The New World Trading Company (NWTC), the sister company to bar operator Living Ventures, has today announced plans to accelerate roll-out after securing a new bank facility.
It is planning to open five new sites in the current year, including locations in London, Birmingham and Glasgow and two in Manchester.
The expansion will more than double its estate which currently comprises The Botanist in Leeds and Alderley Edge, Cheshire, the Oast House in Manchester’s Spinningfields and the Smugglers Cove in Liverpool’s Albert Dock (pictured).
The roll-out will be funded through a new bank facility of £2.2million from Lloyds Banking Group.
Non-executive chairman Tim Bacon, who is also co-founder of Living Ventures, 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.”
NWTC is backed by investment firm Hill Capital and Living Ventures, the northern-based operator behind The Alchemist bars, Blackhouse grills, Gusto restaurants and Manchester venues Manchester House and Australasia.
Created in 2011, NWTC offers pub-style restaurants that serve a range of local ales as well as Champagnes and creative cocktails. They offer a rustic deli menu with food including barbecue, rotisserie and a selection of classic home comforts alongside entertainment provided through live and acoustic music.
It grew annual revenues to more than £4.5million in the year to March 2013.
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