The Alchemy Press was created in the 1990s by Peter Coleborn, with the aid of a National Lottery Grant. The first book published was The Paladin Mandates by Mike Chinn, which appeared in 1998, with six stories featuring pulp hero Damian Paladin.
The second book, which also appeared in 1998, was Shadows of Light and Dark, a poetry collection by Jo Fletcher. This was a limited edition book, signed by Fletcher, Neil Gaiman (the introduction), Les Edwards (cover artist), Seamus A Ryan (photography), and Michael Marshall Smith (design).
In 2000 The Alchemy Press published Where the Bodies are Buried, a collection of four interlinked stories by Kim Newman, as a limited edition, signed by Newman, Peter Atkins (introduction), Sylvia Starshine (cover artist), and Randy Broecker (interior art). Where the Bodies are Buried went on to win the British Fantasy Award for Best Collection.