Giggling Squid, the rapidly-growing Thai restaurant group, has set out plans to have four Surrey restaurants by the end of 2015 as part of plans to form a national Thai restaurant group.
The company is opening its second Surrey site in Guildford as a 90-seater restaurant in Chapel Street on the site of the former Cafe Rouge, between Cote and Loch Fyne, later this year, following major refurbishments.
Andrew Laurillard, who runs the restaurants with his wife Pranee, told M&C Report the group is in talks on the next two Surrey sites at the moment and expects to open one this year and begin work on the other to open in 2016.
“I think there are about 15 places we could open restaurants in Surrey,” Laurillard said. “It will be a real epicentre for us.”
The group is currently on the lookout for suitable sites from its list of target towns across the county.
Last month the restaurant group invited investment offers to enable its expansion in exchange for a minority stake in the business. Laurillard said it has received lots of interest in the process and has met with a number of teams from corporate finance advisors and is ready to embark on second round meetings, which are anticipated to be completed by the end of March.
“There’s no doubt we will do it, it’s just about finding the right people and deal to work with.”
Giggling Squid now operates 10 restaurants, with two more opening – in Salisbury and Bristol – in March. Its sites include Brighton, Hove, Crawley, Tunbridge Wells, Henley-on-Thames, Reigate, Stratford-upon-Avon, Marlow, Horsham and Sevenoaks
The company is on track to post FY turnover of c£12m in its current financial year and EBITDA of £2.7m, valuing at around £18m.
