The Alchemist to make Scottish debut

The 200-cover site will be one of two restaurant and bar units to open on the mixed-use development’s main dining terrace.

The company, which has previously said it is on track to achieve revenues of £50m at the end of the financial year, has been ramping up its expansion plans in recent months.

In June the group confirmed it was to open four further UK restaurant and bars: two in London, one in Birmingham and another in Portsmouth, the last of which is set to open this week.

It has also confirmed plans to open a site at The Brewery Quarter in Cheltenham, Gloucestershire next year.

“Edinburgh is one of the world’s great cities and a destination we’ve long admired, but we wanted to wait for the right opportunity to present itself,” says Simon Potts, managing director at The Alchemist.

“Edinburgh St James fits the bill brilliantly; it is a vibrant and varied new destination that will appeal to tourists, office workers, residents and shoppers – the same audience that love our established venues in London and Manchester.”

Founded in 2010, The Alchemist, which was formerly part of the Living Ventures stable, was bought out by Palatine Private Equity in 2015 and has since seen turnover increase four-fold.

In January last year the group also secured a £16m funding package from Santander to continue its growth across the UK.

Potts has previously said that working with private equity had enabled the group to both achieve scale and build a supportive infrastructure.

He has also confirmed that the management team was now looking towards global expansion, with a view to begin targeting overseas opportunities in the next few years.