Bar and restaurant The Alchemist has said it is on track to achieve revenues of £50m at the end of the financial year following a period of rapid national expansion.
The company was backed by private equity firm Palatine in May 2015 which has supported the management team, led by managing director Simon Potts, on its national roll out. This is expected to lead to revenues increasing by fourfold in the four years since investment.
The company launched its 16th venue in Shoreditch at the end of May, bringing the total number of sites in the capital to three. There are a further four sites planned with Brindleyplace in Birmingham, Gunwharf Quay in Portsmouth, and Embassy Gardens and Canary Wharf in London agreed.
Simon Potts, managing director at The Alchemist, said: “Although we had a brilliant concept when Palatine first backed us, we only operated three sites. Working with private equity has really enabled us to achieve scale and build an infrastructure that supports a business of our size.
“Our growth has been very much down to identifying high performing sites across the big regional cities and establishing a presence in the capital, which has put the brand in front of an international audience. A global expansion has always been an ambition for the management team, and we will be targeting overseas opportunities in the next few years.”
Gary Tipper, managing partner at Palatine Private Equity and non-executive director at The Alchemist, added: “Having a solid concept is one of the fundamentals in the hospitality sector. It’s not a case of just opening your doors – you need to have a proposition that the customer wants to engage with and that’s what makes The Alchemist stand out.
“The business has demonstrated its ability to buck the trend in an incredibly competitive marketplace and it is showing no signs of slowing down.”