On the back of its recent investment from the Business Growth Fund and the granting of a new £8m bank facility with Barclays, Giggling Squid is stepping up its growth plans. Currently trading from 15 sites across the South of England, more than any other Thai restaurant brand in the UK, the company is expecting to add 10 further restaurants to its family within the next 12 months or so.
In addition to sites in Norwich, Berkhamsted, Warwick and Farnham already in “fit out”, the business has recently acquired restaurants in Brentwood, Wokingham, Windsor, Bath and will be adding an extension to its Guildford restaurant, to make up a second wave of projects.
Beyond that the brand is in negotiations to acquire several further properties in and around the M25 area which it expects to complete in the coming weeks; by the middle of 2017, Giggling Squid looks set to trade across 25 sites.
Giggling Squid founder, Pranee Laurillard comments “these are very exciting times for the Giggling Squid team. We are opening in some lovely buildings in some lovely towns. I am really looking forward to bringing our amazingly delicious Thai cooking to more lucky people across the country.”
The business can also confirm the appointment of Mike O’Mahoney as CFO. Managing Director Andy Laurillard: “Mike’s a great guy with tons of experience and is the right person to help us steer the finances through this period of rapid growth and to work closely with operations director, Peter Morrison, and his team to get the best from the business as it expands.”
Mike O’Mahoney added “I am delighted to be joining Giggling Squid. It’s a great business with great people. With really strong LFL growth, improving margins and an awesome pipeline, Giggling Squid is well positioned to achieve its goal of becoming the first fully national Thai restaurant operation. ”
Mike is a Chartered Accountant and Finance Director with over 20 years’ experience in the hospitality and leisure industry. Prior to Giggling Squid, Mike held CFO positions at Devere, The Hotel Collection, Thistle Hotels and Little Chef Restaurants.
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