Giggling Squid has reported a rise in turnover with like for like sales ‘materially ahead’ of pre pandemic levels.
In the Thai restaurant group’s latest financial results, turnover increased by 11.3% to £73.3m in the year to 2 April 2023 (FY23), up from £65.9m the year before.
“FY23 was quite tough with post pandemic challenges affecting all of the main lines of hospitality sector P&Ls – a frightened customer retrenching, double digit food inflation, labour cost and availability issues, energy spikes and the withdrawal of government support,” said Andy Laurillard, Giggling Squid CEO.
“We dealt with all of that and are heading into the back half of FY24 with our strongest ever numbers and our happiest ever customers.”
The 48-strong business said like-for-like sales have ‘remained strong’ going into the new financial year and restaurant EBITDA margins have returned to pre-pandemic levels.
It’s “robust cash generation” was partially used to fund three new Giggling Squid restaurants – in Maidstone (Kent), Winchester (Hampshire) and Alderley Edge (Cheshire), although the latter has since closed.
It has also opened another two Giggling Squid restaurants, in Cardiff (St David’s) and The Lexicon (Bracknell), both of which it said are “trading significantly above expectations”.
“Barclays Bank and investors, the Business Growth Fund, both continue to be extremely supportive of the business. Giggling Squid remains well financed and is looking to acquire high quality restaurant and retail units across the UK to add to an already exciting pipeline of new openings.”
