The Alchemist, the Palatine Private Equity-backed cocktail bar and restaurant concept, is set to open a third site in Greater Manchester, M&C understands.
The five-strong group, which is led by Simon Potts, is believed to have secured a site in MediaCity, Salford, for an opening next year, two years after it was first mooted to be opening at the development.
The company, which opened its second site in Leeds earlier this summer, is also believed to be in advanced talks on securing a further unit in London.
The Alchemist is also set to make their debuts in Birmingham next spring/summer after agreeing to take space at The Grand building in the city’s Colmore Row, which is currently being redeveloped.
It is also lining up an opening at the former James Brindley pub site in Birmingham in 2017.
Under the terms of the deal from earlier this year, Palatine is injecting £12m of equity into the business, while Santander is providing £6.5m of capex to fund its further expansion.
