Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

Palatine buys out Alchemist brand in £13m deal

18 May 2015 by
Palatine buys out Alchemist brand in £13m deal

Palatine Private Equity has completed a £13m management buyout of Living Ventures' Alchemist bar business.

The deal comes as the brand, which first opened its doors in Manchester in 2010 and also has sites in Leeds and London, plans to open more sites across the country.

The business currently employs 250 staff and achieved sales of £11.3m last year, as well as being ranked the 20th fastest-growing business in the UK by the Sunday Times.

It is Palatine's second investment with Tim Bacon and Jeremy Roberts' Living Ventures Group, following its buyout last year of Gusto.

In addition to a £12m equity investment from Palatine, the business will have £6.5m development and working capital facilities from Santander in order to help it develop existing sites and open in new city centre locations.

The Alchemist most recently launched in Bevis Marks in the City of London and has also extended its Manchester site in Spinningfields by an additional 2,500 sq ft.

Bacon and Roberts, who last year won the Group Restaurateur of the Year award at the Cateys, will maintain an active role in the business, with Bacon as chairman and Roberts as non-executive director.

As part of the investment, Palatine's managing partner Gary Tipper and investment director Beth Houghton will both join the board of the company as non-executive directors.

Houghton, investment director at Palatine Private Equity, said: "The Alchemist is a fantastic brand and has developed a strong customer base as a result of its innovative and theatrical cocktail offering. The Spinningfields site continues to be one of the highest trading units in Manchester and we look forward to introducing the brand to more city centre locations across the UK."

Bacon, CEO of Living Ventures, added: "The Alchemist is a very strong brand which offers a unique customer experience. With the investment from Palatine we will be able to make The Alchemist a recognised brand throughout the UK."

Bacon and Roberts founded Living Ventures in 1999. It now owns the Australasia, Blackhouse, Gusto, The New World Trading Company, Manchester House and Artisan brands.

Aiden Byrne hits out at Manchester House robbers >>


New World Trading Company's London site set for June launch >>


NRB Top 50 for 2015 revealed >>

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking