Giggling Restaurants, the operator of the Giggling Squid brand, has revealed ambitions to become the first national chain of Thai restaurants with plans to operate an 80-strong estate across the UK within the next seven years.
The five-strong group, which is believed to have already received tentative interest from investors, will open two further sites over the coming months in Reigate and Marlow, and has identified, and is negotiating on, five further units across the south east, which it expects to open within this financial year.
The company, which is led by Andy Laurillard, has enjoyed a strong start to this year, with like-for-like sales up 19.8% in April and May. Net sales for 2012-3 were £2.7m, with EBITDA of £595k.
It has budgeted for net sales to exceed £5m this year, with a EBITDA of around £1m. Staff numbers are projected to grow by 120 to reach 200 at the year end.
To aid its growth plans it has hired Charles Lowe, formerly of St Quintin (CBRE) and Edward Erdman (Colliers), as its first property director to head up its property division and oversee the expansion.
Laurillard, who founded the business with his wife Pranee, said: “We expect to encounter growth issues when we reach 10 sites and need to put in another management tier – but we are already experiencing significant economies of scale and we learn with each new opening. There are no national Thai restaurant chains despite the increasing popularity of the cuisine - we intend to be the first - it’s all about getting the food right.”
Following building delays to a £350k development in Reigate, caused by the discovery of a 60 cublic metre tunnel beneath the 250-year old property, the sixth Giggling Squid is scheduled to open on 30 June.
The company has also signed a 20-year lease on a 300-year old building in Marlow. The former Mexican restaurant site, which had 104 covers, is being remodelled with a £250k investment that is being part-funded by landlord contribution.
The group opened its first restaurant in 2009 in Hove, with further sites following in Brighton, Crawley, Tunbridge Wells and Henley-on-Thames.
The lunch menu offers a choice of six Tapas-style ‘tasting sets’ that allow diners to sample several of different dishes in a single sitting, costing between £8.00 and £10.50. Thai Tapas dishes can also be ordered one at a time with 16 individual dishes priced under £3.90.
The evening menu is more extensive with about 40 dishes available. The signature “Giggling Squid” - steamed baby squid filled with minced chicken, squid and herbs with basil and chilli - is £10.50.
