The Alchemist secures £16m investment to drive UK-wide expansion

Bar and restaurant chain The Alchemist has secured a £16m finance package to support its expansion across the UK.

The eight-figure capital boost, provided by existing debt funder Santander, will be invested into the continuing development of the Knutsford-headquartered leisure brand, rejuvenating existing locations and acquiring new sites.

Most recently, The Alchemist opened a purpose-built venue at MediaCityUK, another in Oxford and confirmed openings for the coming months in Nottingham, Bristol and Cardiff.

The Alchemist was founded in 2010, with its first site in Spinningfields, Manchester. Today the company operates across 12 UK venues and employs over 700 people.

It is backed by investor Palatine Private Equity, which supported a buyout from leisure operator Living Ventures in 2015.

The Alchemist’s finance director, Victoria Stewart, 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.”

She continued: “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.”

Santander’s director for structured finance and financial sponsors, Chris Thomas, commented: “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.”

Palatine investment director Kieran Lawton said of the deal: “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.”

The Manchester office of Pinsent Masons provided legal support to The Alchemist. Law firm Addleshaw Goddard acted for Santander.