Episode 86: VAT, Family Business Lessons, and Future-Proofing with Mark Petrou & Cihan Oktem

In Episode 86 of The Ceres Podcast, host Stelios Theocharous is joined by Mark Petrou and Cihan Oktem for a discussion that blends personal reflections, industry insights, and practical advice for business owners navigating the current economic landscape. This episode is a must-listen for anyone in the fish and chip or hospitality sectors, as the conversation touches on vital topics like VAT changes, family business dynamics, and future-proofing in challenging times.

The episode begins with heartfelt tributes to both Mark and Cihan, who have recently lost their fathers. Their stories provide an emotional backdrop to the episode, underscoring the values passed down through generations. Mark’s reflection on his father’s lessons about love, respect, and dignity adds a personal touch, while Cihan shares how his father’s selflessness and hard work shaped his approach to business. These deeply personal anecdotes set the stage for a conversation that balances the pressures of running a business with the lessons learned from family life.

The heart of the episode is focused on the recent changes to VAT, with the UK government’s temporary VAT reduction creating both challenges and opportunities. Mark and Cihan praise the industry’s collective efforts to lobby for this change, highlighting Stelios’s role in bringing the voice of the fish and chip sector to the forefront. The trio discusses the impact of VAT on their businesses, with Mark emphasising the need for long-term reform to create a level playing field. The conversation takes an insightful turn as they dive into the broader economic landscape, touching on issues like business rates, corporation tax, and the importance of reinvestment in capital equipment.

One of the most surprising moments comes when Mark shares how his business has flourished despite the pandemic’s challenges. His investment in new equipment, including two new frying ranges, has helped his business triple its turnover in just 12 months. Both Mark and Cihan reflect on how the pandemic forced them to rethink their business models, and their willingness to embrace new ideas—like contactless delivery and click-and-collect services—has allowed them to continue serving their communities safely and effectively.

The discussion also delves into the use of aggregators like Just Eat and Uber Eats. Both Mark and Cihan express reservations about relying on third-party platforms, emphasising the importance of maintaining control over customer relationships and product quality. They warn against the risks of losing brand identity and customer loyalty when businesses depend on these platforms, advocating instead for direct relationships with customers through apps and social media.

In a lighthearted but important moment, Mark and Cihan share their thoughts on how to adapt to new consumer habits. They discuss how convenience—whether it’s a simple delivery or a more personalized service—has become the driving force behind many people’s food choices. Mark even shares a touching story about delivering fish and chips to his loyal customers during the pandemic, underscoring the importance of staying connected with your community.

This episode offers invaluable insights for fish and chip shop owners and hospitality business operators looking to adapt to an ever-changing environment. Mark and Cihan’s perspectives on the importance of reinvestment, the challenges of running a family business, and the need for flexible business models make this episode both inspiring and practical.

If you’re a business owner in the hospitality industry or simply interested in how to navigate the evolving economic landscape, don’t miss this episode. Tune in to The Ceres Podcast Episode 86 for expert advice, compelling stories, and the kind of insights that can help your business thrive.

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