Pre-tax losses have widened by almost £7m at bar and restaurant chain The Alchemist while its turnover slumped nearly £30m because of the Covid-19 pandemic, new documents have revealed.
The company, which is headquartered in Handforth, Cheshire, has reported losses of £8.2m for the 12 months to the end of March 2021, compared to £1.6m in the prior year.
Its turnover also fell from £45.8m to £16.6m over the same period.
The figures have been revealed in newly-filed documents for its parent Buttercup Topco with Companies House.
Because of the Government’s Covid-19 restrictions, The Alchemist’s venues were only able to trade for 17 weeks in the year.
The accounts also show the number of employees fell in the year from 915 to 779.
There’s no better time to stay up to date with economic and business news from your region. By signing up for our daily newsletters, email breaking news alerts and weekly round-ups from all the major sectors, you get our journalism direct by email. To sign up, find out more and see all of our newsletters, follow the link here
A statement signed off by the board said: “Sales for the year to 31 March 2021 were £16.6m; a very positive result given the incredibly challenging trading conditions in the period under review.
“When allowed to open, all sites performed extremely well despite the fact they were often forced to operate with severe restrictions.
“As a result of such positive trading in those periods, together with effective cost and cash management and utilisation of Government support, the negative effects of the pandemic were mitigated as much as possible.
“The directors worked hard to retain as many employees as possible throughout the closure and restricted trading periods, and the Government’s furlough scheme assisted in that regard.”
The company has venues in London, Birmingham, Manchester, Liverpool, Cheltenham, Newcastle, Leeds, Portsmouth, Nottingham, Salford, Cardiff, Edinburgh and Oxford.
The Alchemist is backed by Palatine Private Equity.