Giggling Squid buys Thai Express UK out of administration

Giggling Squid has bought Thai Express UK, the franchisee behind nine Thai Express restaurants in Britain, out of administration, The Caterer reported on 18 September. The price was not disclosed, and all staff have transferred to the buyer, according to the trade title.

The buyer is Canalside Ventures Ltd, the company that trades as Giggling Squid, according to the advisory group BTG. In a statement published on 15 September, BTG said the sale completed on 7 September.

What Giggling Squid takes on

Nine Thai Express counters give Giggling Squid a route into quick-service dining.

The Caterer listed Thai Express UK sites in Birmingham, Bristol, Croydon, Edinburgh, Guildford, Leicester, Nottingham and Wembley. Insolvency notices in The Gazette give trading addresses in the Grand Central food court in Birmingham, at Boxpark Wembley, in St James Quarter in Edinburgh and in the Lakeside shopping centre in West Thurrock.

Giggling Squid runs 50 casual-dining restaurants across the UK, according to BTG, and the deal takes the group to 59 sites, The Caterer reported. BTG said the buyer intends to use Thai Express as a new platform for growth in the quick-service and fast-food segment, a different format from its sit-down dining rooms.

The group was founded in Brighton in 2009 by Pranee and Andrew Laurillard, according to The Caterer. BTG described it as backed by the investor BGF. Thai Express UK was founded in 2012 by Uzma and Sachin Pattani, The Caterer reported.

How the Thai Express UK administration ran

Andrew Andronikou and Robert Ferne of BTG Begbies Traynor were appointed administrators on 7 September to four companies, Thai Express UK Limited, Thai Express Franchising Limited, Thai Express Lakeside Limited and TX EH1 Ltd, according to notices published in The Gazette on 15 September. Neither BTG nor The Caterer gave a reason for the administration.

BTG said it marketed the business, negotiated and selected offers, and handled cross-border talks with the franchisor, Thai Express Canada, part of a network of about 300 sites worldwide. The sale was led by BTG deal advisory partner Felix Connolly, with DLA Piper as legal adviser, the firm said. Connolly said the deal was “proof that strength and resilience remain in the market and there are opportunities for growth”.

The sale lands in a difficult year for British eating out. UK hospitality closures ran at about 20 a day this spring, according to NIQ data, and Whitbread has shut its last 106 Beefeater restaurants this month.