Giggling Squid is pleased to announce another year of strong growth with turnover up by 56% to £18.4m for the year ended 2nd April 2017. At the year end the brand was operating 20 sites, 6 more than prior year with openings in Bury St Edmunds, Berkhamsted, Norwich, Warwick, Wokingham and Farnham.
Whilst new sites generally traded well ahead of expectations, Giggling Squid is particularly pleased to report strong growth in mature sites in FY17, with 10 out of 11 established restaurants ending ahead of the previous year. This pattern of growth has continued into FY18.
Highlights
- Giggling Squid becomes the UK’s number 1 Thai restaurant brand by number of sites
- Trading performance was very strong for the year with revenues increasing 56% from £11.8m in FY16 to £18.4m in FY17
- Group EBITDA was £2.1m, a 50% increase on prior year of £1.4m
- During the year, the company made considerable investment in training, infrastructure, systems and people with a view to preparing the business for further expansion
- Giggling Squid remains well financed with substantial undrawn bank facilities and high quality and supportive investors in BGF
- In 2016, Giggling Squid was ranked #57 in the Sunday Times Virgin Fast Track 100 fastest growing companies, its second year in this league table.
Current trading
- The group’s 22nd restaurant opened in November 2017, which was the group’s first London site in Wimbledon Village, a further 3 openings to take place early 2018.
- Giggling Squid has established a strong reputation for authentic Thai cooking presented in a relaxed, contemporary setting. The varied menu comprises a competitively priced, Thai Tapas lunch menu and a more extensive evening menu
- In FY17, Giggling Squid launched a ‘Little Tapas for Little People’ menu, a new drinks menu including a very successful cocktail offer and plenty of exciting new dishes.
Andy and Pranee Laurillard co-owners of Giggling Squid said, ‘Last year was great and this year is even better. Our team has really taken shape and achieved some amazing results – our existing sites remain ahead of last year, our new sites have traded well and our margins have improved considerably despite serious headwinds. Tentacles are about to spread once more, with new openings in fantastic locations. We feel very positive about our future!’