THE owner of Merseyside Indian restaurant chain Mowgli Street Food has spoken out after it was reported that the business had lost almost £500k during its most recent financial year due to soaring energy bills.

Mowgli was founded in 2014 by Wirral-based restaurateur, author and TV presenter Nisha Katona.

Its annual accounts for the 12 months to July 31, 2023, saw a 15% increase in revenue from £26.8m in 2022 to £30.8m.

The increase was due to the opening of two new restaurants that year as well as the growth of its existing venues according to its accounts.

However, the company reported a loss before tax of £476,456 down from a profit of £1.8m in the previous year.

The restaurant chain said it had been hit by the "changing and volatile economic landscape" with the rising energy and input costs during the year.

Following the latest reports, Nisha has taken to social media to share the “happy truth”.

In a statement she said: “Good news and growth- It’s not often I lift my head from the working day to respond to the printing of some apocalyptic headlines about Mowgli struggling - BUT - we are NOT- this year thank god we fed a record number of guests.

“I worry that the spinning of stories might put entrepreneurs off the idea of building businesses. So here is the happy truth.

“Thankfully Mowgli is still very much a northern born good news story with Lincoln, Knutsford, Bridgend and Newcastle opening this year.

“Our growth story, with its very normal peaks and troughs, needs to inspire others to be brave enough to build businesses, on shoestrings in their northern home towns and take them national.

“This year we served a record number of guests, including our two millionth chat bomb.

“This year we created over 250 jobs and in the next year we will create another 300 jobs.

“Last year we donated £400,000 to local and world Charities and next year we will dedicate over £500,000.

“Last year we developed two girls schools in India for low income families.

“In the seasons of any growth businesses, gains must always outstrip losses. It’s is important to grow and build a business that can be a force for good and enrich lives in the cities it goes to.

“That is why I will always steer Mowgli into gain and growth, diligently, with courage, calculation and conviction.

“For you who have always supported us and not craved for our demise - I thank you! - I will continue to share the story and hope it brings hope at a time when the economic climate needs it.”