his smile and his laugh,” she recalls. “But more than anything, he was a real gentleman.”

After their first meeting, Lya left a lasting impression on Lellos, and he began to regularly frequent Limassol as he pursued and courted her. Six months later, they wed in the beautiful garden of Lya’s family home. “We shared wonderful moments together, with our ski trips in Troodos always on my mind. And I won’t forget the countless parties. I would always dress up, Lellos didn’t like to dress up but he would sing! We loved to dance together.”

I will always remember setting off on a rather eccentric partridge shooting exercise on Mount Troodos with Lellos, where a fellow gun told me “there are two gentlemen in Cyprus, and Lellos is the senior of them!”

The couple had two daughters, Anna and Pandora, both of whom Lellos brought into the business following their studies abroad in the late 1960s and early 1970s. “Our father was very progressive and always gave us authority and freedom to take decisions. He appointed us as members of the Board of Directors very early on,” explains Pandora.

Geoffrey Probert, ex Unilever Senior Vice President & ex Unilever PMT director

“His progressive attitude was reflected in the company’s attitude towards women in the workplace at the time,” Anna confirms.

His career was legendary, and his charm unique.

It was also with great pride that Lellos later welcomed his two grandchildren, Alexandros and Christianna, into the business. “He instilled in me that you never sacrifice reputation and good standards,” recalls his grandson, Alexandros. “My grandfather was always calm and collected. He would never lose his temper.”

John Ballington, ex Unilever Corporate and Consumer Affairs Director

I was 27 years of age when I first went to Cyprus as CEO of the Irish Dairy Board, and informed by a mysterious Commander Roe (the uncle of a team mate of mine on the 1955 British Lions tour to South Africa) of what I might expect…

Cyprus at that stage was in a state of qualified civil war, and I remember the machine guns at the entrances to the Nicosia hotel. Against that background, Lellos was simply magnificent and uplifting.

Sir Anthony O’Reilly, ex Irish Dairy Board CEO

The hugely successful businessman was not one for airs and graces. “My grandfather could really connect to people,” remembers Christianna. “He was so likable, charming, and he spoke eloquently. Most of all, he was down to earth.”

“The way he could communicate so brilliantly with absolutely anyone, no matter their background or social status, was remarkable,” recalls Andreas Georgiou, General Manager of Unilever PMT between 1986 and 2015. “One day, we had to visit the Limassol Municipality, and the moment Lellos and I got out of the car, a man busy cleaning the streets called out to greet him. Lellos was delighted, immediately shaking his hand as he stood there chatting to him for a while, as the then Limassol Mayor stood outside the doors of the municipality waiting for him.

He was so articulate, and yet so simple in his approach to people.”

His granddaughter recalls that Lellos was also known for his sensitive and romantic traits. “He used to send me a rose every year on Valentine’s Day with a note reading ‘secret admirer.’ He never admitted it was from him, but we all knew it was! And I’ll never forget the way he would wait outside in the street for my grandmother when she was out late for Municipality meetings,” says Christianna.

Lellos Tseriotis with the friends with whom he formed the first Cyprus shooting team at the Nicosia shooting range which they established. From left to right: Emilios Patsalides, Michalakis Zapitis, Phivos Lenas, Adonis Theocharides, Lellos Tseriotis and Pambis Pantziaris, 1963 (top).

Lellos Tseriotis at a party, singing next to his wife Lya, (centre).

Lellos, Lya and Pandora Tseriotis with staff at a company party at a local tavern, 1980s (bottom).

/25

Lellos’ wit and infinite passion for life seeped into everything that he did. If there was ever a microphone, he would be the first one up singing, dazzling the audience with his excellent voice - Nat King Cole’s Mona Lisa was one of his most beloved songs. If a crowd of people burst into laughter, chances are, Lellos was there, working up excitement with what his family describes as a very British sense of humour. And if there was a fast car to be driven, he would be first behind the wheel, taking his family on trips across Cyprus and beyond. “I remember we once got to Kyrenia from Nicosia in 13 minutes!” recalls Pandora. “He was extremely sad when we eventually had to take his car keys away.”

The business man was also a keen hunter, fisherman and sailor, with his family recalling endless summer days spent out at sea with a fishing rod in Kyrenia (and later Larnaca), while he would also often set off early in the morning with his dog for hunting trips. His love for hunting then led to his involvement with the sport of shooting. Along with a group of friends, Lellos founded the first shooting range in Nicosia’s Makedonitissa district in 1961 which introduced the sport to Cyprus; one that has brought the island distinction in world-class championships. He also played squash, enjoying energetic games until quite late in his life.

Having instilled in his children an immense love for the sea, sport and music, he also filled them with a passion for nature, travelling and animals. That’s not to forget his way with languages, even spending some time as a French teacher when

stranded in the UK following studies at Reading College (now Reading University) during the Second World War. Adding to his list of accolades, Lellos was also a long-serving member of the board of the Bank of Cyprus, founding member of Universal Life Insurance, founding member of the Hilton Cyprus, Chairman of British American Tobacco Cyprus and a Board Member of Cyprus Airways.

To some, Lellos was a doting family man, husband, father, grandfather and very dear friend, to others, he was an inspiring and kind-hearted employer, while to many, he was one of the most successful businessmen in Cyprus, pioneering into new unchartered territories where many were hesitant to tread. And for most people that ever met him, Lellos’ unwavering passion, charisma and zest for life are the irresistible traits that will never be forgotten.

With an avid determination to build on his father’s legacy, Lellos lived every aspect of his life to the fullest, while wholeheartedly devoted to his business well into old age, going into the office, reading the papers, calling friends and keeping up with company news until a year before his passing in 2006. And every New Year’s Day, without fail, he did exactly as his father had done before him, visiting the company offices to ensure the success of the year to come.

I remember the day I retired, when Mr Tseriotis - who was my friend and not just my boss called on the whole company to pass by and give me a kiss.

And they gave me a commemorative gift too! Our summer day trips with the garage employees were also unforgettable, with Mr Tseriotis always arriving with delicious lamb for us to cook.

And how can I forget Mrs Lya calling me ‘Ayios Evangelos’ (Saint Evangelos) because I would sort out her bills!

Evangelos Cassoulides, Accountant, P. M. Tseriotis & Unicars, 1960 – 1995

I’ll never forget the Christmas parties when Lellos would sing for us, his favourite Greek song being ‘Episimi Agapimeni’ (Official Sweetheart) by Grigoris Bithikotsis that he would dedicate to his wife, Lya. They were so well suited and he loved her very much!

Xenia Mita, Secretary at P. M. Tseriotis and to Lellos Tseriotis, 1973 – 2013

It was March 1978. Previously working for Motovia Ltd (AUDI importer), I was about to move on to Unicars Ltd. Haris Constantinides, General Manager of Unicars, arranged a meeting with the late Lellos Tseriotis and members of the Board of Directors. We were welcomed into the company and spoke for a few minutes about our responsibilities. Then, the late Lellos Tseriotis said: ‘Before you leave, I want to tell you one more thing. I want the people who work in my company, to retire from my company.’ Lellos’ words filled me with confidence with regards to himself as a person, and P. M. Tseriotis Ltd as I was about to join the company. They left a lasting impression on me and I feel great satisfaction to have followed this aforementioned path with Unicars, staying with the company up until my retirement.

Argyris Kalogerou, Warranty Manager, Unicars Ltd. 1978 – present day

I became very good friends with Lellos and he was best man when I married my wife, Froso. He was an excellent person, as are his daughters. At the weekends, we would go to Kyrenia together. He didn’t trust many other people with his boat! There is an old saying that if you find a job that you love, you don’t work a single day in your life. I’m lucky I experienced that.

Antonakis Andreou, After-Sales Manager, P. M. Tseriotis Ltd, 1959 – 1976

/27

CHAPTER 3

A picture journey through time

/29

1916 1946

THE EARLY DAYS In 1916, Panayiotis Michael Tseriotis embarked on a new and exciting journey that laid the foundations for a fascinating future that surpassed all expectations, paving the way for a company now recognised as one of the largest corporate entities in Cyprus, and a truly pioneering business force.

Panayiotis Tseriotis first initiated operations in the island’s capital of Nicosia as a Commission Agent for major European manufacturers, Lever Brothers (today’s Unilever) and BASF. He then went on to become principal agent of Norwich Union Insurance, a cooperation that lasted until 1994, when Norwich Union withdrew from Cyprus.

Subsequently, Panayiotis expanded his portfolio of agencies with the addition of various international manufacturers, importing novel foodstuff, electricals and more, introducing world-renowned brands that were previously unavailable to Cypriot consumers.

Notably, Panayiotis became sole agent for H.J.Heinz in 1928, giving locals their first taste of the famous U.S. glass-jarred tomato ketchup, in a collaboration that was to last an impressive 84 years. He also secured the sole agency of Telefunken (1932), John West Foods (1938), and Lowenbrau Beer (1939), among others, and in 1946, he set the groundwork for what was to become a tremendously successful journey into the world of motor vehicles with the initial import of Jaguar cars.

/31

ΣΑΝΛΑΪΤ ΣΑΠΩΝ 1927 P.I.O.

Print advertisement by P. M. Tseriotis for Sunlight soap, 1927.

Print advertisement for Lux washing powder, 1933.

/33

Letter to Panayiotis Tseriotis from the Acting Chief Secretary of the British Regime regarding permission to export products from Cyprus, 1921.

P. M. Tseriotis memorandum referring to contracts signed for BASF products, 1921.

/35

Print advertisement by P. M. Tseriotis for Sunlight soap, 1927.

Print advertisement for Lever Brothers products in late 1936, introducing ‘The Most Amazing Gifts’ rewards scheme.

By collecting packaging and lids, the consumer could exchange them for gifts at P. M. Tseriotis’ offices.

/37

Print advertisement for Radion washing powder, 1935.

Postcard for Lux toilet soap featuring British film star, Patricia Roc, 1945.

/39

Print advertisement for Aberdeen Harvesting machines, another brand represented by P. M. Tseriotis, 1924.

Print advertisement for Telefunken ‘Super’ radio, 1936.

/41

Outdoor advertising for Lever Brothers products in the centre of Nicosia, 1930s.

Panayiotis Tseriotis sitting at his office in Phaneromeni Street in Nicosia.

/43

Print advertisement for the ‘absolutely pure’ Lowenbrau Beer, 1940.

Print advertisement by P. M. Tserioits promoting Philips lamps, mid 1940s.

/45

1947 1975

RAPID EXPANSION With the business growing at a tremendous rate in the 1940s, P. M. Tseriotis was incorporated as a limited liability company in 1948, establishing branches in all major cities.

The company moved away from the commission business, to holding its own stocks of products and selling through its own sales force.

Further expansion followed in the years to come, as the company became the exclusive importer of an increasing number of famous brands to Cyprus. From being appointed sole importer and distributor of Volkswagen motor vehicles, bringing the legendary Beetle to the island in 1953, to introducing the famous Kerrygold Irish butter in 1972, and Braun electrical appliances in 1974.

In 1962, Panayiotis Tseriotis passed away, leaving his son, Lellos Tseriotis, at the helm of the business.

In the late 1960s, Lellos’ daughter, Anna Tseriotis, joined the company in the Electronics and Domestic Products division, followed soon after by his second daughter, Pandora Tseriotis, in the Motor Vehicles division. Lellos’ nephews, Antonis and Stavros Loucaides, also joined the business, both becoming involved in the Consumer Goods division.

The Turkish invasion of 1974 and its catastrophic effects, left Cyprus socially and economically devastated. Despite the difficult times that ensued, as the company also lost its premises in the occupied areas and a large stock of cars at Famagusta port, it was determined to keep going while assisting in the social and economic reconstruction of the country. The company retained all of its employees and provided support for those who had become refugees, having been displaced from the occupied areas.

/47

Company Registry

Certificate of incorporation of P. M. Tseriotis as a limited liability company, December 1947.

/49

Letter to business associates from P. M. Tseriotis informing them of the incorporation of P. M. Tseriotis Ltd, 1948.

Letter of reply from H.J. Heinz ackowledging the continuation of its business relationship with the newly incorporated P. M. Tseriotis Ltd, 1948.

/51

The founders and the management team of P. M. Tseriotis Ltd in 1950, on the occasion of the visit of an international business associate during his tour of “the near East�. Standing, from left to right: S. Heracleous, P. Papapetrou, C. Logides, S. Antoniades, A. Hasapopoullos, F. Christodoulides, G. Hasapopoullos. Sitting from left to right: Lellos Tseriotis, C. F. Hill, Panayiotis M. Tseriotis, Michael Tseriotis.

/53

Print advertisement for Heinz strained baby foods, 1955 (left).

Print advertisement for Heinz Tomato Ketchup, 1957 (right).

Print advertisement for Telefunken radio, 1956 (left).

Print advertisement for Telefunken magnetophon, 1959 (right). /55

Letter accompanying the medal that was sent to Panayiotis Tseriotis in 1953 on the occasion of the coronation of the Queen of England.

The medal was awarded very selectively for community contribution, in each of the Commonwealth countries.

/57

Print advertisement promoting the “Double whiteness, Double brightness“ of Surf washing powder, 1955.

Print advertisement for the “new amazing� Surf, 1952.

/59

Letter from Volkswagen confirming the start of a business relationship with P. M. Tseriotis Ltd, 1953.

Print advertisement announcing the arrival of the first Volkswagen cars in Cyprus, 1953.

/61

P. M. Tseriotis Ltd order book, documenting the first customer orders for Volkswagen cars, 1953.

/63

Print advertisement for the Volkswagen Beetle sold by P. M. Tseriotis Ltd for “only £465, including internal heating at no extra cost”, 1954.

Print advertisement promoting the story of the Volkswagen factory, entitled “1600 Volkswagen cars manufactured every day!�, 1956.

/65

Print advertisement featuring a Volkswagen Karmann Ghia, proclaiming that “it’s in everyone’s best interest to buy a Volkswagen, the car with the renowned aircooled engine”, 1959.

Internal P. M. Tseriotis Ltd memo in 1961 regarding authorisations for amounts over ÂŁ5, reflecting the progressive, for the time, organised and structured management system that was in place in the company.

/67

Print advertisement announcing the opening of the New Central Volkswagen Garage (workshop) on Limassol Avenue in Nicosia, 1960.

Certificate of Registration of the Volkswagen Garage (workshop) for repairing motor vehicles issued by the Cyprus Government, 1960 (top).

The Limassol Avenue premises, Nicosia, 1965 (bottom). /69

Obituary in the local press following the death of Panayiotis Michael Tseriotis on the 5th of March 1962, at the age of 81.

/71

President Archibishop Makarios III with Lellos Tseriotis at the P. M. Tseriotis stand at the Cyprus International State Fair, late 1960s.

Print advertisement for Telefunken television sets, 1962.

/73

Lellos Tseriotis and P. M. Tseriotis Ltd staff members at an event for the launch of the Volkswagen 411 at a Nicosia hotel, 1968.

Lellos Tseriotis with employees outside the Limassol Avenue premises, 1968.

/75

Print advertisement for the new Jaguar XJ6 ‘Car of the Year’, 1969.

Print advertisement for Kerrygold butter, 1974.

/77

Print advertisement announcing the appointment of P. M. Tseriotis Ltd as sole agents for the distribution and service of Braun goods, 1974. /79

Award presented by Unilever to P. M. Tseriotis Ltd in 1968 “as a mark of esteem and in appreciation for over 50 years of service [‌] It recognises their devotion, their unceasing enthusiasm and the high personal qualities which have sustained such a happy relationship over so long a period.â€?

Feature in Unilever International magazine dedicated to P. M. Tseriotis Ltd with Lellos Tseriotis on the cover, July 1970.

/81

Feature in Unilever International magazine dedicated to P. M. Tseriotis Ltd, July 1970.

/83

Launch event for the Volkswagen Passat at the Cyprus Hilton in Nicosia, 1973 (top).

The Limassol Avenue premises, mid 1970s (bottom).

Tseriotis family Volkswagen Beetle dating back to 1973.

/85

1976 1995

INTO NEW TERRITORIES With the economy and the company recovering from the devastating effects of the Turkish invasion, P. M. Tseriotis Ltd established Unicars Ltd in 1976, through a merger of its automotive division with Motovia, the then sole importer of Audi AG in Cyprus. The new company took on the exclusive representation of Volkswagen and Audi motor vehicles. In 1978, P. M. Tseriotis bought out Motovia’s stake, making Unicars a wholly-owned subsidiary of P. M. Tseriotis Ltd. In 1979, the company was one of the first in Cyprus to install the IBM System/34; a multiuser, multi-tasking, mid-range computer for its business operations.

In the years that followed, the group returned to growth, continuing to secure representations for international giants operating in pioneering fields at the time. In 1983, P. M. Tseriotis Ltd secured the sole agency of Bauknecht Home Appliances, while in 1984, it concluded a landmark cooperation agreement with Motorola Inc, bringing the very first mobile phones to Cyprus. In subsequent years, P. M. Tseriotis went on to conclude cooperation agreements with various subsidiaries of Motorola Inc and successfully tendered for various major telecommunications projects on the island.

In 1986, P. M. Tseriotis and Unilever took their long-standing relationship to a new level of business cooperation, by jointly establishing Lever PMT Industries for the manufacture of soaps and liquid detergents, including the popular Lux and Prokopis soaps, and the renowned Comfort fabric softener. The company was later renamed Unilever PMT Ltd. In 1990, Unicars added another brand to its portfolio, becoming the sole importer of SEAT motor vehicles.

/87

Unicars print advertisement for the New Audi 80 with “12-months guarantee and service every 10,000 miles�, 1976.

Lellos Tseriotis opens a training session for company employees, 1976.

/89

Print advertisement for Telefunken HiFi, 1979.

/91

Covers of the first issue (1981) and subsequent issues of the P. M. Tseriotis Ltd and Unicars Ltd internal newsletter “Our Echo�, with company and staff-related news. (continued on pages 93-95).

/93

/95

The Volkswagen Limassol showroom, 1979 (top).

Staff undergoing spare parts training in the Limassol Avenue Conference Room, late 1980s (bottom).

The Nicosia electrical goods workshop, 1985 (top).

P. M. Tseriotis Ltd Head Office and Telefunken showroom on Limassol Avenue, 1986 (bottom). /97

TV ad slide for Telefunken television and video player, 1985 (top).

TV ad slide for Bauknecht household appliances, 1984-85 (bottom).

TV ad slide for Telefunken TV and video player, 1988.

/99

Unilever magazine article featuring Lever PMT Industries, 1988.

/101

P. M. Tseriotis Ltd and Unicars Ltd at the annual Cyprus International State Fair presenting their latest products to the public, 1989.

Cyprus President George Vasiliou greets Lellos Tseriotis at the company stand (top left) and takes a look at a new Audi accompanied by Pandora Tseriotis (bottom right).

Anna Diogenous Tseriotis shows President Vasiliou the first compact mobile phone in Cyprus - the Motorola MicroTac (bottom left).

Tseriotis stand at the Offitec Fair, 1990 (top).

Lellos Tseriotis greets Cyprus president George Vasiliou at the P. M. Tseriotis Ltd Telefunken stand at the Cyprus International State Fair, 1992 (bottom). /103

Print adverisment placed by P. M. Tseriotis Ltd to launch the first compact mobile phone in Cyprus - the Motorola MicroTac - on the date of the worldwide launch, 26th April 1989.

Lellos and Anna Tseriotis handing over Motorola mobile phones to the Cyprus Government to be used by the President and the Cabinet Ministers. The 13 phones were presented to the Minister of Communications and Works, 1993.

/105

Braun appliances print advertisement entitled “Quality and design�, 1990.

Drive washing powder print advertisement, 1991.

/107

1996 2006

AT THE TURN OF THE CENTURY With the millennium fast approaching and business growth continuing, P. M. Tseriotis took two strategic decisions in 1996. Firstly, it established Tseriotis Consumer Goods Ltd (TCG) to undertake its fast-moving consumer goods business, and inaugurated its modern Central Distribution Centre, boasting state-of the-art storage facilities for products at three temperature zones: chilled, frozen and ambient. Secondly, P. M. Tseriotis entered the Information Technology industry, with the establishment of Pylones Information Technology Ltd and a collaboration with Gateway computers.

In the same year, TCG launched Algida ice cream, one of the first ice cream brands to be imported to Cyprus following the lifting of the strict quota on imported ice cream.

In 1997, P. M. Tseriotis entered the Greek market, with the establishment of Pylones Hellas S.A. It also created the Megaelectric chain of stores by merging its electronics and home appliances operations with another well-established player in the consumer electronics and white/brown goods market. In the following year, Megaelectric secured the representation of Miele, while Unicars Ltd was appointed as the sole importer of Skoda motor vehicles.

At the turn of the century, Lellos’ grandchildren, Alexandros and Christianna Diogenous, joined the group, becoming the fourth generation of Tseriotis family members in the business. The P. M. Tseriotis group was at the time intent on focusing on its core activities of automotive, consumer goods and information technology. In line with these strategic plans, it divested its shareholding in Megaelectric Ltd while establishing Mellon (Cyprus) to handle specialist Information Technology and Telecommunication projects. Meanwhile, Unicars Ltd entered the car rental sector through the acquisition of a major stake in Uniwheels Car Rentals Ltd, operator - among others - of the Sixt Rent-A-Car franchise in Cyprus.

In 2004, Unicars reached a 20% market share, becoming market leader in passenger car sales, and in the same year, was accredited with the Volkswagen ISO9001:2000 certification.

In 2006, it became the Authorised Service Partner for Lamborghini in Cyprus and P. M. Tseriotis established TGA Insurance Agencies Ltd in a joint venture with two other insurance agents.

In 2006, chairman of the group Lellos Tseriotis passed away at the age of 87, having lived his life to the fullest in every possible respect, following countless personal and professional achievements and a remarkable journey of success. /109

Tseriotis Consumer Goods Central Distribution Centre in Latsia, Nicosia.

/111

A Gateway computer, late 1990s.

Opening of Pylones Information Technology’s Gateway computers store on Makarios Avenue, Nicosia, 1996.

Anna Diogenous Tseriotis with Gateway representatives at the opening. /113

Pandora Tseriotis accompanying V.I.P. guests on a trip to Germany organised by Unicars, to experience the new Audi A8, 1998.

Newspaper announcement of the formation of Megaelectric, following the merger of P. M. Tseriotis’ electrical goods business with V.H.R. Electrical, 1997.

/115

Cyprus president Glafkos Clerides visits the P. M. Tseriotis Ltd and Unicars stand at the Cyprus International State Fair as P. M. Tseriotis celebrates 80 years, 1999.

Handover of Motorola two-way Radio System to the Cyprus Police by Lellos Tseriotis following a successful bid in the tender process by P. M. Tseriotis Ltd, 2000.

/117

Lever PMT Industries staff outside the factory premises (top) and busy at work in the lab, 2000 (bottom).

‘”Prepare to become a star” Lux soap and shower gel print advertisment featuring Cyprus top model, Efi Spyrou, 2005.

/119

Press release published in Greek media announcing the opening of the first Pylones shop in Athens, Greece, selling Gateway computers, 1998.

Launch event on Makarios Avenue, Nicosia, for the 5th Generation Volkswagen Golf, showcasing it alongside the four previous generations, 2004.

/121

The Cyprus Minister of Finance opening the new Volkswagen Limassol showroom, 2005 (top).

The Volkswagen Director of Sales-Europe presenting Pandora Tseriotis with a commemorative gift for the occasion (bottom).

Cyprus Minister of Communication and Works and Skoda Auto Regional Sales and After-Sales Managers address the opening of the new Skoda Showroom in Nicosia, 2005 (top).

The Skoda WRC team were special guests at the opening (bottom). /123

Lellos Tseriotis in his 80s. He passed away at the age of 87 in July 2006.

/125

2007 2015

A STRATEGIC WAY FORWARD IN CHANGING TIMES Following the tremendous success of Unicars Ltd, 2007 saw the inauguration of the company’s new state-of-the-art central premises in Latsia, Nicosia, housing its head offices alongside the Nicosia after sales workshop, body-and-paint shop, and the central spare parts warehouse in 5000 square metres. In the same year, Pandora and Anna Tseriotis reached a mutual agreement with their cousins, Stavros and Antonis Loucaides, to buy their stake in the business and became sole shareholders of the P. M. Tseriotis group.

In 2009, Tseriotis Consumers Goods began to undertake the sales, marketing and distribution of local brands, with its first major representation being that of Chrysodalia; a Cypriot producer of cold cuts.

In 2011, the P. M. Tseriotis group invested in Omnitouch Cyprus Ltd to create the first professional contact/call centre for business process outsourcing, and in due course, acquired a 50% stake in the company.

2012 was a pivotal year for the group, with major strategic moves. Unicars acquired a 50% stake in MAN Sales & Services (Cyprus) Ltd, giving it a foothold in the truck and bus market, while the new Audi Terminal - one of only 100 in the world - began operations in Nicosia.

P. M. Tseriotis established Unilever Tseriotis Cyprus Ltd, a joint venture with Unilever, to undertake the sales, marketing and distribution of Unilever household, personal care products and ice cream; a portfolio of 800 products including Cif, Dove and Ben & Jerry’s.

The Tseriotis Consumer Goods foods portfolio - including the newly acquired representation of Barilla - was then incorporated into Tryfon Tseriotis, a joint venture with Tryfon Distributors, handling major brands including McVities, Weetabix, Kallo and Tilda. It also established Diapo Ltd - a leader in the field of Third-Party Logistics Services. Diapo Ltd stands as the only company of its kind on the island offering storage and distribution services from specialised facilities for four different product temperature zones: ambient, air-conditioned, chilled and frozen.

In 2008, the local economy was hit by the global financial crisis, primarily severely affecting the group’s automotive business, as the new car market shrunk by a tremendous 80%.

Further turmoil ensued in 2011 with the explosion which damaged the island’s main power plant, with daily electricity cuts affecting the group’s operations, but mainly the consumer goods cold store facilities.

In 2013, the Cyprus banking crisis and the international bailout deal and haircut which ensued, saw the group lose a substantial stake in the Bank of Cyprus, while the collapse of the biggest supermarket chain of the island presented yet another massive setback.

Having to face the negative economic climate and its detrimental knock-on effect on the group, P. M. Tseriotis renewed its strategic focus on its core activities. It divested its shareholding in TGA Insurance Agencies Ltd in 2014, while Unilever Tseriotis Cyprus was strengthened by taking over Unilever’s food business including brands like Flora, Lipton, Knorr and Pelargos, completing the consolidation of Unilever’s product portfolio in Cyprus under Unilever Tseriotis.

/127

The new state-of-the-art Unicars premises in Latsia, Nicosia, in 2007, housing the company’s head offices and Nicosia after-sales workshop, body-and-paint shop and central spare parts warehouse.

Official opening of the new Unicars premises in 2007 conducted by the Archbishop of Cyprus. The event was attended by officials from Volkswagen, Audi, Skoda and Volkswagen Commercial Vehicles who presented commemorative gifts.

/129

Lamborghini featured for the first time at the Cyprus Motor Show, 2007.

The Audi R8 at the unique Audi ‘Traces’ performance organised for customers by Unicars at Skali Aglantzias in Nicosia, 2008.

/131

All members of staff and directors of Tseriotis Consumer Goods at a company team buidling activity, 2011.

/133

Print advertisement announcing the expansion of the P. M. Tseriotis group’s long-term collaboration with Unilever with the joint establishment of Unilver Tseriotis Cyprus, March 2012.

,

.

100 „

:

„

„ „

TRYFON TSERIOTIS Ltd., „ „

.

,

, „

„

,

Print advertisment announcing the establishment of Tryfon Tseriotis, October 2012.

/135

Inside the Diapo Distribution Centre.

/137

The AUDI Terminal - one of only 100 in the world - inaugurated in 2012 in Strovolos, Nicosia.

/139

2016 present day

/141

LOOKING TOWARDS THE FUTURE P. M. Tseriotis reached a milestone landmark in 2016, celebrating its 100-year anniversary.

The group concurrently celebrated 100 years of collaboration with UNILEVER, 100 years of operation in the fast-moving consumer goods industry, 70 years in the motor vehicle industry, 40 years of operation of Unicars Ltd, 30 years of operation of Unilever PMT Ltd, and 20 years of Algida ice cream in Cyprus.

With over a century of achievements and dynamic presence in the Cypriot and Greek markets behind it, the P. M. Tseriotis group continues its dynamic growth in the automotive, consumer goods, information technology and services sectors, and confidently strides towards an equally successful future, with the great-grandchildren of Panayiotis Tseriotis, Alexandros and Christianna Diogenous, at the helm.

P. M. TSERIOTIS GROUP

/143

CHAPTER 4

Giving back to the community The P. M. Tseriotis group has always placed great emphasis on giving back to society. Supporting its own internal community from the start, it has also contributed to society at large over the years, embracing a wide variety of practices and activities focusing on social, health and environmental issues, as well as the promotion of sport and sportsmanship.

/145

The lifelong contribution of Lya Tseriotis

“I felt I had to give something to others. It wasn’t hard to make a decision about my life’s purpose,” declares the feisty 89-yearold Lya Tseriotis. “I had everything I needed. My mission was to give something back from the things that God gave me.”

The widow of Lellos Tseriotis, Lya has worked up a great reputation throughout her life for her role at the very heart of social and charity work carried out by the P. M. Tseriotis group and the Tseriotis family over the years.

Upon moving to the capital from Limassol following her marriage to Lellos in 1946, Lya admits that she found Nicosia rather uneventful and longed to be back by the sea. But soon, she began channelling her energy into charity work, and quickly became an active and highly respected member of the social community, while also offering great moral support to her husband.

Lya sat on the Board of Directors of P. M. Tseriotis, Unicars, and other companies in the group, while she also took charge of a whole manner of social responsibility activities. She sat on the Board of the Blind School and the Chest Diseases Association, and was also a member of the Welfare Committee of the Psychiatric Hospital. Lya was elected as Nicosia Municipal Councillor in 1986, and served

for four consecutive terms until 2006, serving as Deputy Mayor of Nicosia in her last term.

Perhaps her most notable work is that undertaken for the oldest ladies’ charity group in Cyprus, ‘Somation Ellinidon Kyrion Enosis’ (Association of Greek Women Enosis), with a strong reputation for its social responsibility activities. Lya joined the group from an early age and remains chair of the group to this day.

During this time, the association founded the Eleousa home for heavily handicapped children and the Evangelismos School for mentally handicapped children. “I always believed in giving a chance to youth,” explains Lya. “So many people years ago only placed emphasis on caring for the elderly, but I found it even more important to give underprivileged youth a chance in life.”

I had everything I needed. My mission was to give something back from the things that God gave me.

The association’s latest project is the donation and renovation of a listed property in Nicosia’s Ayios Andreas district for the establishment of the Home for Children, a centre offering support services for victims of sexual abuse. The project will be completed in December 2017. Enosis has also donated funds for an extension of the Nicosia Municipal Arts Centre (NiMac) in the capital’s old town.

A non-conformist in every sense of the word, Lya has never been afraid to deal with, and raise awareness of, any taboo issue. In addition to her work with Enosis, Lya was also instrumental in the setup of the Christos Stelios Ioannou foundation for children with special needs and an active member and chair of the Friends of the Foundation for many years.

Lya’s contribution to society was recognised on numerous occasions, and in 2008, she received the Madame Figaro ‘Women of The Year’ award for ‘Lifetime Contribution’.

Known for her immense passion for life and exuberant personality, Lya was the heart and soul of any party, with a great affinity for music and dancing. She was also friends with countless Greek celebrities, including Aliki Vougiouklaki, Manos Katrakis, Anna Synodinou, Melina

Mercouri and more. Always out and about, she was a keen lover of the arts, and a founding member of OTHAK in the 1960s; the first state theatre organisation which eventually evolved into THOK (Cyprus Theatre Organisation).

“Everybody knew her,” recalls her granddaughter, Christianna. “She would walk down town and speak to people, be it a policeman on the street or someone sitting at a café.” Described by many as approachable, exuberant and unorthodox for her time, Lya lets on that she could never bear the thought of just being a ‘lady’ and sitting still. “I just couldn’t do that!” she exclaims. “I was a bit of a tomboy. And I was always going from one place to the next. I think that walking alone in the street without talking to anyone is wrong, you’ve got to approach people, talk to them about their lives.”

Lya’s overwhelming compassion for fellow compatriots and her dedication to helping others, coupled with a love for culture and the arts, has shaped and paved the way for the modern-day ethos of the P. M. Tseriotis group, with great emphasis placed today on charity work and social responsibility.

Lya Tseriotis working in the Nicosia Municipality Office (top).

Lya receiving a donation on behalf of the Evangelismos Special School, 1976 (bottom). /147

Internal Corporate Social Responsibility (CSR) Supporting its employees

Always placing emphasis on care for its own internal community, the group is proud of its supportive, non-discriminatory and open-minded attitude towards its employees.

From the outset, it has provided financial, moral and practical support and relief to employees and their families facing medical and other difficulties, including flexible hours and extended leave.

The group also employs individuals with disabilities and special needs; an employee with special needs is currently one of the longest-standing staff members in the group, employed since 1979.

All employees enjoy equal opportunities for professional growth and development in the group, through continual formal and informal training.

I wish I was young again to re-live my working life!

It was a difficult job but I loved it.

The atmosphere was good and the directors always showed understanding when I needed something or had a problem.

Yiannakis Argyriades, P. M. Tseriotis & Unicars Spare Parts, 1955 – 2003

With continual training and education, I’ve grown and flourished both on a professional and personal level over 20 years. With hard work, you can progress tremendously in the Tseriotis group within a great professional environment and I’d like to express my gratitude to the whole Tseriotis family.

Savvas Pavlou, Nicosia Sales Manager, Unicars Ltd, 1998 – present day

“I’ll always remember the way the family stood by me when my husband was ill. Lellos and his daughters, Anna and Pandora, were amazing to me. I have very happy memories.

As staff members, they also encouraged us to do our bit for charity and we would gather in groups, around 4 – 5 of us, and we would head to the traffic lights to collect funds for the Cyprus Association of Cancer Patients and Friends.”

Roulla Iacovidou, Telephone Operator, P. M. Tseriotis, 1978 – 2004

/149

External Corporate Social Responsibility (CSR) A brief overview

The strong CSR policies currently embraced by the group as it strides into the future remain firmly rooted in its past. Ongoing support towards the community at large has seen the group engage in significant charity work and countless campaigns and activities, raising awareness on crucial environmental, social, health and safety issues.

HELPING PEOPLE IN NEED

P. M. Tseriotis supports ‘Vagoni Agapis’ (Wagon of Love), a charity association run solely by volunteers, who help fellow citizens living in poverty or on the margins of society. To this aid, the charity was given use of a company warehouse in order to store and sort items that were collected for donation. The group also offers consumer products (food, homecare and personal care products), to be given to the families supported by Vagoni Agapis, and helps out at various bazaars and fund-raising events.

The P. M. Tseriotis group has also supported the Cyprus Red Cross with various initiatives over the years.

One of the most recent campaigns was undertaken by Unilever Tseriotis Cyprus, named ‘You buy. You help. You show solidarity’, whereby the company committed to a contribution to the Cyprus Red Cross with every sale of a reduced priced Unilever product. The campaign ran in September 2013 at the peak of the economic crisis in Cyprus, to help all those severely affected by the hard times.

The total amount raised and given to the Cyprus Red Cross reached €30,000.

RAISING AWARENESS ABOUT UNDERAGE DRINKING

P. M. Tseriotis was one of the first companies to sponsor the Empousa Documentary project by PteroDocs in collaboration with ResetFilms. The innovative project follows the life of four Cypriot teenagers aged 15 to 18 for one year, and aims to shed light on underage alcoholism on the island and the myths and truths surrounding it.

SUPPORTING THE FIGHT AGAINST CANCER

Unicars has collaborated with the Cyprus Association of Cancer Patients and Friends (PASYKAF) for almost two decades, acting as one of its major sponsors and supporting the work of the association over time to ease the burden on cancer patients and their families, while also raising awareness and promoting cancer prevention through various activities and events.

Apart from direct financial support, these activities have included offering cars as prizes for fund-raising raffles, assisting in the transport of cancer patients and their families, participation of staff volunteers in the association’s annual fundraising campaign and organising informative lectures on company premises for staff members, exemplified by the ‘Coffee with Love for Life’ events.

Unicars also contributes to the annual ‘Journey of Love’ organised by the ‘One Dream One Wish’ Pancyprian Association for children with cancer and related diseases. As hundreds of motorcyclists and other volunteers cross Cyprus in support of the association’s cause, Unicars offers financial support as well as cars to escort the volunteers.

Unicars donates a Volkswagen ambulance to the Ministry of Health, 1989.

Lellos and Pandora Tseriotis pictured second and third from the left (top).

As sponsor of the Pancyprian Assosiation of Cancer Patients and Friends, Unicars presents a ÂŁ17.000 donation and a Volkswagen Beetle in aid of cancer sufferers and their families, 2002.

Pandora Tseriotis, Christianna and Alexandros Diogenous second, third and fourth from left (bottom).

/151

Pandora Tseriotis presenting a Volkswagen Golf on behalf of Unicars to the Cyprus Minister of Communications and Works to operate as a Mobile Friendly Alcohol Test Unit as part of its promotion of road safety with the REACTION NGO, 2014.

PROMOTING SAFE DRIVING

Unicars is a proud partner and supporter of REACTION, Youth for the Prevention Ltd, an NGO with a primary mission to research and inform young people about road safety issues. The NGO also focuses on environmental issues, public health and educational matters.

Unicars has offered cars for their safe driving campaigns and takes part in various activities for the promotion of road safety, including the provision of cars for a Mobile Friendly Alcohol Test Unit, the most innovative road safety measure to be implemented in Cyprus to date; also backed by the Traffic Department of the Cyprus Police and the Road Safety Council.

The unit, which stations outside bars and clubs in early morning hours, offers friendly alcohol tests and a safe ride home to those found to exceed legal limits.

Other significant REACTION activities which Unicars supports include the ‘Phaethon’ National Educational Road Safety Programme, aimed at the reduction of car accidents, as well as the ‘Save Κids Lives in Cyprus’ programme, aiming to raise awareness on safe driving from a young age. Staff members of the P. M. Tseriotis group also take part in an annual blood donation organised by REACTION in memory of Lellos Tseriotis and others.

CARING FOR THE ENVIRONMENT

P. M. Tseriotis Ltd and Unilever PMT were founding members of the non-profit Green Dot Cyprus, established in 2003 as the first Collective Compliance System for Packaging and Packaging Waste on the island. Strongly supporting Green Dot, P. M. Tseriotis contributed to increasing its membership over the years, and all relevant P. M. Tseriotis group companies participate in the compliance system.

Green Dot has been recognised, both at a national and European level, for the quality of its work, and for raising public awareness on environmental issues.

All companies under the P. M. Tseriotis group umbrella are active in the protection of the environment and have adopted environmental policies and practices including extensive recycling, energy saving initiatives, and giving away damaged but consumable goods to charities. The installation of a 700 square metre Photovoltaic System at the Diapo Cold-Store Distribution Centre in Latsia, has contributed significantly to reducing the group’s environmental footprint.

/153

P. M. Tseriotis group in action: Promoting sport and sportsmanship

With Lellos Tseriotis instilling a great passion for sports upon all of the family, the P. M. Tseriotis group has enjoyed a long history and connection with a wide range of activities aimed at the development of sport and sporting values in Cyprus. Numerous endeavours over the years have been handled by Unicars, constantly promoting team work, respect, fairness and perseverance, while also striving for excellence, in line with the core values embraced by the P. M. Tseriotis group.

The brands represented by Unicars have always enjoyed a prominent position in the world of international motorsports and the company has, in turn, left its own mark on Cypriot motorsports. In the 1970s and 1980s, the legendary Volkswagen Golf MKI dominated the local Autocross speed races and Hill-Climb championships with numerous entries and wins. Later, in the 1990s, both Skoda and SEAT enjoyed wins in the Tour of Cyprus. The legendary Audi Quattro received distinction in the Cyprus Rally, taking first place in 1984, 1987 and 1990, while Unicars was first overall winner in 1984, and also from 1986 through to 1990. In 2011, the Skoda Fabia S2000 also won the Cyprus Rally. Unicars was involved with the factory teams and the Cypriot crews at the aforementioned events, providing technical and other support.

The Volkswagen Beetle (top left) and the Golf MKI (bottom left and top right) in action at the Cyprus Rally, 1980s.

Lellos and Pandora Tseriotis and the Unicars team with the legendary Audi Quattro - winner of the Cyprus Rally - at the Limassol Avenue showroom, 1987 (bottom right).

/155

Christianna Diogenous with Skoda Ambassador, George Achilleos, the World Skeet Shooting Champion, 2008 (top left).

Alexandros Diogenous presenting Cyprus tennis champion Marcos Baghdadis with his Audi, 2008 (top right).

Audi vehicles escorting Olympic torch bearers carrying the Olympic flame through all towns of Cyprus, 2004 (centre).

The Cyprus Gran Fondo, sponsored by Volkswagen, part of the Gran Fondo World Series, 2017 (bottom).

The young athletes of the Audi Tennis Talent Development Scheme, 2009.

From 2002, all the way up to the Olympic Games in Athens in 2004, Unicars was official partner of the Cyprus Olympic Committee (COC) with its Audi brand, contributing to the development of sport and promoting Olympic ideals. As such, Unicars initiated several activities including the promotion of Cypriot athletes who were Olympic hopefuls via a TV ad. It also participated in various activities organised by the COC including the ‘Olympic Day Run.’ The sponsorship culminated in the provision of several Audi vehicles to escort the Olympic torch bearers as they carried the Olympic flame through all towns of Cyprus on its final stop before the Athens games with the slogan, ‘Pass the Flame Unite the World’.

From 2007 to 2016, Unicars was a proud supporter of Cypriot tennis via its Audi brand and stood as official sponsor of the Cyprus Tennis Association and of some of the largest and most significant tennis clubs across the island. Apart from direct support given to the association and the clubs, it promoted the sport - especially to young children - through various initiatives including the ‘Audi Talent Development Scheme’ and the endorsement of international Cypriot tennis champion, Marcos Baghdadis.

Between 2008 and 2012, Unicars endorsed another internationally acclaimed Cypriot athlete with its Skoda brand, George Achilleos. The former Skeet shooting World Champion and World Record holder is acclaimed not only for his international sporting achievements, but also, for his character and ethos.

Through its Volkswagen brand, Unicars has been the main sponsor of the Volkswagen Cycling Tour since 2012; the most significant biking event organised

by Biking Events Cyprus. From 2017, the tour was incorporated into the Gran Fondo World Series and has been renamed Cyprus Gran Fondo. Under the auspices of the Cyprus Biking Association, it promotes Cyprus as an ideal destination while also contributing to a social cause, supporting the Larnaca Anti-Drugs Association (SYKANA). Participants include amateur cyclists from all over the world of all ages, from teenagers to veterans.

/157

CHAPTER 5

Drawing on the past, advancing into the future‌

/159

Embracing a new era

Following 100 successful years, P. M Tseriotis moves full speed ahead into the future, drawing on the achievements and experiences of the past. Continuing its dynamic growth under the leadership of the great-grandchildren of Panayiotis Tseriotis, Alexandros and Christianna Diogenous, the company remains at the forefront of the business world, constantly evolving and adjusting to the new entrepreneurial and consumer landscape.

With adaptability at its core, the P. M. Tseriotis group is determined to continue on its path of innovation. “Throughout our long history, we have always been one step ahead of the times. It began when we brought pre-packed food, home and personal care items to the island, then frozen foods, then radio, TV, cars and mobile phones, followed by the PC and then the IT revolution, before moving into ICT, car rental and business process outsourcing services,” says Christianna Diogenous.

“We will continue to evolve and grow by detecting and understanding new trends and positioning ourselves to capitalise on emerging business opportunities.

Our future as a business will be heavily influenced by Big Data and the Internet of Things as well as the trend of usage versus ownership, and therefore a greater shift and focus on services,” continues Alexandros Diogenous.

With such a wide array of companies under the Tseriotis group umbrella today, it aims to draw on its multiple businesses to encourage a cross-pollination of ideas and best practices, as employees are given the chance to grow beyond the boundaries of their everyday work, learning from various disciplines across industries.

Tseriotis family members on today’s board of directors: Christianna Diogenous, Pandora Tseriotis, Alexandros Diogenous, Anna Tseriotis Diogenous. /161

As we look ahead to the future, we feel extremely proud of the achievements of Panayiotis and Lellos. We are always striving to stay one step ahead of the times, with an innovative spirit at the core of everything we do. We truly value the input of all of our staff members, and always pass on our own ethical values of honesty and responsibility to them, as well as an environmental consciousness and care for the community at large.

Anna Tseriotis Diogenous

It is a time to re-focus, looking at what we do best, while reviewing the market and consumer needs in light of the heightened pace of change in the times we live in. Taking into consideration rapid technological advancement, digitalization in every aspect of working and daily life, and the increased personalisation of services ,we will continue our pioneering legacy while always upholding our principles and values.

Christianna Diogenous

The celebration of 100 successful years in the Cyprus market is a very important landmark for our company. Over our 100-year journey – both a thrilling and challenging one – we have developed valuable knowhow and expertise through our involvement in multiple sectors and long-term partnerships with a variety of companies including major multinationals, while also learning from our experiences and mistakes.

These strong foundations, combined with our desire to continuously adapt and evolve, underpin our growth plan for the company’s next 100 years.

Alexandros Diogenous

We hope that the next 100 years are as successful as the previous 100.

With the 4th and 5th generation taking over, we (the older generation), are looking to the future with great optimism. It is a chance to restart the engines and refuel the batteries. As we embrace new developments and challenges, we continue to aim for excellence and are always on the lookout for possibilities for further expansion.

Pandora Tseriotis

/163

Tseriotis family members on today’s Board of Directors The third and fourth generation

ALEXANDROS DIOGENOUS

ANNA TSERIOTIS DIOGENOUS

Alexandros holds an MA in Engineering & Management from Cambridge University and an MSc in Finance from the London Business School. In 1999, he returned to Cyprus to join the family business following three years at Alpha Finance. He was initially in charge of strategic business development and the ICT business.

In 2002, Alexandros was appointed Chief Executive Officer (CEO) of Unicars Ltd, the company’s automotive arm, and in 2017, went on to become CEO of the P. M. Tseriotis group. Alexandros is an executive director of all the P. M. Tseriotis group companies. He is also a member of the board and ex-chairman of the Motor Vehicle Importers Association, and has served as a director of Cyprus Stock Exchange listed companies, the Cyprus University of Technology, and numerous charitable institutions.

Anna graduated from the London School of Economics in 1969, with a BSc in Economics, and went on to join the family business in the Electronics and Domestic products division the same year.

In the 1980s, the division expanded into Telecoms, Cellular and IT retail and wholesale business. In the late 1990s - after the group divested the Electronics business - Anna took over the management of the Consumer Goods division and the Insurance business. In later years, she served as chair of the P. M. Tseriotis group, as well as of Unilever PMT, and sat on the board of other companies within the group. Anna served on the board of the Bank of Cyprus from 2002 to 2013, while intermittently chairing the Audit, Remuneration and Nomination Committees and Bank of Cyprus Australia. She also served as a member of the board of CISCO from 2000 to 2013. Anna was Honorary Treasurer and Member of the Board of Governors of The Junior School between 1980 and 1983. Between 1984 and 1995, she was a member of the PTA Social Activities Committee of The English School. In 2004, Anna obtained the CIIM Executive Leadership Diploma.

CHRISTIANNA DIOGENOUS Christianna graduated with First Class Honours from the London School of Economics in 1998, with a BSc in Social Psychology. She went on to work as a Management Consultant at PriceWaterhouseCoopers in the UK. Upon her return to Cyprus in 2000, she joined the P. M. Tseriotis group, restructuring the Human Resource Department, which she ran and managed until 2004. She was also responsible for Marketing and PR. In 2004, she became Marketing Manager of Unicars Ltd, and in 2005, became its Marketing Director. In mid-2007, she moved to Tseriotis Consumer Goods and assumed the role of Managing Director. In 2009, while still running Tseriotis Consumer Goods, Christianna attended INSEAD Business School in France, and successfully completed its Global Executive MBA degree in 2010.

In 2012, with the creation of Unilever Tseriotis Cyprus, Tryfon Tseriotis and Diapo Ltd - which she spearheaded - she assumed the role of Managing Director of Diapo. In 2017, Christianna moved on to became CEO of Unicars Ltd. Christianna is an executive director of all the P. M. Tseriotis group companies. She is also an active member of the Cyprus Association of Mass Consumer Goods Distributors, has been on the board of Cyprus Stock Exchange listed companies, and is a member of the board of the Nicosia Nautical Club.

PANDORA TSERIOTIS Pandora graduated from the London School of Economics with a BSc in Economics in July 1974. Despite her initial plans to continue her studies for an MSc in the UK, she decided to remain in Cyprus due to the Turkish invasion, and the prevailing chaotic circumstances. In September 1974, she began working in the car section of P. M. Tseriotis as Sales and Marketing Manager, and from 1976, she assumed the role of Managing Director, and later, Executive President of Unicars Ltd. She has served on the board of most of the companies of the P. M. Tseriotis group. Pandora was Director of the Cyprus Tourism Development Company (19891992), and a member of the Executive Committee of the Motor Vehicle Importers Association (from 1990) and its president (19951997). Pandora has also been a director of a number of Cyprus Stock Exchange listed companies including Universal Life, Laiki CypriaLife and Interfund Investments PLC. Presently, Pandora is a member of the Deans Council of the University of Nicosia and a member of the board of the University of Cyprus appointed by the Cabinet.

/165