Pho, Rosa’s Thai and Mowgli join new Trispan division

Investment firm Trispan has strengthened its position in the Asian branded restaurant segment with the formation of a dedicated holding group consisting of Pho, Rosa’s Thai and Mowgli.

 

The London-based private equity business acquired a majority stake in Rosa’s Thai in 2018, which was followed by one in Pho in 2021 and Mowgli in 2023.

 

The newly-formed Arcturus Group is believed to be the UK’s largest multi-site casual dining operator, falling under Trispan’s Rising Stars fund, which invests in emerging restaurant brands poised for growth.

 

Each brand will continue to operate independently, with existing CEOs Sarah Hills (Rosa’s Thai), Patrick Marrinan (Pho) and Nisha Katona (Mowgli) remaining in their roles.  

 

Meanwhile, Jason Cotta, who has over 35 years’ experience across Itsu, Ole & Steen and Costa Coffee, has joined Arcturus Group as chief executive, while Matt Crumpler, who has worked across Wagamama, the Restaurant Group and Virgin Active, has been named chief financial officer of the new division.

 

The collective will accelerate new openings across the UK and internationally, with plans already in place to launch 20 restaurants across the three brands throughout 2025.

 

Rosa’s Thai, Pho and Mowgli operate roughly 60% of their sites in London and 40% regionally. Arcturus Group has also committed to implementing delivery within Mowgli for the first time.

 

Cotta, chief executive of Arcturus Group, said: “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.

 

“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.” 

 

Nisha Katona, chief executive and founder of Mowgli, added: “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. 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.”

 

Sarah Hills, chief executive of Rosa’s Thai, said: “This is an exciting step for Rosa’s Thai and we are delighted to be part of Arcturus, working together to deliver our ambitions. We’re proud to sit alongside other like-minded, progressive brands, run by talented people who share our love of food and hospitality. Rosa’s is a fabulous brand with huge potential and I look forward to working with Jason and Matt on the next chapter of our journey.”

 

Arcturus Group consists of 118 restaurants: 46 Rosa’s Thai, 46 Pho and 26 Mowgli, as well as three Pho ghost kitchens.