Giggling Squid laughs all the way to the bank as Thai restaurant chain returns to profit
Thai restaurant chain Giggling Squid returned to profit during its latest financial year as it sales hit another record.
The Guildford-headquartered company has reported a pre-tax profit of £1.5m for the 12 months to 31 March, 2024.
The new total comes after the business fell to a pre-tax loss of £1.9m in the prior year.
The last time Giggling Squid reported a pre-tax profit was the £5.3m it achieved in the year to 3 April, 2022. At the time, its turnover stood at £65.7m.
Newly-filed accounts with Companies House have also revealed that its turnover increased in the 12 months from £75.1m to £78.6m.
By the end of its financial year, Giggling Squid ran 49 restaurants across the country.
During the 12 months, it opened in Cardiff, Bracknell, Shrewsbury and a second site in Cardiff Bay in the final week of the year. However, it also closed one in Cheshire.
So far during its current financial year, Giggling Squid has opened a new site in London.
Giggling Squid ‘going from strength to strength’
A statement signed off by the board said: “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.”
Giggling Squid was founded by husband and wife team Andy and Pranee Laurillard.
The first restaurant was launched in Hove in 2009 and has since expanded across the country.
The results come after CityAM reported that restaurant chain Leon lost almost £20m in the year it was sold by the billionaire Issa brothers to Asda.
It was also reported recently that Dishoom created almost 300 jobs as its sales surged past the £100m mark during its latest financial year.
CityAM also reported that Hard Rock Cafe took a huge step towards returning to the black in 2023 as it continued its recovery from the Covid-19 pandemic.