New World Trading Company will be feeling a bit flush, and eyeing out some new sites, with the £23m it has just secured from NatWest.
The pub and restaurant business was originally set up by Living Ventures founders Tim Bacon and Jeremy Roberts in 2011, before being sold six months ago following Bacon's death in April last year. Its new owners, private equity specialist Graphite Capital, picked it up for £50m.
The finance package, which includes a £4m capex facility, will help fund imminent new openings in Birmingham, Didsbury and Reading in the coming months, and the employment of 200 extra staff. The company has recently added new sites in Sheffield and York, taking the total estate to 16.
Chief executive of New World Trading Company, Chris Hill, said: 'We are grateful to NatWest for their support and belief in our brand, and to Graphite for their continual encouragement since the investment. We look forward to pushing forward our expansion plans throughout 2017.'
Neil Parry, head of leisure for NatWest, added: 'The New World Trading Company is a business we have admired from day one. We are pleased to be partnering with the management team and providing the funding for the next phase of their very successful roll-out programme. With 16 sites today, NWTC is now regarded as one of the leading emerging brands in the UK Hospitality market.'