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Cocktail chain’s £13m buyout signals expansion
Cocktail chain The Alchemist is set to open more sites across the UK after the completion of a £13 million management buyout.
The Alchemist in London
Palatine Private Equity is injecting £12m of equity into The Alchemist while Spanish bank Santander is providing a £6.5m loan to fund its expansion into other cities.
The Alchemist, known for its experimental mixology, is owned by the Living Ventures Group, which was started in 1999 by former mixologist Tim Bacon and leisure veteran Jeremy Roberts. It is the second time Palatine has invested with Living Ventures.
Last year Palatine provided £10m to fund the pair’s management buyout of Gusto, an upmarket north west pizza restaurant chain.
The Alchemist chain generated sales of £11.3 million last year with venues currently in Manchester, Leeds and London, and was ranked the 20th fastest-growing business in the UK by The Sunday Times.
Living Ventures founders Tim Bacon and Jeremy Roberts will take on the positions of chairman and non-excutive director respectively within The Alchemist, while Palatine’s managing partner Gary Tipper and investment director Beth Houghton will join the board as non-executive directors.