The Alchemist to Open New Sites Following £15m Loan

OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided a £15m loan to creative cocktail bar and restaurant group, The Alchemist, to support the roll-out of new sites and refinance existing debt. 

Founded in Manchester in 2010, the group has successfully scaled to 23 sites across 12 major 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 mastering the dark arts and “molecular mixology” has won it numerous industry awards, including most recently, ‘Best Drinks Offer’ at the 2023 Publicans Awards. 

The business has been backed by leading private equity firm, Palatine, since 2015, which focusses on investing in mid-market businesses through its Buyout and Impact Funds. Headquartered in Manchester and with offices in London and Birmingham, Palatine has built strong relationships with entrepreneurs across various industries, such as consumer and leisure, financial services, health and education, and technology.

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