New World Trading Company is eyeing up new sites after securing a £23m investment from NatWest.
The company, which was owned by Living Ventures until its sale to private equity firm Graphite Capital last year, currently operates 16 pubs across the country but is keen to get that number up.
Graphite has an impressive track record in the industry and its investment in Wagamama marked one of the earliest and most successful entries of private equity into the restaurant sector. It developed the chain from two stores to 70 in the UK and increased its turnover from £2.5m to £110m.
The financing deal with NatWest includes a £4m capital expenditure facility, which will support its plans for expansion across the UK.
New World Trading Company recently opened new venues in Sheffield and York prior to the cash injection being made public, building on the seven units that it launched in its last financial year.
New sites are scheduled to open in Birmingham, Didsbury, Manchester and Reading later this year, adding a further 200 staff to its 1,000-strong headcount.
Neil Parry, head of leisure for NatWest, said: “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.”