The Cheshire-based operator said the move was due to a number of factors that had impacted the sector over the past four years, including Covid, inflation and the cost-of-living crisis, which have primarily affected trading at its smaller and non-Botanist branded sites.
A spokesperson for NWTC said: “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.
Move forward
“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.”
The firm also detailed it had made the “difficult decision” to close three “loss-making” sites immediately as part of the plans.
“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”, the spokesperson added.
As part of the restructuring, NWTC has also aimed to launch a Company Voluntary Arrangement (‘CVA’) alongside a series of changes to its senior leadership team.
Attractive pipeline
Kate Lister-Clancy has also been appointed as marketing director, having recently joined the business from Loungers, and Antony Doyle, former operations director at Loungers, has been hired as group operations director.
Earlier this year, Glenn Pearson, formerly of Urban Pubs and Bars, was appointed CFO, and Karl Jolly a people director.
Former Cosy Club managing director Amber Wood has been promoted to managing director, while Rod McKie will move to the position of non-executive chairman.
McKie said: “We now have a best-in-class senior team who are 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.”
