Giggling Squid, a Thai restaurant chain, has posted a hearty financial recovery, demonstrating resilience despite current economic conditions.
- This year, the company has declared a notable pre-tax profit of £1.5 million, reversing the previous year’s loss.
- Turnover for Giggling Squid grew to £78.6 million this fiscal year, up from £75.1 million.
- The chain has expanded its presence, opening several new locations across the UK, offsetting the closure of a single site.
- The board remains optimistic about future growth, confident in the face of economic challenges.
Giggling Squid, a Thailand-inspired eatery, has witnessed a marked turnaround in its financial performance, reporting a pre-tax profit of £1.5 million for the fiscal year ending March 31, 2024. This is a stark contrast to the £1.9 million loss reported in the previous year. Such improvement signifies a robust recovery and adaptability amidst the challenging macroeconomic landscape.
The company’s turnover increased to £78.6 million from £75.1 million over the past year, highlighting its successful growth trajectory. By the end of this financial year, Giggling Squid operated 49 sites nationwide, reinforcing its stature in the bustling UK restaurant scene. Despite the closure of one site in Cheshire, the chain opened new outlets in Cardiff, Bracknell, and Shrewsbury, with another restaurant set up in Cardiff Bay just before the fiscal year closed.
The board of Giggling Squid has expressed optimism, underscoring their strategic expansions and adaptability in the face of high inflation and interest rates. In their statement, they remarked, “The group continued to go from strength to strength and had a very profitable year despite the macroeconomic backdrop.” Founded by Andy and Pranee Laurillard, the chain began in Hove in 2009 and has since grown substantially, offering Thai cuisine to a wide audience across the UK.
The article also highlights the financial challenges faced by other entities in the sector, with City AM reporting on different brands’ performances. Thai chain Giggling Squid’s results stand in contrast to these struggles, showcasing resilience and a forward-thinking approach to expansion and profitability.
Giggling Squid’s strategic expansion and solid performance exemplify its resilience in overcoming economic adversities.
