MANCHESTER-based private equity firm Palatine have completed a £13m management buyout of Living Ventures cocktail chain The Alchemist, ahead of a national rollout.
With the investment from Palatine we will be able to make The Alchemist a recognised brand throughout the UK
Palatine - who completed a similar MBO of Living Ventures' Italian restaurant chain Gusto for £10m last year - will inject £12m of equity into The Alchemist while Spanish bank Santander will also provide a £6.5m loan to fund the development of existing sites and open new city centre locations across the UK.
The Alchemist - which first opened in the city in December 2010 and now runs four venues in Manchester, Leeds and London - employs around 250 staff and last year achieved sales of £11.3m.
Cocktails at The Alchemist Spinningfields“The Alchemist is a very strong brand which offers a unique customer experience," says Living Ventures CEO Tim Bacon. "With the investment from Palatine we will be able to make The Alchemist a recognised brand throughout the UK.”
Last month Living Ventures reopened the original and flagship Alchemist in Spinningfields following an extensive refurb - see here
The Knutsford-based bar and restaurant group, which also operates Australasia, Artisan and Manchester House, posted sales of £80m in the last financial year - an increase of 24% on the previous year.
