Giggling Squid sees strong growth despite Covid challenges

Giggling Squid, the UK's leading Thai restaurant operator, has announced another year of strong growth, despite having to navigate the Covid-19 pandemic and subsequent lockdowns. 

According to the brand's latest financial analysis, its 40 sites across the country earned a total income (including £6.3m of government support funding) of £40.2m this year, an increase of 4.7% on 2020, while adjusted EBITDA was £5.5m, up 25% from £4.4m in the previous financial year. 

Throughout the year, the firm successfully pivoted from an ‘off site’ trading model of takeaway/delivery during lockdowns, to normal trading at its restaurants (albeit with social distancing measures in place). Additionally, the opportunity was taken during lockdowns to refurbish several restaurants in the more mature estate. The company secured Coronavirus Business Interruption Loan Sheme (CBIL) funding at the start of the financial year as a precautionary measure, which has so far remained unutilised.

In the current financial year, trading since reopening for indoor dining in mid May 2021, has been excellent, with exceptional gross like for like performance and superb customer service scores continuing to hold firm into the Autumn. New restaurants have been opened in the current financial year to date, in Harborne (Birmingham), West Bridgford (Nottingham) and Mere Green (Sutton Coldfield), all of which are trading ahead of management’s initial expectations.

A fourth site opened in Hornchurch last week and a further two new sites are due to open before Christmas in Welwyn Garden City and Chelmsford. The company has a commanding liquidity position and, with an excellent pipeline, now plans to open a minimum of seven new sites in the current financial year.

Giggling Squid continues to be supported by Barclays Bank and the Business Growth Fund. Management have sites for next year already secured in locations such as Winchester and Maidstone, together with a number of additional sites currently in legals.

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