Giggling Squid, the expanding chain of Thai restaurants, has updated on its plans for expansion, as well as announcing the addition of three new sites, including its first in the Midlands, as part of its quest to become the first national Thai chain.
Contracts have been signed on locations in Stratford-upon-Avon, Maidstone and Marlow which will add to the six-strong portfolio in Brighton, Hove, Crawley, Henley, Tunbridge Wells and Reigate.
Marlow is expected to open mid November with the Stratford following shortly before Christmas. Maidstone, a former snooker hall, with 200 inside covers and a further 60 outside, is planned to become the chain’s tenth – and largest site – when it opens in early 2014.
Advanced negotiations are also taking place over a further site in Horsham, West Sussex.
Private equity approaches
The company has received preliminary approaches from half a dozen private equity firms, including Kings Park Capital and Piper Private Equity, and private equity investment will be considered in the medium term.
Giggling Squid, which was founded in 2008, is led by husband-and-wife team Andy and Pranee Laurillard and will continue to fund expansion using profits and bank borrowings for the foreseeable future.
Further expansion plans
The company expects to open between four and six new sites in the fiscal year to April 2015, on its journey to become an 80-strong chain within 7 years.
Giggling Squids success has come as many independent outlets have see falling footfall and reduced profits, with owners bemoaning the “recession”.
“A few isolated pockets aside, the South-East never entered a recession and downturns bring as many opportunities for business as upturns bring problems,” comments Andy Laurillard, “If restaurateurs are seeing fewer customers it’s because they’re going elsewhere.”
Current trading
The most recent launch, Reigate, has been turning away customers since it first opened its doors on 17 July, with queues forming down the High Street a common sight.
All branches report brisk trading, with most recording record monthly takings. Monthly group turnover consistently tops £100,000.
“We are prepared to encounter growing pains when we reach double figures and have to put in a middle management tier,” said Andy, “But are already benefiting from significant economies of scale and each new opening is better than the last, as we learn how to tweak the marketing.
“But we will remain food, rather than brand, lead – it’s all about getting the food right.”
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