Thai restaurant group Giggling Squid has reported a 56% increase in turnover to £18.4m despite the current adverse economic challenges the restaurant sector.
For the year end 2 April 2017, the group also saw EBITDA rise to £2.1m, a 50% increase on £1.4m in the year prior. During the period six restaurants opened in Bury St Edmunds, Berkhamsted, Norwich, Warwick, Wokingham and Farnham.
However, Giggling Squid was also keen to relay that almost all of its mature sites exceeded sale expectations.
Pranee Laurillard, co-owner of Giggling Squid, said: “Last year was great and this year is even better. Our team has really taken shape and achieved some amazing results – our existing sites remain ahead of last year, our new sites have traded well and our margins have improved considerably despite serious headwinds. Tentacles are about to spread once more, with new openings in fantastic locations. We feel very positive about our future!”
Since April, Giggling Squid has opened its 22nd site, in Wimbledon Village, marking its entry into London. It is currently the UK’s biggest Thai restaurant brand.