Simon Potts has stepped up to managing director of The Alchemist Palatine Private Equity-backed cocktail bar and restaurant concept, as it lines up its fourth site in Manchester, M&C has learnt.
Potts, who has been with Living Ventures, the Tim Bacon and Jeremy Roberts-founded business for c10 years, became designate managing director of The Alchemist earlier this year working under LV managing director Paul Moran, but the positive progress of the business has seen him move up to managing director earlier than expected.
At the same time, M&C understands that the brand has lined up its fourth opening in Manchester with a site scheduled to open near the end of 2016 as part of the £50m redevelopment of Manchester Business School.
Last month, M&C revealed that the company was is set to open a third site in Greater Manchester.
The five-strong group 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 its debut 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.
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.
