OakNorth Pumps £15M Into The Alchemist Brewing a Cocktail Storm
Signals of growth are pouring over the UK’s hospitality scene, and this time the spotlight is on The Alchemist, the quirky cocktail bar and restaurant chain that’s been turning everyday drinks into theatrical shows. OakNorth, the fintech bank that’s built for entrepreneurs by entrepreneurs, just handed over a tidy £15 million loan to help the group open new playgrounds for taste buds and refinance their existing debt.
From Manchester to Berlin – A Rapid‑Fire Expansion
- Founded: 2010, Manchester
- Current footprint: 23 sites spread across 12 major cities — 6 in London, 3 in Manchester, 3 in Scotland, plus the first overseas location in Berlin (opened last year).
- Ambitiously targeting: 10 new venues in the next three years.
The Alchemist’s kitchen and glassware are a cultural mash‑up: molecular mixology meets pop‑culture performance. Their latest London Victoria bar, which opened February 2024, has already snagged the “Best Drinks Offer” award at the 2023 Publicans Awards.
Backing Beyond the Drinks
Fortune’s secret sauce: Palatine, a private‑equity powerhouse that started supporting The Alchemist back in 2015. Palatine, with mind‑blowing investments in mid‑market ventures (think consumer, leisure, tech, food), keeps the business strapped with the financial courage needed to chase new horizons.
The “Why We’re Happy” Quotable Moments
Simon Potts, CEO says:
“The hospitality sector has its headaches, but growing our brand across the UK remains our proud pursuit.”
“Looking ahead, we’re eyeing 10 new sites over the next three years, and OakNorth’s funding is a key springboard for this.”
“This was our first real partnership with OakNorth. They lived up to their reputation with flexibility and transparency that we’ve never seen elsewhere.”
“With this capital, we’ll open more sites and bring our distinctive cocktail experiences to more corners of the UK and beyond.”
Stewart Haworth, OakNorth Director of Debt Finance adds:
“The Alchemist perfectly embodies the creativity flourishing among the UK’s top bar and restaurant operators.”
“Their management team delivers a theatrical food-and‑drink adventure across all day parts and locations.”
“The pub and bar industry is set to grow, driven by a spike in craft‑spirits demand. The group is in prime position to grab that opportunity.”
“We look forward to visiting their new sites soon.”
Why OakNorth Suits Entrepreneurial Spirits
- Flexibility in loan terms that matches the fast pace of the hospitality world.
- Transparency that keeps the partners in the loop.
- A reputation for supporting innovative operators who blend food, drink, and performance.
If you’re curious to taste the future of cocktails or simply want to track this bold expansion, keep your glasses ready and let the Alchemist’s journey keep stirring your imagination.
