Mon 18th Dec 2017 - Giggling Squid reports Ebitda boost as turnover increases 56% to £18.4m Giggling Squid reports Ebitda boost as turnover increases 56% to £18.4m: Thai restaurant group Giggling Squid, which is backed by the Business Growth Fund, has reported turnover grew 56% to £18.4m for the year ended 2 April 2017 compared with £11.8m the year before. Group Ebitda was up 50% to £2.1m compared with £1.4m the previous year. At the year end, the brand was operating 20 sites, six more than the prior year with openings in Bury St Edmunds, Berkhamsted, Norwich, Warwick, Wokingham and Farnham. The company said while new sites generally traded well ahead of expectations, Giggling Squid reported strong growth in mature sites in FY17, with ten out of 11 established restaurants ending ahead of the previous year. It said this pattern of growth had continued into the current financial year. The group’s 22nd restaurant opened in November, which was its first London site in Wimbledon Village, and a further three openings are to take place in early 2018. Giggling Squid stated: “During the year, the company made considerable investment in training, infrastructure, systems and people with a view to preparing the business for further expansion. Giggling Squid remains well financed with substantial undrawn bank facilities and high quality and supportive investors in the Business Growth Fund. In FY17, we launched a ‘Little Tapas for Little People’ menu, a new drinks menu including a very successful cocktail offer and plenty of exciting new dishes.” Co-owners Andy and Pranee Laurillard said: “Last year was great and this year is even better. Our team has really taken shape and achieved some amazing results – our existing sites remain ahead of last year, our new sites have traded well and our margins have improved considerably despite serious headwinds. Tentacles are about to spread once more, with new openings in fantastic locations. We feel very positive about our future!” Giggling Squid took a £6.4m investment from the Business Growth Fund in 2015 to accelerate growth plans. Founded in the basement of a tiny fisherman’s cottage, now Giggling Squid’s Brighton restaurant, the couple opened their first site in Hove in 2009.