Exclusive – New World Trading Co to undergo restructuring process, to close three sites: Graphite Capital-backed pub restaurant group The New World Trading Company (NWTC) intends to restructure its business to focus on its large Botanist-branded sites, Propel has learned. As part of the restructuring, NWTC is aiming to launch a company voluntary arrangement (CVA) and is set to close three loss-making sites imminently. The now circa 30-strong company said: “As with many operators across the sector, over the past four years NWTC has been impacted by a series of external factors, including covid-19, significant inflation and the cost-of-living crisis, which have primarily affected trading in its smaller and non-Botanist branded sites.” A spokesperson for NWTC told Propel: “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. 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.” In parallel to the restructuring, NWTC had made a series of changes to its senior leadership team. Former Cosy Club managing director Amber Wood has been promoted from chief operating officer to managing director, with Rod McKie moving to non-executive chairman. The senior team has been further strengthened by the appointment of Kate Lister-Clancy as marketing director, having recently joined the business from Loungers. Antony Doyle, former operations director at Loungers, has been hired as group operations director. Earlier this year, Glenn Pearson, formerly of Urban Pubs & Bars, was appointed chief financial officer, and Karl Jolly was hired as people director. McKie said: “We now have a best-in-class senior team that is 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.” NWTC features in the Propel Turnover & Profits Blue Book, which is available exclusively to Premium Club members and features 978 companies. NWTC’s turnover of £71,971,794 for the year ending 31 March 2023 is the 140th highest in the database. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email kai.kirkman@propelinfo.com to upgrade your subscription.