Member Article

Shoosmiths advises Palatine on MBO of The Alchemist Bar & Restaurant

The private equity team at law firm Shoosmiths has advised Palatine Private Equity on the £12m management buyout (MBO) of The Alchemist Bar & Restaurant Limited from restaurant group Living Ventures.

Manchester based private equity partner Kieran Toal led Shoosmiths’ advisory team with assistance from senior associate Damien Brown and solicitors Kelly Harvey and Kim Bruce.

Banking advice was provided by partner Liz Sweeney and senior associate Ruth Evans.

This deal marks Palatine’s second investment with Living Ventures Group following its buyout of Gusto last year.

Shoosmiths advised Palatine on that deal also.

The Alchemist recently extended its venue in the Spinningfields area of Manchester to meet the increased demand from customers.

Investment director at Palatine Private Equity, Beth Houghton, said: ’The Alchemist is a fantastic brand and has developed a strong customer base as a result of its innovative and theatrical cocktail offering.

“The Spinningfields site continues to be one of the highest trading units in Manchester and we look forward to introducing the brand to more city centre locations across the country.

’We are really pleased with the advice given by the whole team at Shoosmiths on this important transaction and it has been a pleasure to work with them again.“

Shoosmiths’ Kieran Toal said: “The Alchemist is an ambitious business with a successful brand.

“With this investment from Palatine, the business will be well positioned to expand and reach its full potential.

“It is great to see quality North West based businesses receiving private equity backing for growth, adding to the region’s success.

“We are delighted to have supported Palatine on this transaction again following on from last year’s investment in Gusto.”

This was posted in Bdaily's Members' News section by Sophia Taha .