The Alchemist's Growth Plan: £15M Investment Fuels Expansion
Posted by Emily on 1st Feb 2024
The Alchemist, a prominent bar and restaurant group, has recently announced a significant expansion plan. With a £15 million investment from OakNorth Bank, the group is set to open ten new locations within the next three years. This funding will facilitate growth and aid in refinancing existing debts.
Photo Source & Copyright - The Alchemist
Established in Manchester in 2010, The Alchemist has grown substantially, backed by the private equity firm Palatine since 2015. Currently, the group boasts 23 sites across 12 cities, including a notable presence in London with six bars, three in Manchester, and a footprint across Scotland. Last year, they marked their international debut with an opening in Berlin. A new establishment is also scheduled to open in London, Victoria, in February 2024.
The Alchemist's CEO, Simon Potts, expressed confidence despite challenges in the hospitality sector. He emphasised the brand's commitment to growth across the UK, with the OakNorth funding pivotal for their ambitious expansion plan.
Photo Source & Copyright - The Alchemist
OakNorth Bank, known for supporting hospitality businesses like Inception Group, Z Hotels, and Bowland Inns & Hotels, sees potential in this sector. Stewart Haworth, OakNorth's Director of Debt Finance, highlighted the anticipated growth in the pub and bar industry, driven by the rising demand for craft spirits. He expressed enthusiasm about the group's future and visiting the new sites.
This strategic expansion by The Alchemist reflects their resilience and adaptability in a dynamically evolving industry. We invite you to share your thoughts and comments below on this exciting development in the hospitality sector.