A luxury cruise retailer is targeting further growth, supported by 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 a goal of capitalising on the growing market over the next five-to-ten years.
The Chorley-based company secured an initial £300,000 investment from Rosebud in 2021 to facilitate a site move, followed by an additional £200,000 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 more than £20m in its third. The company has taken steps to expand its global presence, establishing teams in the US and Spain.
Its team has grown from an initial group of 12 individuals to more than 50.
The business has also recently completed a £1m refurbishment of its Chorley office. The project utilised materials used in ships as part of the rebuild.
Panache Cruises has forecasted a turnover of £60m 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.”
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