Knutsford head-quartered bar and restaurant operator The Alchemist has secured £16m from Santander to support its continued growth plans across the UK.
The new capital will be used to invest into the continued innovation of the brand, rejuvenating existing sites and the acquiring new locations.
It has been a busy period for The Alchemist, who recently opened a purpose-built venue at the MediaCityUK development in Manchester, a new regional site in Oxford, and has since confirmed openings in Nottingham, Bristol and Cardiff for the year ahead.
Established in 2010, The Alchemist has 12 venues across the UK, and is backed by Palatine Private Equity, which supported a buy out from Living Ventures in 2015.
Victoria Stewart, Finance Director at The Alchemist, said the company is “thrilled” to have received further funding from Santander – “particularly in the current climate”.
Chris Thomas, Director, Structured Finance, Financial Sponsors at Santander, said the bank is “delighted” to support the company’s next phase of growth, following previous support.
Kieran Lawton, Investment Director at Palatine, added that the additional financial support will allow further development of the brand and concept over the next few years.
Legal support to The Alchemist was provided by the Manchester office of Pinsent Masons, with Addleshaw Goddard acting for Santander.