Giggling Squid has said it plans to open between six and 10 restaurants per year, as it continues with its expansion plans stretching its tentacles further into the Midlands and within the M25.
The operator of 32 sites opened eight restaurants in the 12 months to 30 April 2019, with another venue to open in Leamington Spa in the autumn.
The group has said it is benefitting from a significant number of sites becoming available, including those previously operated by other restaurant groups as well as new builds.
The update has been issued three months after the restaurant group announced it had appointed investment bank GCA Altium to advise on options for further growth. It has previously received backing from the Business Growth Fund, which injected £6.4m in 2015.
Andy Laurillard, managing director and co-founder of Giggling Squid, said: “We are delighted that our contemporary take on high-quality Thai cuisine, at a competitive price point, continues to resonate with customers. Our new openings are performing well and our proven roll-out model and success to date underpins the opportunity we have to extend the brand’s presence further beyond our southern heartland, bringing the Giggling Squid experience to new locations.
“We have exciting plans ahead with a strong pipeline of new sites, as well as the infrastructure in place to support a significantly larger business, as we progress our measured expansion and growth ambitions.“
Giggling Squid is also looking to refurbish more mature units.
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.