Pubco New World Trading Co to open in Plymouth as part of its expansion in 2021
A pubco which has been named one of the UK’s fastest growing companies is due to open in Plymouth and seven other locations in 2021 – despite losing £ 4.4million before Covid hit the UK.
Despite a difficult year for bars and restaurants, The New World Trading Company (NWTC) is focused on the future and growth of its business, with a new bar and restaurant – The Club House – to open at the Royal William Plymouth Yard on May 17.
Named one of the UK’s fastest growing companies by the Sunday Times Fast Track 100, the NWTC entrance to Plymouth marks its 30th restaurant opening.
It is the first time that the brand has ventured into Devon. The new location continues the company’s recent expansion in the South West, following openings in Bristol, Cheltenham and Bath. It will also be the second location for its The Club House brand, after a successful five-year stay in Liverpool.
NWTC owns an array of award-winning brands including The Oast House, The Botanist, The Canal House, The Smugglers Cove, The Trading House, The Florist and The Club House.
But NWTC’s recently released accounts, for the year through the end of March 2020, showed a pre-tax loss of £ 4.39million, on sales of £ 55.3million, against a profit of £ 1.007 million and sales of £ 51.7 million, in 2019. No dividends were paid in the two years.
Financial statements filed with Companies House indicate the company traded well “despite difficult market conditions” but the imposition of a nationwide foreclosure in March 2020 “has put significant and unforeseen pressure on the group’s liquidity.” .
But after negotiating with lenders, including a refinancing that injected cash, and owners, the company said its pipeline remains strong with “many opportunities opening up as a result of the pandemic” and it plans to expand. continue to open between five and eight new sites per year.
Trustees said they have “adequate resources to continue operating for the foreseeable future,” with the government’s Covid stimulus plan providing support.
This includes the opening in Plymouth in the Grade I listed brewery building of the Royal William Yard, inside the unit previously occupied by the Latin American themed restaurant Las Iguanas, which closed in 2020 when the parent company, the Casual Dining Group, has taken over.
The Cheshire-based NWTC, which opened locations in Cardiff and Warrington in 2019, said the Club House promised a “relaxed holiday feeling all year round; perfect for summer stays to come ”.
He said that in Plymouth, a distinctive and relaxed bar and restaurant extends outside, overlooking the Royal William Yard Marina. There will be a full food menu with a wide selection of beers, wines and cocktails. The Club House stimulates the city’s economy by recruiting kitchen staff, bartenders and waiters of all skill levels.
Business Live’s South West Business Reporter is William Telford. William has over a decade of business experience in Plymouth and the South West. It is based in Plymouth but covers the entire region.
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Natasha Waterfield, COO of NWTC, said: “It has been a difficult year for the hospitality industry, but I am incredibly proud to be leading such a resilient company that is fueled and supported by our people. extraordinary across the country.
“Being able to open another venue is a testament to the talent within our NWTC family and we are thrilled to bring our unique brand to a historic place like Plymouth.”
Emily Handslip, Commercial Director of Urban Splash, who is the developer of RWY, said: “We are delighted to welcome New World Trading Company to Royal William Yard – this is the perfect location for their first opening based in the Devon and we can’t wait for the Club House to open.
“Visitors will love this new bar and restaurant, whether they want to relax comfortably inside or sip a cocktail in the sun by the water.”
Hailey Cattle, Regional Marketing Director for Urban Splash, said: “With such a variety of hospitality, entertainment and retail businesses on offer in the backyard, combined with our scenic waterfront setting, we are truly a must-see destination.