The Alchemist says cheers to £16m investment
Bar and restaurant chain The Alchemist, which has a number of sites in the North West, has secured a £16m finance package as it pushes ahead with its nationwide expansion.
The new capital from Santander will be invested into the continued innovation of the brand, rejuvenating existing sites and the acquisition of new locations.
The Alchemist recently opened a purpose built venue at MediaCityUK, and also has two other sites in Manchester as well as operations in Liverpool, Chester and Alderley Edge.
The company has recently confirmed openings in Nottingham, Bristol and Cardiff for the year ahead.
Established in 2010, The Alchemist has 12 venues in total across the UK and employs over 700 staff.
The Alchemist is backed by Palatine Private Equity, which 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.”
Chris Thomas of Santander said: “The Alchemist has shown itself to be a great concept that benefits from a strong management team and experienced, supportive investors. Following on from our previous growth capital support, Santander is delighted to continue working with the company in its next phase of growth.”
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.
