Alchemist refinances and plans 10 new sites
With new money from OakNorth, The Alchemist is now preparing to open more bars.
The cocktail and restaurant brand led by Simon Potts has secured a £15m loan in order to roll out new sites and refinance its existing debt.
With the new money from OakNorth, The Alchemist is now preparing to open 10 more sites over the next three years.
The business has been backed by private equity firm Palatine since 2015.
"Despite the well-known challenges facing the hospitality sector, we take pride in our unwavering commitment of growing our brand across the UK," says Potts. "Looking ahead, we have ambitions to roll out 10 new sites over the next three years, with the funding from OakNorth being a key catalyst for this. With this capital, we will be able to open additional sites and continue bringing our unique cocktail bar and restaurants to more areas of the UK and overseas."
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Founded in Manchester in 2010, The Alchemist has scaled to 23 sites across 12 cities, including six in London, three in Manchester and three across Scotland, in addition to opening its first overseas site in Berlin last year.
With its London Victoria site opening in February 2024, the business’ reputation for molecular mixology has won it numerous industry awards.
"The Alchemist is a perfect example of the creativity that’s currently on offer by the UK’s top bar and restaurant operators," says Stewart Haworth, director of debt finance at OakNorth. "The group has built-up a highly impressive reputation, with the management team delivering an experiential and theatrical food and drink offer across all day parts, in an array of locations, as they plotted their expansion here in the UK and abroad."