The Alchemist to open 10 new bars with £15m investment

The Alchemist bar and restaurant group has secured a £15m investment to support the opening of 10 new sites over the next three years.

The funding from OakNorth bank will also be used to refinance existing debt.

The Alchemist was founded in Manchester in 2010 and has been backed by private equity firm Palatine since 2015.

It has expanded to 23 sites across 12 cities including six bars in London, three in Manchester, and three across Scotland, while the brand opened its first overseas site in Berlin last year.

A new bar in London Victoria is also set to launch in February 2024.

Simon Potts, chief executive of the Alchemist, said: "Despite the well-known challenges facing the hospitality sector, we take pride in our unwavering commitment of growing our brand across the UK.

"Looking ahead, we have ambitions to roll-out 10 new sites over the next three years, with the funding from OakNorth being a key catalyst for this."

Other hospitality businesses backed by OakNorth include Inception Group, Z Hotels and Bowland Inns & Hotels.

Stewart Haworth, director of debt finance at OakNorth, said: "With the pub and bar industry set for significant growth over the next five years, driven by a rising demand for craft spirits, the group is in a prime position to capitalise on this, and we look forward to visiting the new sites in the future."