The Palatine Private Equity-backed The Alchemist, the cocktail bar and restaurant concept, has seen like-for-like sales climb 8% in the year to date across its existing estate, with much of that growth coming from its London site in the City, MCA understands.
The seven-strong Simon Potts-led group, which is on track to report full-year turnover of £22m, will open its first suburban site in Alderley Edge in November.
Potts told MCA that the company had agreed sites so far for next year in Newcastle (Intu Eldon Square, March), Media City (July) and Oxford (November) – and expects a few more to be added to that pipeline over the coming months.
The group, which is believed to be in talks on a further site in London, is understood to have lined up a site at the Westgate development in Oxford. It also has a further site lined up in Manchester, as part of the £50m redevelopment of Manchester Business School.
The two-storey Alderley Edge site will have a capacity of 150, including a 70 seat restaurant situated within the venue’s conservatory.
The first floor at the site will be home to a smaller bar area, also available for exclusive hire; perfect for a birthday or family celebration with a capacity of around 60.
The Alderley Edge Alchemist will also be open on Boxing Day & New Year’s Day, unlike the sites based in city centre locations.
Potts said: “We are thrilled to be bringing The Alchemist to Alderley Edge. Some residents will already be aware of the brand from our Manchester sites and we’ve had a huge amount of enquiry and enthusiasm during development. We believe it will be a welcome addition to the bustling social scene in the village and we can’t wait to immerse ourselves in the local community.”
The first Alchemist opened in Spinningfields in late 2010 and is a stand-alone business under the Living Ventures’ umbrella and was backed by Palatine Private Equity in £13m management buyout in 2015. It currently has seven sites nationwide (two in Manchester, two in Leeds, one in Birmingham, Liverpool and London).