New World Trading Co to open five more sites this year
LEISURE operator New World Trading Company, which owns the Botanist, Oast House and Smugglers Cove venues, has raised more than £2m to double in size this year.
The Knutsford company, an offshoot of Living Ventures, plans to open five more sites in 2014. Two restaurant/bars will open in Manchester, while New World will open in London, Birmingham and Glasgow too.
The expansion will be funded through a new bank facility of £2.2m from Lloyds Banking Group.
Created in 2011, NWTC currently has four sites: two Botanist bars in Alderley Edge and Leeds, the Oast House pub in Manchester and the most recent opening, the Smugglers Cove in Albert Dock, Liverpool.
In the year to the end of March NWTC grew annual revenues to £4.5m.
Tim Bacon, non-executive chairman of NWTC said: “This is an exciting moment for NWTC and its ambitious management team as the business moves from the experimental to proper roll-out phase.
“It has worked really well in the North and now we are confident to expand it further afield… London, Glasgow, and Birmingham as well as consolidation in the North West.”
