Exclusive – Rosa’s Thai, Pho and Mowgli brought together under Arcturus Group, Jason Cotta hired as CEO: TriSpan, the investment firm, is to bring together three of the brands it backs – Rosa's Thai, Pho and Mowgli – under one holding group called Arcturus Group, creating in the process the UK’s largest casual dining operator in the Asian restaurant segment, Propel has learned. The new holding group – named after the brightest star in the northern sky – will consist of 118 restaurants (46 Rosa’s Thai, 46 Pho and 26 Mowgli) plus three Pho cloud kitchens. Each brand will continue to operate independently, with their existing chief executives – Sarah Hills (Rosa's Thai), Patrick Marrinan (Pho) and Nisha Katona (Mowgli) – remaining at the helm of each business. TriSpan said that each of the companies’ original founders will also remain involved, “ensuring brand identities and direction are maintained”. Arcturus Group, which is part of the investment firm’s Rising Stars fund, will be led by Jason Cotta, formerly of Itsu, Ole & Steen and Costa Coffee, as chief executive, and Matt Crumpler, ex-Wagamama, The Restaurant Group and Virgin Active, as chief financial officer. TriSpan said the new entity will focus on driving like-for-like growth, business development and an “ambitious new openings pipeline across the UK and internationally”. The group plans to open 20 new restaurants across the three brands throughout 2025, having already opened five since the start of the year. This will include openings in Tunbridge Wells and Bluewater for Pho, and Norwich and Belfast for Mowgli. Propel understands that in time, the holding group will look at opportunities to add one or two complimentary brands, which could include a move into the QSR space. TriSpan said Arcturus Group aims to create a platform where the current brands, and additional founder-led, entrepreneurial restaurant businesses, “can leverage the power of the group to accelerate their growth”. The Asian full-service restaurant space in the UK was worth £9.5bn in 2024, and the branded segment is forecast to grow by 4.6% per year to 2029, which TriSpan said make it an attractive market for the expansion of Arcturus Group and its three constituent brands. It said: “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.” As part of its commitment to business development, Arcturus Group said it will assist in implementing delivery within Mowgli for the first time. Robin Rowland OBE, TriSpan partner and chair of Arcturus Group, said: “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.” Cotta 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. 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.” Katona said: “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.” TriSpan acquired a majority stake in the then 13-strong Rosa’s Thai in June 2018. In August 2021, it acquired a significant majority stake in the then 30-strong Pho. At the start of 2023, the investment firm acquired a stake in the then 15-strong Mowgli. Rosa’s Thai, Pho and Mowgli all feature in the Premium Club Turnover & Profits Blue Book, which is available exclusively to Premium Club subscribers and features 1,066 companies. Pho’s turnover of £71,095,349 for the year to 25 February 2024 is the 167th highest in the database. Rosa’s Thai’s turnover of £36,580,690 for the year to 26 March 2023 is the 319th highest in the database. Mowgli’s turnover of £30,874,316 for the year to 31 July 2023 is the 371st highest in the database. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email kai.kirkman@propelinfo.com to upgrade your subscription.