Profit has gone up at The New World Trading Company (NWTC) as it continues to grow turnover and its portfolio of bars.
Adjusted operating profit increased by 41% to £5.1 million for the year to 31 March 2017 while sales rose by 33% to £40.1 million. Like-for-like sales at established sites were said to be “positive”.
Over the year, NWTC opened three new bar-restaurants under The Botanist brand (pictured) in Sheffield, York and Didsbury in south Manchester. Since the end of March, it has grown to 20 sites after opening The Botanist in Reading, Salford Quays in Greater Manchester and West Bridgford in Nottinghamshire – due to be launched next week – as well as The Canal House in Birmingham. It is also set to open a new concept, The Florist, in Bristol in spring next year.
Growth has been supported by a management buyout in June last year, backed by UK mid-market private equity specialist Graphite Capital.
Chief executive Chris Hill said: “This has been an exceptional year for NWTC. After successfully completing our management buyout in June 2016, we have made significant progress laying the foundations for our future growth and we look forward to a number of exciting new openings in the coming year.
“Our brands keep evolving successfully which is testament to our staff and the unique nature of our offer, with each new site tailored to suit its local market.
“Our aim is to provide an unrivalled customer experience. Our employee engagement initiative, Tribes, demonstrates our commitment to attracting, training and retaining the best people in our industry, which is at the heart of NWTC.”
Tribes, which includes an app developed in partnership with CPL Online, won Best Use of Technology at The Retailers’ Retailer of the Year awards.
NWTC’s other sites include The Oast House in Manchester, The Smugglers Cove and The Club House in Liverpool and The Trading House in London.