Giggling Squid, the restaurant chain, has reported a much increased turnover as it gears up to become the UK’s first national Thai chain. Sales rose to £4,546,747 in the year to 31 March 2014, up from £2,710,638 in 2013.
Giggling Squid, currently operates 10 successful venues across the South and Midlands, and announced provisional opening dates for two further restaurants on 23 February in Bristol and 31 March for Salisbury.
These next two openings are on former Strada restaurant sites. Giggling Squid has invested around £100,000 refurbishing the 88-seater Princess Victoria Street venue, in Bristol’s Clifton village, and £150,000 refurbishing the city-centre property in Salisbury’s Market Place, which will become the largest venue in the group, with seating for 150 diners.
The company has also revealed that it is advanced negotiations to acquire another eight sites, including one in Chichester.
£7.7m revenues for current year
Giggling Squids expects group sales to reach £7.7m in the current financial year with an Ebitda of around £1.4m and average site Ebitda of 23%. Average return on capital employed is 97%.
“It’s been an exciting 18 months, bringing great neighbourhood Thai restaurants to five new towns, dealing with a devasting flood in Hove, and ramping up for further growth,” said Giggling Squid MD Andrew Laurillard, adding, “Substantial new banking facilities with Barclays and a strong new site pipeline make us optimistic of continuing the current growth trajectory into next year and beyond.”
Laurillard believes continued investments in systems, processes and people stands the company in good stead to improve quality and margins as the business grows.
“We are still having great fun and we hope to up our rate of openings to seven or eight restaurants a year,” he said.
Giggling Squid
32 Market Place, Salisbury, Wilts SP1 1TL
34 Princess Victoria Street, Clifton, Bristol BS8 4BZ
Tw: @GigglingSquid