Western Morning News (Saturday)
Bar and eatery to open as chain expands West
AHOSPITALITY chain named one of the UK’s fastest growing firms is to open in Plymouth and up to seven other locations in 2021 – despite posting a £4.4million loss before Covid hit the UK.
Despite a difficult year for bars and restaurants, hospitality heavy-hitter The New World Trading Company (NWTC) is focused on the future and growing its business, with a new restaurant-bar – The Club House – opening in Plymouth’s Royal William Yard on May 17.
Named one of the fastest growing businesses in the UK by the Sunday Times Fast Track 100, NWTC’s entry into Plymouth marks its 30th restaurant opening.
It is the first time the brand has ventured into Devon. The new site 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 The Club House brand, after a successful five-year spell in Liverpool.
NWTC boasts an array of awardwinning 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 published accounts, for the year to the end of March 2020, revealed a pre-tax loss of £4.39million, on sales of £55.3million, compared with a profit of £1.007million, and sales of £51.7million, in 2019. No dividend was paid in either year.
Financial statements filed at Companies House said the firm traded well “despite challenging market conditions” but the imposition of a national lockdown in March 2020 “placed considerable and unforeseen pressure on the group’s liquidity”.
After negotiating with funders, including a refinancing which injected funds, and landlords the firm said its pipeline remains strong with “many opportunities opening up following the pandemic” and it expects to continue to open between five and eight new sites a year.
Directors said they have “adequate resources to continue in operational existence for the foreseeable future” with the Government’s Covid stimulus package providing support.
That includes opening in Plymouth in the Royal William Yard’s Grade I listed Brewhouse building, inside the unit previously occupied by Latin-American themed eatery Las Iguanas, which closed in 2020 when parent firm the Casual Dining Group went into administration.
Cheshire-headquartered NWTC, which opened sites in Cardiff and Warrington in 2019, said The Club House promises a “relaxed holiday-feeling all year round; perfect for the summer of staycations ahead”.
It said that in Plymouth a distinctive, casual bar and restaurant will extend outside, overlooking Royal William Yard’s marina. There will be an extensive food menu alongside a wide selection of beers, wines and cocktails.
The Club House is boosting the city economy by recruiting kitchen staff, bartenders and servers of all levels.
Natasha Waterfield, chief operating officer for NWTC, said: “It’s been a tough year for hospitality, but I’m incredibly proud to be at the helm of
This is the perfect location for their first Devon-based opening EMILY HANDSLIP, URBAN SPLASH
such a resilient business that is powered and supported by our amazing teams across the country.
“To be able to still open a venue is a testament to the talent within our NWTC family and we’re delighted to bring our unique brand to a historic location like Plymouth.”
Emily Handslip, commercial director for Urban Splash, said: “We are delighted to welcome New World Trading Company to Royal William Yard – this is the perfect location for their first Devon-based opening and can’t wait for The Club House to open.
“Visitors are going to love this new bar and restaurant, whether they want to relax in comfort indoors, or sip a cocktail in the sun by the water.”
Hailey Cattle, regional marketing manager for Urban Splash, said: “With such a variety of hospitality, leisure and retail businesses on offer at the yard, combined with our picturesque waterfront setting, we truly are a must-visit destination.