A new finance package worth £16 million has been secured to support continued growth for premium bar and restaurant The Alchemist.
The new capital from existing debt funders Santander will be invested into further innovation for the brand, rejuvenating existing sites and the acquisition of new locations over the next few years.
Openings are already planned for the year ahead in Nottingham, Bristol and Cardiff after expansion last year took The Alchemist to Oxford and a purpose-built venue in Salford’s MediaCityUK (pictured).
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, director of structured finance, financial sponsors at Santander, added: “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, said: “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.