£6.4m investment for Thai restaurant chain Giggling Squid
Business Growth Fund-backing will enable South England restaurant group to "accelerate" nationwide expansion
Thai restaurant chain Giggling Squid has been granted £6.4m investment from the Business Growth Fund (BGF) to “accelerate” growth in exchange for a minority stake in the business.
Run by Andy and Pranee Laurillard, the Guildford-headquartered business serves Thai cuisine for lunch, dinner and takeaway from 13 sites across the South of England including Hove, Brighton and Henley.
The chain currently employs 300 staff and is expecting to generate £12m in revenue this year. With new openings planned for Bury St Edmunds, Berkhamsted and Warwick, the company hopes to create a further 1,000 over the next four years.
Previously funded through cashflow, the capital will accelerate the chain’s expansion across the South and nationally.
Andy Laurillard commented: “This is a really important step for Giggling Squid as we look to expand our brand across the country. We are now well funded and in a strong position for growth. This is a growing, dynamic company and it is an exciting time for Giggling Squid and for all of our employees.
“Thai cuisine is an underserved segment of the market and we have the opportunity to create a truly national brand providing great Thai food. It’s a good time to be part of that story.”
Jon Simon, BGF investor, has joined Giggling Squid’s board. Simon added:
“We are excited to now have the opportunity to invest in this established casual dining brand, with a strong track record of organic growth and a compelling expansion story.”