New World Trading Company to open 'between five and eight' sites annually from 2022

New World Trading Company (NWTC) plans to open between five and eight sites a year from 2022.

The pub and bar chain said in its accounts that its pipeline to the end of 2021 and beyond remains "very strong" with "many opportunities opening up".

Since 31 March the group has opened the Club House bar and restaurant (pictured) in Plymouth and new concept the Furnace in Sheffield, taking the business to 31 sites. NWTC also owns the Botanist bar chain as well as six other brands.

The company posted a pre-tax loss of £5.7m for the year to 31 March 2021, compared to a loss of £4.4m for the previous 12 months.

NWTC renegotiated its bank financing and secured further shareholder support in December 2020 after lockdowns placed "considerable" pressure on its liquidity, but said trading was "buoyant" when its sites were open.

The group's accounts said: "Cash from operations since reopening in April 2021 has been somewhat ahead of forecasts, and the directors now have a reasonable exception that the group has adequate resources to continue in operational existence for the foreseeable future.

However, the company said there was a risk that further restrictions on hospitality could affect its business performance.