Chief executive officer Nick Burrows said he wants to increase turnover to £100m from £70m in five years, as well as more than doubling profit and improving dividends by adding restaurants and canopies to centres.
Shareholders have agreed to spend £10m in 2016-17, £16m in 2017-18, £12m in 2018-19 and £9m in 2019-20. Burrows called the chain a "sleeping giant" and said: "We think that is going to put Notcutts back as one of the premier players."
Pembury and Wheatcroft are done, so the first projects will include completing Woodford Park with a restaurant, new canopies at Rivendell, a restaurant/canopy and refit at Norwich, then big works at Staines and Ditchling. Burrows said he hopes to increase restaurant income from 13 per cent to 20 per cent of turnover.
"We want to breed confident managers, not merely implementers of a manual." Managers will have control of aspects of buying and community involvement. "We're looking for people to come and work at Notcutts who like the idea of having more say in the running of the centres and like the idea of becoming a community hub rather than people who just open and close doors."
Burrows is using Net Promoter Scores to evaluate customer service so centres can be rated on more than just financial performance. Esprit is contractor, Dalziel & Pow is designer. Notcutts is looking for a second project property director to work alongside Michael Cole.
Burrows added that Nottcutts is up seven per cent to date this year.
- See more in next issue (HW, 8 July).