Giggling Squid FY turnover doubles to £66m
The company has continued to be supported by Barclays Bank and reputed investors, Business Growth Fund
Thai restaurant chain Giggling Squid has announced that its FY turnover doubled to £66m, up from £33.9m the previous year.
For the full-year period ended April 2022, the company stated that its EBITDA was £11.1m for the period compared with £5.5m in the year to March 2021.
It believed that its strong sales performance was down to the increased demand for delivery service and the shift towards working from home.
Giggling Squid opened seven new restaurants in this time period, making it 43 restaurants in total. Since the end of last financial year the company has opened three more restaurants. That is 10 since the end of lockdown restrictions.
CEO Andy Laurillard said: “I’m hugely proud of how well the Giggling Squid team has dealt with the considerable challenges of the pandemic. This year the sector has been sorely tested by its climb out of lockdown restrictions, the continuing repercussions of the pandemic across supply chains, the unexpectedly challenging labour market and the huge economic implications of the war in Ukraine.
“That we have ended up where we have is testament to the quality and commitment of our people right across the business. Looking forward, it is clear that the sector will face significant new challenges as we enter the economic downturn needed to bring inflation back under control.”
He added: “With discretionary expenditure under pressure, brands more than ever need a clear proposition to offer the customer great value. With our fantastic food, competitive pricing and position as the best Thai restaurant in pretty much every location we trade from, we are well placed to thrive over the coming year.”