Bar chain secures further £5.6m investment from NatWest
Pioneering bar and restaurant group, The New World Trading Company (NWTC), has secured a further £5.6m investment from NatWest to help fund its ambitious roll-out programme.
The Cheshire-based company operates 22 venues across the UK. Apart from seeing the completion of the major refurbishment of the group’s Manchester flagship, ‘The Oast House’, the remainder of 2018 will also bring further openings for ‘The Botanist’, in both Coventry and Cheltenham.
Since the last funding round in January 2017, NWTC has continued to expand, with a further seven openings: four additions to ‘The Botanist’ brand, in Didsbury, Reading, Manchester’s MediaCityUK, and West Bridgford; as well as ‘The Canal House’ in Birmingham; and its new concept, ‘The Florist’, in Bristol and Liverpool.
NWTC turnover has grown by more than 60% since its acquisition by leading mid-market private equity specialist Graphite Capital in 2016, ensuring a place in the Sunday Times Fast Track 100 Companies for three years running.
Next year will see further openings for this cornerstone brand in Cardiff, Exeter and Bath, together with a third site for ‘The Florist’, in Watford.
This ambitious roll-out programme will lead to a 25% increase in NWTC staff numbers to more than 1,500.
The business says it is testimony to the company’s investment in its people, as well as to its unique brand proposition, that it won four honours at this year’s Publican Awards and came seventh in The Sunday Times Best Companies list.
NWTC chief executive Chris Hill said: “We are grateful to NatWest for their continued support and belief in our brands, and to Graphite for their ongoing backing and encouragement.
“Our unique proposition is proving increasingly popular with the public across the UK, and we are looking forward to taking ‘The Botanist’ and ‘The Florist’ to new and exciting parts of the country.”
Mark Porter, director-leisure at NatWest, said “We at NatWest have admired the New World business and management team for a number of years and they continue to provide, via a number of wonderful formats, an outstanding consumer environment and experience.
“As such, we are delighted to be providing further support via this increased facility to this first-class business and best in class management team.”
Graphite is a specialist provider of private equity finance to mid-market companies in the UK.
