Thai restaurant group Giggling Squid has announced that it hopes to expand its portfolio to 80 restaurants within the next seven years.
The firm, which already has restaurants in Brighton, Tunbridge Wells, Hove and Crawley, will be opening new sites in Reigate and Marlow, the former of which will open to the public later this month. The £350,000 project in Reigate will be the sixth branch to be opened, boasting a venue with a 100-cover, whilst the Marlow site will be in a 300-year-old building on a 20-year lease, and will open later in the summer. Furthermore, the company has made various deals on five more sites, all of which aim to open by April 2014.
The expansion, which will be fully managed by property director Charles Lowe, hopes to create various hospitality jobs all over the UK. This development of the business has been made possible due to Giggling Squid enjoying a great start to the year, with its sales seeing a 19.8 per cent rise in April and May, compared to the same months in 2012. In total, net sales were a mammoth £2.7 million last year, whilst the company has budgeted net sales for this year to go beyond £5 million. This not only means that the firm has enough financial backing to carry out the expansion, but the number of employees under the brand could grow from 120 to 200 by the end of 2013.
Andy Laurilland, owner of Giggling Squid, stated that there would be realistic limitations to their plans however. He said: “We expect to encounter growth issues when we reach ten sites and need to put in another management tier. But we are already experiencing significant economies of scale and we learn with each new opening.”
Giggling Squid features more than 40 dishes on its menu, including the signature dish 'Giggling Squid' – baby squid which has been filled with herbs and minced chicken, with chilli and basil.
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