The Graphite Capital-backed group, which runs eight brands including The Botanist, The Florist, and The Oast House, cited multiple factors affecting the sector over the last four years for its decision to close three sites. These factors include Covid, inflation, and the cost-of-living crisis, which particularly impacted trading at its smaller and non-Botanist branded bars.
Moving forward, NWTC aims to concentrate on its larger Botanist-branded locations. A spokesperson stated, “The business is evolving from its pub-inspired origins into a large, city-centre restaurant and bar operator. We continue to cherish our brand, The Botanist, and will focus all future openings on this brand.”
Earlier in 2024, as part of this new strategy, they successfully transformed four differently branded locations into Botanists. This strategy aims to secure the future of the New World Trading Company for its customers, shareholders, creditors, and team, allowing the business to progress and thrive.
The group has closed its The Florist location in Liverpool, as well as The Botanist sites in Knutsford and Alderley Edge, effective immediately. “We have made the difficult decision to close three loss-making sites immediately,” the statement noted. “The welfare of our teams is our number one priority, and we will provide alternative roles within our other locations for those affected.”
In conjunction with launching a CVA, a form of insolvency process typically utilized by distressed companies to repay debts over a set time, the group announced several changes to its senior leadership team as part of the restructuring. Kate Lister-Clancy has been appointed as marketing director after previously joining from Loungers, and Antony Doyle, former operations director at Loungers, has taken on the role of group operations director.
Amber Wood, the former managing director of Cosy Club, has been elevated to the same position at NWTC, while Rod McKie will transition to non-executive chairman. McKie remarked, “We now have a best-in-class senior team ready to guide the business into its next phase of growth. We have an exciting pipeline of new larger-format Botanist sites, with Bournemouth and Lichfield anticipated to open in 2025.” He added that they continue to collaborate with investors who are highly supportive of the company’s ambitious plans for 2025 and beyond.
