Giggling Squid proves ‘off-site trading model’

Giggling Squid is currently in a “strong financial position” and “trading well given its regional bias” as it heads into winter, according to its latest financial accounts.

The Thai restaurant concept said it continues to “adapt exceptionally well” during the lockdown, and made full use of the range of government support measures.

Giggling Squid extended its £10.5m Barclay’s loan facility, which is now repayable on 31 August 2021.

A Coronavirus Business Interruption Loan (CBIL) was secured via Barclay’s for £5m, repayable in trances up to 2024.

The group’s loan note facility from long-term backer BGF was extended to June 2024.

According to the report, the business is now proven to be “extremely adaptable, having the ability to transition to an off-site trading model”.

Covering the period mostly before the pandemic, Giggling Squid reported a “strong year of growth as we continue our journey towards being a national Thai restaurant operator”.

Turnover for the year to March 2020 was 38.37m, with operating profit of 644k.

Adjusted EBITDA decreased by 10.5% to £4.4m as a result of covid-19 impacting the final three weeks trading of the year.

At the year end, the group operated 35 restaurants, with openings in Oxford, Chislehurst, Leamington Spa, Weybridge, and Leicester during the year.

The group made a loss for the year of £1.1m.