He started selling his mother's handmade lace door-to-door and gradually headed north, settling in Glasgow.
By the 1940s, Stakis was involved in his first restaurant, the Victory in Glasgow, whose affordable prices began to change the way Scottish people dined out.
In 1962, he bought the Dunblane Hydro Hotel, which was run-down yet within six months he had returned it to profit.
By that time Stakis' son Andros had taken over the business and in difficult trading conditions, some poor decisions brought the company close to bankruptcy.
However, new management brought renewed profitability and Stakis was able to sell his empire to the Hilton Group for £1.2 billion in 1999.