TriSpan, the investment company behind the three brands, has announced plans to bring the brands together under new holding group Arcturus Group, as part of its Rising Stars fund, which invests in emerging restaurant brands that are poised for significant growth.
Pho operates 46 restaurants in the UK, while Rosa’s Thai has 45 sites and Mowgli 26 sites meaning the group will operate nearly 120 sites. Recent openings under the Rosa’s Thai brand have included in Cheltenham, Kingston, Reading and Norwich and new Mowgli sites will open in Victoria Square in Belfast and Chantry Place in Norwich in the summer.
Each brand will continue to operate independently, with existing CEOs Sarah Hills (Rosa’s Thai), Patrick Marrinan (Pho) and Nisha Katona (Mowgli) remaining at the helm of each business. Each of the companies’ original founders will also remain involved, ensuring brand identities and direction are maintained, says TriSpan.
Arcturus Group will be led by Jason Cotta, formerly of Costa Coffee, Ole & Steen and Itsu, and Matt Crumpler as CFO, who has more than 15 years’ experience at Wagamama, The Restaurant Group and Virgin Active.
The collective will focus on driving like-for-like growth, business development and an ambitious new openings pipeline across the UK and internationally, with plans to open 20 new restaurants across the three brands this year, having already opened five since January.
“We’re very pleased to be bringing these three fantastic brands together to form one of the most exciting growth businesses in the sector, supporting the group to flourish and to truly realise its potential,” says Robin Rowland, TriSpan partner and chair of Arcturus Group.
The new group will also implement a delivery offer within Mowgli for the first time.
The three brands operate in prominent locations and key markets, with 60% of their sites in London and 40% regionally. More than three quarters of the business is conducted via dine-in, and the balance is through delivery partners.
“This is a fantastic opportunity to bring three leading restaurant brands together under one group, accelerating growth and bringing truly outstanding food to more people, both in the UK and overseas,” says Cotta.
“We are entirely committed to ensuring each brand retains its individual charm and character but are excited to leverage the larger group to create new opportunities for growth.
“Matt, the TriSpan team and I will be bringing our collective industry experience to the table, working together with each brand to take them to the next level in terms of great food, hospitality, growth and profitability.”
The Asian full-service restaurant space in the UK was valued at £9.5bn in 2024, and the branded segment is forecast to grow by 4.6% per year, to 2029.
“I’m as passionate about Mowgli now as I ever have been, and seeing the business grow from its inception in 2014 to where it is now is testament to the team who have all worked immensely hard,” says Mowgli’s Katona.
“This next chapter is incredibly exciting, combining shared knowledge, investment and expertise as part of the Arcturus Group, to really help take Mowgli to the next level.”