An Alchemy insider tells The Sunday Times the private equity firm is unlikely to find a buyer for the InnSpired pub chain. Talks with Punch, Pubmaster and Country Estate Management have come to nothing with none prepared to pay the £350m price tag. Alchemy is now in talks with four others but the degree of debt priced into the asking price is a major turnoff for potential suitors. Alchemy would make a loss if it sold the chain for £300m or less. It is considering increasing InnSpired’s debt levels or simply holding on to the asset if it fails to agree a sale for the 1,100 pubs. The Independent on Sunday (Business) 15/02/04 page 3