Upmarket cocktail chain The Alchemist has said it is planning to gobble up more sites across the UK after completing a £13m management buyout backed by Palatine Private Equity.
The Alchemist, which first opened its doors in Manchester in 2010, runs two venues in the city centre as well as sites in Leeds and in London near Liverpool Street station.
Palatine is injecting £12m into the business while Santander is providing a £6.5m loan to help fund the opening of new sites in other city centre locations.
It is the second time the private equity group has backed Alchemist owners Living Ventures, which was founded by in 1999 by restaurant entrepreneurs Tim Bacon and Jeremy Roberts.The group also funded the buyout of pizza restaurant chain Gusto last year.
The Alchemist, known for its vintage-themed decor and quirky experimental cocktails, employs around 250 people and generated sales of £11.3m last year.