New World Trading Company to open 'five to eight' sites a year
The business, which has operates eight brands including The Botanist, The Florist and The Oast House, reported a 16% rise in turnover in the year to 31 March 2022 to £59.9m, compared to pre-Covid levels in 2019.
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) increased to £6.7m with a profit after tax of £1.2m (against a £4.8m loss in the 2021 financial year), despite disruption from the pandemic.
Three new sites were opened during the period – The Club House in Plymouth, the Furnace Sheffield and The Botanist Exeter
Since the year end, NWTC has also opened further sites including The Botanist sites in Ipswich and Worcester as well as a second site (The Club House) in Cardiff bringing its total number of sites to 35.
It says it plans to continue opening new sites at a rate of between five and eight a year, which it estimated will create about 500 jobs annually.
In addition, there are sites in Barnsley, Durham, Edinburgh and Sunderland alongside a second site in Chester in progress for 2023.
Chief financial officer Jim Pickworth says that despite challenges, including operating under restrictions for the first quarter of the company’s financial year and significant reduced trade over Christmas due to the Omicron variant, the company’s results were “excellent”.
“We’re now ahead compared to March 2020, before the pandemic affected our business, which is testament to our fantastic resilient teams, people culture, training and development programmes and our unique and innovative proposition.
“While we are not immune from the new challenges now facing the sector, the business is well-positioned with a clear growth strategy and an exciting pipeline of openings.”
NWTC recently tentatively positioned some of its smaller sites for sale and says that by March 2023 its estate will have grown by one third since the start of the pandemic.
