The Caterer

Giggling Squid secures loan to provide 'urgently needed liquidity'

17 June 2020 by
Giggling Squid secures loan to provide 'urgently needed liquidity'

Giggling Squid has secured a £5m Coronavirus Business Interruption Loan, which it has said will provide it with "urgently needed liquidity to survive the crisis".

The 35-strong group has said it went from positive like-for-like sales to no revenue whatsoever in the space of nine days when the government imposed lockdown restrictions at the end of March.

The loan, agreed with Barclays, will enable the business, which employs almost 1,000 people, to restart operations when restrictions on hospitality are lifted.

Co-founder and chief executive Andy Laurillard, said: "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."

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.