Indian restaurant group Mowgli Street Food is set to open new venues this year despite its finances being hit by the Covid-19 pandemic.
The Liverpool-headquartered company added that it “retains a fundamental belief” in the dining out market and the group’s ability to “prosper once trading restrictions are loosened”.
The group currently has restaurants in Liverpool, Manchester, Birmingham, Oxford, Nottingham, Cardiff, Sheffield, Leeds, Bristol and Leicester, with plans to open new sites at Cheshire Oaks in Ellesmere Port and another in Edinburgh.
The expansion plans were included in newly-filed documents with Companies House for its financial year to July 31, 2020.
The accounts show the group’s turnover went from £11.9m to £11.3m in the year while its pre-tax losses widened from £1.2m to £3m.
In June 2020 the group secured £2m through the Coronavirus Business Interruption Loan Scheme and also drew “900,000 from an existing NatWest bank facility to part fund new openings.
Mowgli Street Food was founded by West Lancashire-born barrister-turned-entrepreneur Nisha Katona.
A statement signed off by the board said: “Results for the financial year were severely affected by the impact of the Covid-19 pandemic and the associated Government actions and mandated closures.
“The group has faced further restrictions on trade over the winter of 2020-21 due to the Covid-19 pandemic with two further national lockdowns and local tier restrictions resulting in minimal trading across the estate from early November 2020 onwards.
BusinessLive is your home for business news from around the North West- and you can stay in touch with all the latest news from Greater Manchester, Liverpool City Region, Cheshire, Lancashire and Cumbria through our email alerts.
You can sign up to receive daily morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we’ll send out breaking news alerts for any stories we think you can’t miss.
By bringing together North West coverage with that from across Reach’s titles in England and Wales, BusinessLive will shine a spotlight on the entrepreneurs, the stars of the future and the small firms that are the backbone of our economy.
Visit our email preference centre to sign up to all the latest news from BusinessLive.
“The group maintains a strong financial position due to the financing from June 2020 and retains continued support and a strong relationship with its shareholders and bankers.
“Detailed cashflow planning under various scenarios has demonstrated the group’s ability to weather the current period of enforced closure and remain a going concern under various trading scenarios in 2021 and beyond.
“Notwithstanding the impact of the pandemic, the group continues to plan expansion in the coming years and expects to open new restaurants in 2021.
“The group retains a fundamental belief in the dining out market and the group’s ability to prosper once trading restrictions are loosened.”