Mowgli Street Food has reported 15% growth in sales to £30.9m for the year ended 31 July 2023.
The growth comes despite lower VAT rates the prior year, according to the Indian restaurant group’s latest accounts on Companies House.
During the year, Mowgli operated 17 restaurants across the UK, with leases secured or in negotiation for further openings. It opened four sites post year end, taking the estate to 21.
Loss for the year after tax amounted to £476,456, compared to a profit of £1.9m the prior year.
The group further reported adjusted EBITDA of £3.8m – down from £4.7m in 2022 – attributed to one-off benefits the prior year, including lower VAT and post-Covid support measures.
In January 2023, TriSpan acquired a significant shareholding in Mowgli’s parent company Purpose Topco Limited.
As a result of the investment, loan facilities with NatWest were repaid in the year.
Speaking to MCA in May 2023, Mowgli founder Nisha Katona said the group has lots of whitespace to grow in the UK as well as the potential to go global under backer TriSpan.
At the time, she said Mowgli’s latest openings were doing a “roaring trade,” with the focus on expanding in market towns like Beverly, Lincoln, and Knutsford, as well as larger cities like Newcastle, Cambridge, and York.
Katona also told MCA she chose new investor TriSpan in part due to the shared vision for the restaurant group, and also for the potential to explore international opportunities further down the line.
