Giggling Squid, the fast-growing Thai restaurant group, which is set to commence the search for new funding later this summer, has already received approaches from prospective trade buyers, M&C Report understands.
Founder Andy Laurillard told M&C Report that the group, which has appointed Grant Thornton to advise on its funding options, favoured selling a minority stake to a private equity player, but had received approaches from trade, plus investors from overseas, including Thailand-based parties.
It is thought the group, which is valued at £18m, is aiming to start an official process later this summer, with sale expected before the end of the year when its EBITDA run rate is on track to be in excess of £2m.
The 11-strong company, which is on track to post FY turnover of c£12m in its current financial year, has an average weekly turnover of c£20k and believes it can consolidate the Thai restaurant sector and that there is the potential to eventually grow to c150 sites in the UK.
The group has lined up openings in Clifton, Chichester and Guildford for this year so far and hopes to open 12 sites in total this year and another 18 in 2016.
The company has already received approaches from and had conversations with a number of private equity players.
Laurillard told M&C Report earlier this year that he felt that it was the right time for the group, which is currently looking for a finance director, to explore external investment opportunities.
The group is also close to appointing its first operations director.
