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News
Cocktail chain to expand after £13m buyout
Cocktail chain The Alchemist will roll out to more sites across the UK following the completion of a £13m management buyout backed by Palatine Private Equity.
The Alchemist, which is known for its vintage-style decor and experimental mixology, generated sales of £11.3m last year
The deal sees an injection £12 million equity investment from Palatine, and a £6.5 million development loan from Santander which will help fund the opening of new venues in city-centre locations.
The Alchemist, which is known for its vintage-style decor and experimental mixology, generated sales of £11.3 million last year and was ranked the 20th fastest-growing business in the UK by The Sunday Times.
The first venue opened in Manchester in 2010, and was followed by another venue in the city, as well as bars at Trinity Leeds and London.
The group that owns The Alchemist, named Living Ventures, was founded in 1999 and owns other brands within the food and drinks sector including Australasia, Blackhouse, The New World Trading Company, Manchester House and Artisan.
The deal marks Palatine’s second investment with Living Ventures Group.
Living Ventures founders Tim Bacon and Jeremy Roberts will take on the positions of chairman and non-excutive director respectively within The Alchemist, while Palatine’s managing partner Gary Tipper and investment director Beth Houghton will join the board as non-executive directors.