The Alchemist toasts record year ahead of European expansion
Cocktail bar and restaurant chain The Alchemist enjoyed another record year ahead of opening its first location outside of the UK, it has been revealed.
The company, which is headquartered in Handforth, Cheshire, has posted a turnover of £59.4m for the 12 months to March 31, 2023, up from the previous high of £54.5m which it achieved in the prior year.
Newly-filed documents with Companies House also show that the firm’s pre-tax profits dipped from £3.1m to £2.3m over the same period.
The Alchemist has London venues in Battersea, Old Street, St Martins Lane, Victoria, Canary Wharf and Nevis Marks as well as sites in Birmingham, Liverpool, Cheltenham, Newcastle, Glasgow, Edinburgh, Leeds, Portsmouth, Nottingham, Salford’s MediaCity, Manchester, Cardiff and Oxford.
The Alchemist has been backed by Palatine Private Equity, which has offices in London, Manchester and Birmingham, since a £13m investment in 2015.
‘Sensible husbandry’
A statement signed off by the board said: “The year to March 31, 2023, was a record year for the business, with sales… up 9 per cent year on year as the brand remained focused on providing our customers with value for experience.
“Furthermore, the directors were particularly pleased with the group profitability given the widely reported cost challenges the sector has faced over the last 18 months.
“We have always prioritised profits before sales and believe that the figures are a great reflection of that approach.
“The group’s performance which has impacted not only by significant cost pressures but also the top line impact from rail strikes in the latter part of the period, demonstrates the ability of the leadership team to react and continue to deliver success in the toughest of environments, working with suppliers, driving ownership in venues and taking a long-term view on pricing.
“Sensible husbandry has been married with continued ambition to evolve the brand, the offer and the estate in order to continue to attract new customers, without downgrading the guest experience.
“The group has continued to lead on its social media strategy, leveraging its highly visual cocktail offer to develop a significant presence on video content forward platforms such as TikTok and YouTube, and helping to drive both customer and employee engagement.
“The Alchemist has begun early exploration of the retail space, creating a suite of ready-to-drink cocktails and merchandise available through our own online store. This is in addition to the continuing success from the publication of our recipe book – over 40,000 copies now sold, a third edition being published, as well as translation into Spanish and German.”
Following the end of its financial year, the Alchemist opened its first venue outside the UK, with its Berlin location launching in June 2023.