OakNorth, the virtual bank for marketers and through marketers, has provided a £15 million loan to arts bar and restaurant organisation The Alchemist, for the launch of new sites and the refinancing of existing debt.
Founded in Manchester in 2010, the organization has effectively expanded to 23 locations in 12 major cities, adding six in London, 3 in Manchester and 3 in Scotland, as well as opening its first location in Berlin last year.
With the opening of its London Victoria branch in February 2024, the company’s reputation for its mastery of the dark arts and ‘molecular mixology’ has earned it industry awards, most recently ‘Best Beverage Offering’ at the 2023 Publicans Awards.
The company has been subsidized through Palatine, a leading private equity firm, since 2015, which focuses on making investments in middle-market companies through their purchase and has an impact on funds. Headquartered in Manchester with offices in London and Birmingham, Palatine has built strong relationships with marketers from a variety of industries, such as customer and leisure, money services, healthcare and education, and technology.
Simon Potts, CEO 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 deploy 10 new sites in the next 3 years, and OakNorth’s investment will be a key catalyst for this.
“This is the first time we’ve worked intensively with OakNorth after learning about their reputation for supporting experienced, cutting-edge bar and dining operators. Stewart and his team lived up to this reputation, offering a point of flexibility and transparency that simply isn’t presented through other lenders.
“With this capital, we will open more venues and continue to introduce our unique cocktail bars and restaurants to more parts of the UK and abroad. ”
Stewart Haworth, Head of Debt Finance at OakNorth, added: “The Alchemist is a very productive example of the creativity that is being presented lately through UK bar and restaurant operators.
“The group has built-up a highly impressive reputation, with the management team delivering an experiential and theatrical food and drink offer across all day parts, in an array of locations, as they plotted their expansion here in the UK and abroad.
“With the pub and bar sector set to experience significant expansion over the next five years, driven by a growing demand for craft spirits, the organisation is in a position to capitalise on this and look forward to visiting the new venues in the future. . . »
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