The Alchemist has said it is anticipating five new openings in the next financial year, MCA has learnt.

The Palatine Private Equity-backed bar and restaurant concept recently filed its accounts for the year to 31 March 2018, reporting a 53% increase in total sales year-on-years sales.

Turnover growth from £22.6m in the previous financial year, to £34.4m, with operating profit of £1.9m, however profit before tax fell from £1.4m to £1.2m.

During the period it opened four venues, in Media City, Chester, Oxford and Nottingham, and has since opened its first Welsh site, in Cardiff, and its new late night bar concept Aether at Liverpool One.

Managing director Simon Potts told MCA the estate had continued to perform positively throughout the summer, despite the well-documented challenges in the market.

“In particular we saw good growth from our Manchester venues, where Spinningfields is in its eighth year of trading and in London, Bevis Marks continues to deliver excellent sales performance at +14% YTD,” said Potts.

He said its Cardiff site, which opened in July, has had “an excellent start to life in the city”, while Aether has opened brightly. “It’s early days but we are delighted with the guest feedback and the environment, drinks and music that the team are delivering in Liverpool,” he said.

The Alchemist is set to open two additional London venues at St Martin’s Lane in November, and Old Street in March 2019.

“We remain acquisitive in the property market, with the full support of Palatine and Santander, with market conditions more favourable we are driving good deals and firmly expect to open five new venues in the next financial year,” added Potts.