Andy Laurillard, the co-founder and managing director of Giggling Restaurants, the operator of the Giggling Squid brand, has said that the group is being approached almost daily regarding new investment, but is two to three years away from looking to take on outside investment.
He told M&C Report that up to 10 investors had approached the group, including Piper Private Equity and Kings Park Capital.
He said: “It’s flattering and proves we are doing something right, but we are not at that stage where we need to take on private equity. It has helped in getting the right relationships in place for when that moment comes but that for us is two to three years away.”
Earlier this year, the six-strong group 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.
It has identified, and is negotiating on, five further units across the south east, which it expects to open within this financial year.
The group plans to open in Marlow this September, and is in talks to open in Maidstone and Horsham, plus its first move into the Midlands.
The company 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.
Laurillard will speak about the development and success of Giggling Squid at M&C Report’s Restaurant Conference on 3 October at the Landmark Hotel in Marylebone. To reserve your place today please e-mail Alice Wilson on alice.wilson@wrbm.com
