Mowgli, founded by barrister Nisha Katona, offers “authentic Indian street food” and currently has outlets in Bold Street and Water Street in Liverpool, as well as one in Manchester. Tony McDonough reports
Liverpool restaurant group Mowgli will embark on a UK expansion drive after securing investment worth £3.45m from private equity firm Foresight.
Mowgli, founded by barrister Nisha Katona, offers “authentic Indian street food” and currently has outlets in Bold Street and Water Street in Liverpool, as well as one in Manchester.
It turns over £6m a year and employs around 120 people.
With the backing of the money from the Foresight Regional Investment Fund, the business plans to open restaurants in Birmingham and Leeds later this year.
Ms Katona, who founded Mowgli three year ago, said: “I feel passionately about offering healthy, authentic Indian Street food to the market.
“Foresight’s expertise in growing businesses, alongside our recently appointed new recruits, will allow us to expand into new geographies without compromising the quality of our offering.”
Mowgli’s focus on healthy, light, flavoursome dishes differentiates it from traditional Indian restaurants, as does its provision of an extensive gluten-free, vegetarian and vegan offering using recipes passed down from Nisha’s family.
As part of the investment, Matthew Peck, former head of finance at private equity-backed Byron Hamburgers, has been appointed as finance director, and Karen Jones has been appointed as chair, having previously founded Café Rouge.
Claire Alvarez, senior investment manager at Foresight, added: Our investment into the Mowgli Street Food chain is tremendously exciting.
“The business is illustrative of the continuous innovation and entrepreneurial culture that is prevalent in the North West.
“The company is full of potential and we look forward to supporting Nisha in realising her vision.”
Foresight has £2.6bn of assets under management across a number of funds.