Giggling Squid sees turnover rise following ‘another excellent year’

The 48-strong Thai restaurant group saw turnover increase by 11.3% to £73.3m in the year to 2 April 2023 (FY23), up from £65.9m the year before.

Figures related to earnings before interest, taxes, depreciation and amortisation (EBITDA) for the period are yet to be published and are expected when the group’s full accounts are published to Companies House.

Giggling Squid said its robust cash generation was partially used to fund three new restaurants in Maidstone (Kent), Winchester (Hampshire), and Alderley Edge (Cheshire).

The group added that it has opened another two Giggling Squid restaurants post year end (FY24) in Cardiff (St David’s) and The Lexicon (Bracknell), both of which are trading ‘significantly above expectations’.

Additionally, like for like sales have ‘remained strong’ going into the new financial year and restaurant EBITDA margins have returned to pre-pandemic levels.

“FY23 was quite tough with post pandemic challenges affecting all of the main lines of hospitality sector P&Ls – a frightened customer retrenching, double digit food inflation, labour cost and availability issues, energy spikes and the withdrawal of government support,” said Andy Laurillard, Giggling Squid CEO.

“We dealt with all of that and are heading into the back half of FY24 with our strongest ever numbers and our happiest ever customers.”

Barclays Bank and investors, the Business Growth Fund, both continue to be supportive of the business.

Giggling Squid said it remains ‘well financed’ and is looking to acquire restaurant and retail units across the UK to add to its pipeline of new openings.