The Guildford-based Thai restaurant chain Giggling Squid has navigated challenging economic conditions, showcasing significant financial resilience this past year.
- The company reported a pre-tax profit of £1.5 million for the year ending 31 March 2024, recovering from a £1.9 million pre-tax loss in the prior year.
- Turnover for the chain, operating 49 locations, rose from £75.1 million to £78.6 million, reflecting successful growth efforts.
- Expansion included new openings in Cardiff, Bracknell, and Shrewsbury, with a slight offset due to one closure in Cheshire.
- Founders Andy and Pranee Laurillard report continued strength amidst high inflation and interest rates, indicating a positive outlook.
The Thai restaurant chain Giggling Squid, headquartered in Guildford, has reported a robust financial turnaround for the fiscal year ending on 31 March 2024. Returning to profitability, the chain posted a pre-tax profit of £1.5 million, a significant improvement from the previous year’s pre-tax loss of £1.9 million. This recovery comes after a notable profit of £5.3 million for the year up to April 2022, which had seen revenues reaching £65.7 million.
Recent financial disclosures indicate a growth in turnover from £75.1 million to £78.6 million over the past year. As of the reported period, Giggling Squid successfully operated 49 locations across the UK. The expansion strategy included new restaurant openings in Cardiff, Bracknell, and Shrewsbury, alongside an additional site in Cardiff Bay at the year’s end. However, this expansion was slightly tempered by the closure of a site in Cheshire.
In the ongoing financial year, Giggling Squid has further extended its presence with a new outlet launching in London. Despite encountering a challenging macroeconomic environment characterised by high inflation and elevated interest rates, the company has maintained a steady growth trajectory. According to the board, “The group continued to go from strength to strength and had a very profitable year despite the macroeconomic backdrop.”
The founders of Giggling Squid, Andy and Pranee Laurillard, launched the business in Hove in 2009. Since its inception, the brand has expanded significantly throughout the UK, establishing a strong presence in the casual dining sector. The recent results were announced in context with sector news, which included other restaurant chains such as Leon and Dishoom reporting financial and operational updates.
Giggling Squid’s resilience amidst challenging economic conditions underscores its strategic acumen and growth potential.
