Giggling Squid appoints bankers to advise on future growth

Thai restaurant group Giggling Squid has appointed investment bank GCA Altium to advise on options for further growth.

The group backed by the Business Growth Fund, who injected £6.4m in 2015, now has 30 sites, with five to seven more openings in the pipeline.

Andrew Laurillard, MD and Giggling Squid co-founder, said: *"*Over the last three years we have grown at a measured pace, extending our tentacles across the South of England where we now serve outstanding Thai food at 30 beautiful venues. With our well-resourced operations team, depth of cooking talent, site management succession planning and an unprecedented level of new restaurant opportunities we are very well placed for further growth. We are now looking forward to working with GCA Altium to explore options for the next chapter of growth for the company."

Giggling Squid's turnover for the year ending 31 March 2018 was up 29% to £23.7m, with EBITDA before exceptional costs 54% up on the previous year at £3.28m. The group made a pre-tax loss in the period of £193,158.

In November Laurillard, who formed the group with wife Pranee, told The Caterer: "I think it should get as big as it can get without losing touch with keeping its customers happy and banging out some excellent Thai food every day. I don't know how big that could be. We'll keep growing until we feel we're not keeping customers happy any more."

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