Thai chain, the Giggling Squid, has a lot to be pleased about. It has bucked the current downward trend of UK restaurants and reported a 54 per cent increase in earnings.
Before interest, taxes, depreciation and amortisation (Ebitda) the chain reported earnings for the year to the end of March of £3.28 million. Turnover for the period was also up 29 per cent year on year to £23.7 million.
Founded in Hove in 2009, the Giggling Squid opened its doors in London last year for the first time. In November 2015, it received funding of £6.4 million investment from UK investors the Business Growth Fund (BGF). Now it operates 29 restaurants, including six new openings since March, with new outlets opening in Oxford and Chislehurst after Christmas.
In an interview with City A.M.*, Andy Laurillard, who co-founded Giggling Squid with his wife Pranee, said the restaurant’s success was down to its “clear, well-defined proposition”, as well as it’s unique and “relevant” proposition to customers.
In a story board on their website, Ms Laurillard describes their journey from a tiny fisherman’s cottage (now their Brighton restaurant) in 2002, to where they are today: “Our idea was to cook simple, rustic, fresh Thai food. We wanted a menu that people could eat like they do at home. In Thailand, mealtimes are all about lots of dishes that everyone shares.
“We had no money, no idea what we were doing, a leaky roof, dodgy wiring and a pile of washing up to the ceiling, but luckily the menu was a massive hit.”
And a hit it is, according to its results. But, whilst it certainly is a welcome success story for the struggling sector, this is a very challenging time for hospitality businesses. Help is however at hand.
At Beavis Morgan, we have extensive experience of working with businesses in the hospitality industry, and our professionals are acknowledged experts in overcoming challenges affecting restaurants, pubs and hotels. We know the industry well and can work with you to resolve issues, improve business performance and achieve success.
Contact Matthew Burge or your usual Beavis Morgan Partner for further information about how we can assist you and your hospitality business.
Further reading:
Tips to help your hospitality business succeed
Marketing your hospitality business
* Source: City A.M. Monday 12 November 2018, Thai chain Giggling Squid has a lot to laugh about as earnings grow