The long-standing personal fairness backers of The Alchemist, the well-known city centre cocktail bar chain, are calling time on their possession of the enterprise.
The Alchemist, which has withstood a tricky financial atmosphere exacerbated by tax hikes earlier this 12 months, trades from 23 websites within the UK and one in Germany.
It employs near 1,000 workers.
Metropolis sources mentioned the sale course of was being performed by Pura Advisory.
The chain trades in areas together with Birmingham, London, Manchester and Newcastle.
“This review is about cutting red tape, boosting footfall, and making it easier for venues to put on the kind of events that bring people together,” the prime minister mentioned.
“When our locals do well, our economy does too.”
Palatine’s portfolio has encompassed a lot of consumer-facing corporations, however the agency is now more and more targeted on business-to-business investments.
The value it hoped to command from a sale of The Alchemist was unclear on Thursday.
Final 12 months, it introduced plans for ten extra openings, backed by a £15m mortgage facility with the challenger financial institution OakNorth.
Simon Potts, chief govt of The Alchemist, mentioned on the time: “Despite the well-known challenges facing the hospitality sector, we take pride in our unwavering commitment of growing our brand across the UK.”
The corporate has additionally closed a lot of underperforming venues.
A spokesperson for Palatine declined to remark.
