The long-standing private equity backers of The Alchemist, the well-known town centre cocktail bar chain, are calling time on their ownership of the business.

Sky News has learnt that Palatine, which has owned The Alchemist since 2015, is working with advisers on an auction of the company.

The Alchemist, which has withstood a tough economic environment exacerbated by tax hikes earlier this year, trades from 23 sites in the UK and one in Germany.

It employs close to 1,000 staff.

City sources said the sale process was being conducted by Pura Advisory.

The chain trades in locations including Birmingham, London, Manchester and Newcastle.

News of the prospective sale comes on the day that Sir Keir Starmer outlined plans for a quickfire review of licensing rules aimed at enabling pub and b

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