New World Trading Company closes three sites and prepares to launch CVA

Bar and restaurant group New World Trading Company (NWTC) has closed three loss-making sites as it prepares to restructure the business.

The group said it planned to launch a Company Voluntary Arrangement (CVA) and refocus on its larger Botanist-branded bars.

NWTC said it had struggled with the impact of Covid, inflation and the cost-of-living crisis, which had affected trading in its smaller and non-Botanist branded bars.

It has closed the Florist in Liverpool, the Botanist in Knutsford and the Botanist in Alderley Edge with immediate effect.

A spokesperson for New World Trading Company said: “The business is evolving from its pub-inspired origins into a large, city-centre restaurant and bar operator. We continue to have a much-loved brand in the Botanist and will be focusing all future openings on this brand.

“Earlier in 2024, as part of this strategy we successfully converted four of our differently branded sites into Botanists. This process will allow us to safeguard New World Trading Company for our customers, shareholders, creditors and team enabling the business to move forward and flourish.

"We have been working with the teams at RSM and Greenberg Traurig to support the process. We have made the difficult decision to close three loss-making sites immediately. 

“The welfare of our teams is our number one priority, and we will be offering alternative roles within our other sites to those that are impacted."

As part of the restructuring, NWTC has announced a series of changes to its senior leadership team.

Former Cosy Club managing director Amber Wood has been promoted to the same role at NWTC, with Rod McKie moving to the position of non-executive chairman.

Kate Lister-Clancy, who recently joined the team from Loungers, has been appointed as marketing director.

Meanwhile, Antony Doyle, former operations director at Loungers, has been hired as group operations director.

McKie said: “We now have a best-in-class senior team who are poised to take the business into its next phase of growth. We have an attractive pipeline of new larger-format Botanist sites, with Bournemouth and Lichfield expected to open in 2025.

“We continue to work collaboratively with our investors, who are extremely supportive of the business and our ambitious plans for 2025 and beyond.”