Giggling Squid secures £5m loan to tackle coronavirus damage

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 Caterer reported.

The restaurant group, which has 35 sites across the country and employs around 1,000 people, said it went from strong sales to no revenue whatsoever in a matter of days as lockdown was brought in.

The loan will allow the business to restart operations with social distancing restrictions in place when allowed to do so. Funding was provided by Barclays.

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.”

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