Trethowans advises Giggling Squid on £25 million refinancing

• 

• Steve Cole

• 22 Jul 2026
• •
• 2 min read

• Share

The Trethowans Banking & Finance team has advised Giggling Restaurants Ltd on the successful £25 million refinancing of its existing revolving credit facility. Giggling Squid, which operates 52 restaurants across the UK, completed the refinancing with National Westminster Bank plc to secure ongoing funding to support the business’s future growth.

Trethowans advised Giggling Squid throughout the transaction, leading extensive negotiations on the finance documents, including the covenant package and provisions relating to leasehold interests and insurance arrangements. The team worked closely with the lenders and investors to ensure the facility reflected the operational requirements of a large, multi-site restaurant business.

A key priority was ensuring the replacement facility was completed ahead of the expiry of the existing arrangements. Working within a tight timeframe, Trethowans coordinated the satisfaction of arrangements with the incoming lender, the outgoing lender and an institutional investor, enabling the refinancing to complete on 30 June 2026.

The Trethowans team was led by Steve Cole, Partner and Head of Banking & Finance, with support from Marnie Thomas, Associate, and Harlen Hunte, Apprentice Solicitor. Shoosmiths acted for the incoming lender, Norton Rose Fulbright acted for the outgoing lender, and CMS advised an investor shareholder in Giggling Squid. Matt Shaw at Blaise Commercial Finance advised Giggling Squid on finding the best funding solution.

Mark Priest, Chief Financial Officer at Giggling Squid, said: “We are delighted to have completed the refinancing of the business and secured the new facility in what remains a challenging market. It shows confidence in the business and future growth opportunities in the sector. It provides the business with the operational headroom to be able to continue the refurbishment programme we have already begun across our estate to ensure our older sites are fresh and up-to-date with our new look, while also providing, if needed, the firepower to add selective sites to our openings pipeline.

We’d like to thank Trethowans for their support and commercial approach in delivering the transaction. Steve and his team took the time to learn about our restaurant business. They worked multiple workstreams with a number of other law firms and hit a challenging deadline.”

Steve Cole, Partner and Head of Banking & Finance at Trethowans, said: “We’re pleased to have supported Giggling Squid on this important refinancing. The transaction demonstrates the value of combining technical expertise with a practical, commercial approach, particularly when working to tight deadlines and coordinating multiple stakeholders. We’re proud to have helped the business secure funding that supports its future ambitions, and we look forward to seeing its continued success.”