Giggling Squid secures £5m funding from Barclays through the Coronavirus Business Interruption Loan Scheme (CBILS) to help through current crisis
The country’s leading Thai restaurant group has completed a £5 million loan by accessing the CBIL scheme through Barclays.
With 35 sites across the Midlands and Southern England, Giggling Squid had been performing extremely well going into the crisis, despite the well-publicised headwinds effecting the casual dining sector.
The Barclays loan will cover liquidity needs and ensure the ongoing viability of the business through the pandemic, safeguarding almost 1,000 jobs. As the UK transitions out of lockdown, the funding will enable the business to kick start its operations and ensure it is well placed to avail itself of the opportunity that the new normal will present.
Andrew Laurillard, CEO and Co-founder of Giggling Squid, said: “When the Government mandated Lockdown, we saw our revenues fall from a positive like for like level to zero over 9 days at the end of March 2020. The business urgently needed liquidity to survive the crisis. Barclays could not have been more helpful in supporting us through this awful situation.
“We expect to survive and thrive once the restrictions lift and this is entirely due to the extraordinary assistance of the account team and the bank as a whole, in helping us access the Government aid to the fullest extent.”
Mike Saul, Head of Hospitality & Leisure at Barclays, commented: “Barclays is absolutely committed to supporting all businesses through these uncertain times and we understand the challenges they face. We are working closely with clients like Giggling Squid to provide the vital funding they need to help them come out strongly the other side and we look forward to seeing their restaurants open and operating again.”