Manchester: 11 July 2017 - Foresight Group (“Foresight”) is pleased to announce the completion of a £3.45m investment into Mowgli Street Food Limited (“the Company”) to fund the roll-out of restaurants around the UK. The investment is the sixth from the Foresight Regional Investment Fund.
Mowgli Street Food is a chain of authentic Indian street food restaurants that offer food which is packed with flavour. The Company currently has restaurants in Liverpool and Manchester, with plans to expand to Birmingham and Leeds later this year. Nisha Katona, founded the Company only three years ago leaving a career as a successful barrister to pursue her passion for authentic Indian food. The modern 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. Peck is expected to bring a thorough and detailed approach to modelling and evaluating sites. In addition, Karen Jones has been appointed as Chair, having previously founded Café Rouge and now is Chair of Hawksmoor.
Claire Alvarez, Senior Investment Manager, Foresight, commented:
“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 for Mowgli Street Food to become the leading voice for Indian Street Food across the UK.
The deal is the first in a series of investments we are looking at in the consumer and leisure sector this year and has added strongly to the portfolio diversity of the Foresight Regional Investment Fund.”
Nisha Katona, Founder, Mowgli Street Food, commented:
“I’m thrilled to be working with Foresight to continue the growth of Mowgli Street Food. 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.”
Advisers on this deal included:
Company advisors: RSM – Rob Donaldson and Connor Agnew
Company advisors: GT – Will Baxter and Alex Harris
Banking facilities: Santander – Ash Chopra and Dan Houman
Legal advisors for Foresight: Addleshaws – Andrew Green, Katie Parker and Becky Dove
Legal advisors for Nisha Katona: O’Connors – John Spofforth and Christina Millan
Financial Due Diligence: BDO – Chris Heatlie, Rob Dawes and Sean Mitchell
Commercial Due Diligence: RPL – Geoff Rampton and Suzy Urch
For more information contact:
Annabel Arrowsmith, Foresight Group, firstname.lastname@example.org +44 (0)20 3667 8179
About Foresight Group LLP (“Foresight”):
Foresight is a leading independent infrastructure and private equity and investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 30 years.
Foresight has £2.6 billion of Assets Under Management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs) and Venture Capital Trusts (VCTs).
Foresight’s Private Equity team, comprising of sixteen investment professionals, invests between £1m and £5m in management buy-outs, management buy-ins and growth capital investments in UK SMEs.
Foresight was voted “VCT House of the Year” at the 2016 Unquote British Private Equity awards.
The Foresight Regional Investment Fund, targeting companies in the North West of England, North Wales and South Yorkshire supported by Foresight’s new Manchester office deployed one third of funds within its first 12 months and has a strong pipeline of investment opportunities under consideration.