The Alchemist FY sales surpass £60m in company first

Bar and restaurant chain, The Alchemist, has reported that its total sales have passed the £60m mark for the first time in the year ended 31 March 2024. 

Despite the well-documented challenges that the UK economy continues to face, such as a high inflation rate, The Alchemist believes that the continued growth in company revenues demonstrates “the strength of relationship with its customer”.

The group ended the year with net assets of £9,930k and cash of £2,956k, while profits after tax amounted to £113k, compared to £2,586k a year prior. 

In May 2023, the company opened its first overseas venue in Berlin, following a strategic review of future growth plans for the business. 

According to the group, Germany provides a comparable consumer environment and a network of major urban centres that could support a site roll-out programme similar to that which has been achieved in the UK. 

As a result of this opening, the group has incurred losses in the year to March 2024 due to the setup costs of the new venue, operation, supply chain and overseas business support. 

However, the directors maintain that this investment will add significant scope and value to the long-term outlook for the business. 

Two further sites were added to the estate in the UK, with a second opening in Edinburgh in June 2023 and a sixth in London in February 2024 – creating almost 100 new jobs. 

Refurbishment projects were also completed on venues in Manchester, MediaCity and Oxford, as The Alchemist continued to innovate both aesthetically and operationally to “improve the in-site experience for its guests and teams”. 

The Alchemist has expressed confidence in the continued upward trajectory of the chain, having completed a debt refinancing process last year in partnership with OakNorth bank. This funding will fuel new site acquisitions, the first of which will open in 2025, on Eastcheap, London.