Chorley-based Panache Cruises sets sail for £60m turnover with help from Rosebud NEWS Award winning luxury cruise retailer Panache Cruises has set out plans to achieve ambitious growth targets following backing from Rosebud Finance, Lancashire County Council’s business loans vehicle delivered by GC Business Finance. Award winning luxury cruise retailer Panache Cruises has set out plans to achieve ambitious growth targets following backing from Rosebud Finance, Lancashire County Council’s business loans vehicle delivered by GC Business Finance. Founded by James Cole, Panache Cruises started trading in 2020 during the pandemic with the long-term vision to capitalise on the growing market over the next 5-10 years. The Lancashire company secured an initial £300k investment from Rosebud in 2021 to facilitate a site move, followed by an additional £200k in 2022 to supercharge marketing efforts and achieve growth ambitions. Since receiving the funding, Panache Cruises’ sales figures have jumped from £6m in its first year to over £20m in its third. Capitalising on that growth trajectory, the company has taken steps to expand its global presence, establishing teams in the USA and Spain. Panache Cruises has invested significantly in its team during this time to accommodate this fast growth, taking it from an initial group of 12 individuals to now surpassing 50. Earlier this year, the business received national recognition for its commitment to skills and development, winning the top small business award at the 2023 Best Workplaces in Travel Awards, and more recent recognition includes James being awarded the national Peter Grant award for his Contribution to the Cruise Industry, as well as ‘Best Online Agent’ at the 2023 Wave Awards. Panache Cruises was also recognised in early November 2023 by the UBS Fast Growth 50 as the fastest growing business in the North of England. The business has also recently completed a £1m refurbishment of its Chorley office. The refurb utilised materials used in ships as part of the rebuild, marking a first for the commercial property sector. As part of its expansion efforts, Panache Cruises has introduced a personal concierge service tailored to the needs of its international clients. The company is focused on leveraging its personalised 1-2-1 service to drive increased sales. Looking ahead, Panache Cruises has forecasted a turnover of £60 million by 2027 and has plans to employ more than 100 apprentices by 2030. James Cole, founder of Panache Cruises, said: “The success of Panache Cruises to date has been beyond our expectations and that wouldn’t have been possible without the backing from Rosebud. “The strategic support that Jonathan and the team gave us has been brilliant and the results speak for themselves. Not only have we supercharged our growth internationally, but also grown our team of talented connoisseurs considerably over the last three years with a laser focus on local talent. I look forward to continuing this relationship as we continue to innovate and grow as a business.” Jonathan Nelson, fund manager at Rosebud, said: “It’s encouraging to see Panache Cruises’ continuous expansion, from its beginnings during the pandemic to its current status as a globally renowned brand. While Panache Cruises has established itself as an international brand, its roots remain firmly in Lancashire. The company’s Chorley headquarters has also played a pivotal role, actively engaging with and contributing to the local community. “The business has an exciting few years ahead of it, with no indications of growth slowing down.” Councillor Aidy Riggott, Cabinet Member for Economic Development and Growth at Lancashire County Council, added: “Panache Cruises is one of those remarkable success stories that demonstrates the true ingenuity and innovation of the Lancashire business sector. In light of this, Rosebud’s significance in advancing expanding companies cannot be overstated. In addition to helping these business owners, the funding has encouraged job creation and general economic growth in our area, positioning Lancashire as the best location for business expansion”. Q4 2023 Wealth & Finance
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