Despite challenging economic conditions, Giggling Squid reports a profitable year.
- The Guildford-based company recorded a pre-tax profit of £1.5 million.
- Rebound from a previous loss of £1.9 million highlights significant progress.
- Turnover rose from £75.1 million to £78.6 million, evidencing growth.
- Expansion included new sites in Cardiff, Bracknell, and Shrewsbury.
Giggling Squid, a popular Thai restaurant chain headquartered in Guildford, has successfully navigated economic challenges to report a promising financial performance. Despite the backdrop of high inflation and interest rates, the company recorded a pre-tax profit of £1.5 million for the year ending 31 March 2024. This impressive turnaround marks a significant recovery from a pre-tax loss of £1.9 million incurred the previous year.
In the last fiscal year, the company’s turnover saw an increase from £75.1 million to £78.6 million, indicative of its expanding market presence and operational success. Giggling Squid has been unwavering in its growth strategy, establishing new outlets in Cardiff, Bracknell, and Shrewsbury, with an additional site at Cardiff Bay opened just before the year’s close.
The company’s expansion efforts, however, were not entirely without setbacks. One site in Cheshire was closed during the year, highlighting the challenges faced in maintaining a large footprint. Nevertheless, the resilience and strategic planning demonstrated by the board have been pivotal in the company’s overall positive trajectory.
The chain, founded by Andy and Pranee Laurillard, first introduced its Thai cuisine in Hove in 2009. Since then, it has grown to operate 49 sites across the UK. The leadership’s confidence is reflected in their statement, “The group continued to go from strength to strength and had a very profitable year despite the macroeconomic backdrop of high inflation and interest rates.” This commitment to growth and adaptation remains a cornerstone of Giggling Squid’s philosophy.
Giggling Squid’s successful navigation of economic challenges underscores its robust strategic approach and commitment to growth.
