Palefip UK was formed in July 1992 by Helen Loukaidis, Babis Patsouris and A. Moros. The formal inaguration gala took place in London in the presence of Mr. Mavrokoukoulakis, and several other representatives from Panathinaikos. Also present were representatives of many English football clubs, the English Football Association (F.A.), as well as members of London's Greek Community.
Palefip UK has organised several functions, including annual dances and trips to away games of Panathinaikos. Brussels, Gotheberg, Auxherre, Brugge, Porto, Aalborg, Lens, Coruna and Manchester are few of the places Palefip UK has travelled to. Also a number of London based fans have travelled together in group to Athens to watch European and League matches. Additionaly, Palefip UK, has supported actively charities both in England and in Greece.
The club is based at the Dolphin Hotel premises, No.34 Norfolk Square very close to London's Paddington station. Members can meet there to socialise and watch their team's football or basketball matches.
The club has been featured in ITV's Champions League programme, shown on Saturdays, with interviews from club officials and members. This was at the time of Panathinaikos great performance during the 1996 Champions League.