Giggling Squid secures loan to provide 'urgently needed liquidity'

Giggling Squid has secured a £5m Coronavirus Business Interruption Loan, which it has said will provide it with “urgently needed liquidity to survive the crisis”.

The 35-strong group has said it went from positive like-for-like sales to no revenue whatsoever in the space of nine days when the government imposed lockdown restrictions at the end of March.

The loan, agreed with Barclays, will enable the business, which employs almost 1,000 people, to restart operations when restrictions on hospitality are lifted.

Co-founder and chief executive Andy Laurillard, said: “The business urgently needed liquidity to survive the crisis. Barclays could not have been more helpful in supporting us through this awful situation. We expect to survive and thrive once the restrictions lift.”