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NWTC reports £13.9m full-year loss as CVA reshapes estate around The Botanist

The New World Trading Company (NWTC)has reported a statutory loss of £13.9mfor the 52 weeks ended 30 March 2025, as the operator absorbed restructuring costs linked to its CVA alongside interest expenses associated with its capital structure.

Despite the headline loss, the group said underlying trading improved through the year, supported by tighter operational control and a renewed focus on its core brand, The Botanist.

Key performance signals

NWTC reported that:

• Underlying EBITDA rose 18% to £4.0m(from £3.4m the year before)

• Gross profit margin improved to 77.5%(up from 76.3%)

• Like-for-like site-level EBITDA increased 1% to £8.7m

• Site labour costsedged up to 35.6% of revenue(from 35.2%), reflecting higher employment costs, partially offset by efficiency measures

The company also reported positive like-for-like salesduring the period and said it continued to make progress on margin improvement despite a challenging consumer and cost environment across hospitality.

CVA: fewer sites, clearer brand direction

A company voluntary arrangement (CVA)for New World Trading Company (UK) Limited was approved by creditors on 21 October 2024, following a strategic review prompted by changes within the senior leadership team.

The CVA resulted in the closure of seven non-core sites, either immediately or in January 2025, as NWTC moved to concentrate resources on The Botanist. Directors said the purpose of the restructuring was to improve long-term profitability and reduce exposure to underperforming locations.

Brand refresh and early momentum

Following the CVA, NWTC implemented a refresh of The Botanist proposition, including:

• updated menus

• changes across digital platforms

• the launch of a new website

NWTC said it delivered like-for-like sales growth of 4%across the seven accounting periods to October 2025, and reported that its new Botanist opening in Bournemouthtraded ahead of expectations, with sales more than £1m above budget after six months.

UK Food Council view

NWTC’s results underline a pattern becoming increasingly common across managed hospitality: strong brands can still grow, but reported profitability is being distorted by restructuring, financing costs, and the rising “fixed cost stack”(labour, energy, rates and supply-side inflation).

For operators, the message is clear: the next phase of recovery will be built on estate discipline, menu and labour productivity, and brand clarity— with CVAs and selective closures continuing to act as a reset mechanism where legacy sites and lease terms no longer fit current demand.

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