Giggling Squid sees turnover grow by almost 40%

Giggling Squid saw turnover increase by 39.2% in the year to 31 March 2019, with earnings before interest, taxes, depreciation, and amortization recording a 50% uptick to £4.9m.

Operating profits stood at £1.1m off revenues of £33m. The Thai restaurant group recorded pre-tax profits of £337,364, compared to a pre-tax loss the previous year of £193,158.

At the end of the recording period Giggling Squid had 30 restaurants, four have opened since and its 35th is planned to welcome guests in Leicester this month. A further two sites are in the pipeline with several further locations under negotiation.

Giggling Squid has attributed its resilience to the well-publicised headwinds felt by the industry to supply chain engineering, ongoing negotiations with suppliers and cost control measures.

Andy Laurillard, co-owner and CEO said: "We're buoyed by the fact that the business continues to thrive in what are undoubtedly challenging times for the hospitality industry. Our differentiated proposition continues to attract new customers and we're committed to investing throughout the business to ensure continued success."

Last year the business appointed GCA Altium as it looked to attract external investment to support its growth plans but ended discussions after offers failed to meet the board's expectations.

Giggling Squid initially expanded following investment from the Business Growth Fund.