Thai chain Giggling Squid has a lot to laugh about as earnings grow
Thai restaurant chain Giggling Squid has reported increased earnings as it continues to expand across the south of England, bucking the UK restaurant industry’s downward trend.
The company reported earnings before interest, taxes, depreciation and amortisation (Ebitda) of £3.28m for the year to the end of March, up 54 per cent from last year, while turnover for the period increased 29 per cent year on year to £23.7m.
Giggling Squid opened its first London outlet in Wimbledon last year and now operates 29 restaurants, including six new openings since March.
The company said its new sites have generally traded well ahead of expectations, adding that the brand’s new restaurant decor and styling had proved popular with diners.
The restaurant chain, which describes its food as authentic Thai cooking in a contemporary setting, expects to open its next site in Bishop’s Stortford before the end of the year.
Giggling Squid’s success comes as the UK restaurant industry reels from a spate of closures. Rising costs of rent and staffing coupled with an overcrowded casual dining market have taken their toll on chains such as Prezzo, Byron and Gourmet Burger Kitchen.
Andy Laurillard, who co-founded Giggling Squid with his wife Pranee, told City PM the restaurant’s unique offering was behind the success.
“If you’ve got a clear, well-defined proposition that’s offering something different and relevant to customers, you’re doing okay,” he said.
The pair opened the chain’s first restaurant in Hove in 2009. In November 2015 it received funding of £6.4m investment from UK investors the Business Growth Fund (BGF).
The chain will be opening outlets in Oxford and Chislehurst after Christmas, and hopes to open between six and eight new branches over the year.
Mr Laurillard added: “We’ve got 100 places we could go in the UK, we’re spoiled for choice.”