NWTC enjoys record trade leading up to Xmas
So far this month (December), 17 of its sites have exceeded previous peaks with forward bookings indicating further records are set to be broken by the end of the month (December).
The 34-strong business is set to more than double its earnings before interest, taxation, depreciation and amortisation (EBITDA) in the three months to December 2023 compared to the same period last year.
In its recently filed accounts for the 2023 financial year, revenue increased by a fifth (20%) to £72m while EBITDA fell due to input price inflation before recovering in the current year.
Recent openings
In May, the company opened its first North Light site located in Chester, which NWTC said aimed to support the local community, shine a light on up-and-coming artists and champion the city’s historical and creative scene.
The Graphite Capital-backed group also recently opened a flagship site in Edinburgh under its brand The Botanist, as well as in Barnsley.
Growth is on the cards in 2024 with two venues due to open early next year in Sunderland and Bournemouth with a pipeline of new openings beyond.
NWTC executive chairman Rod McKie said: “After the sector experienced severe inflation in 2022 and 2023, particularly across food and energy supply, a real focus on driving margin expansion is starting to pay dividends, coupled with a healthy bounce back in sales.
Clear growth strategy
“Following the arrival of Amber Wood as chief operating officer, the business is well-positioned with a clear growth strategy and an exciting pipeline of openings for the next three years.”
The company has also announced chief financial officer Jim Pickworth is leaving the business after five years to pursue other opportunities. He will remain in post until Q1 2024.
In October last year, NWTC revealed plans to open between five and eight venues in the 12 months that followed.
