The Alchemist kicks-off new year with £16m investment
Premium bar and restaurant, The Alchemist, has secured an additional £16m finance package from existing debt funders, Santander, to support its continued growth plans across the UK.
The chain, which has two sites in Manchester – in Spinningfields and on New York Street – will invest the capital into developing the brand, rejuvenating existing sites and the acquisition of new locations.
The Alchemist recently opened a purpose built venue at MediaCityUK, a new regional site in Oxford and has since confirmed openings in Nottingham, Bristol and Cardiff for the year ahead.
Established in 2010, it has 12 venues across the UK and employs over 700 team members.
The Alchemist is backed by Palatine Private Equity, who supported a buy out from Living Ventures in 2015.
Victoria Stewart, finance director at The Alchemist said: “We’re thrilled to have received further funding from Santander – particularly in the current climate. While the sector certainly remains tough and competitive, we’re confident in our offering, our people and our vision.
“The phenomenal growth of the business in a short space of time has been made possible by the dedication, passion and talent of The Alchemist people, and I have no doubt that they will deliver on our vision to grow the brand further across the UK and beyond.
“We are grateful for the continued support of both Palatine and Santander in providing investment in our growth plans and in our people.”
Kieran Lawton, investment director at Palatine added: “Santander’s continuing support of The Alchemist is testament to the high quality business that the team are developing.
“The Alchemist continues to be one of the leading performers in its sector, and this additional financial support from Santander will allow the team to further develop the brand and concept over the next few years.”
Legal support to The Alchemist was provided by the Manchester office of Pinsent Masons, while Addleshaw Goddard acted for Santander.