The Graphite Capital-backed group, which operates eight brands including The Botanist, The Florist and The Oast House, blamed the move on several factors that had impacted the sector over the past four years.
They include Covid, inflation and the cost-of-living crisis, which it said affected trading at its smaller and non-Botanist branded bars.
Going forwards, NWTC plans to focus on its larger Botanist-branded sites.
A spokesperson for NWTC said: “The business is evolving from its pub-inspired origins into a large, city-centre restaurant and bar operator.
“We continue to have a much-loved brand in The Botanist and will be focusing all future openings on this brand.
“Earlier in 2024, as part of this strategy we successfully converted four of our differently branded sites into Botanists.
“This process will allow us to safeguard New World Trading Company for our customers, shareholders, creditors and team enabling the business to move forward and flourish.
“We have been working with the teams at RSM and Greenberg Traurig to support the process.”
The group has closed its The Florist site in Liverpool, The Botanist in Knutsford and The Botanist in Alderley Edge, all with immediate effect.
“We have made the difficult decision to close three loss-making sites immediately,” the statement continued.
“The welfare of our teams is our number one priority, and we will be offering alternative roles within our other sites to those that are impacted.”
As well as launching a CVA, a type of insolvency process typically used as a way for companies in distress to pay off their debts over a fixed period of time, the group also announced a series of changes to its senior leadership team as part of the restructuring.
Kate Lister-Clancy has been appointed as marketing director, having recently joined the business from Loungers; and Antony Doyle, former operations director at Loungers, has been hired as group operations director.
Meanwhile, former Cosy Club managing director Amber Wood has been promoted to the same role at NWTC, and Rod McKie will move to the position of non-executive chairman.
McKie said: “We now have a best-in-class senior team who are poised to take the business into its next phase of growth.
“We have an attractive pipeline of new larger-format Botanist sites, with Bournemouth and Lichfield expected to open in 2025.
“We continue to work collaboratively with our investors, who are extremely supportive of the business and our ambitious plans for 2025 and beyond.”
