A luxury cruise company has secured funding to move to new premises in Lancashire to support its growth.

Panache Cruises, which launched in 2020, achieved sales of £3m in its first year despite the international ban on travel, and the new offices, which will be based in Strawberry Fields Digital Hub in Chorley, will accommodate its current team of 15 with room for further expansion.

The move has been supported by funding from Rosebud – a product managed by GC Business Finance on behalf of Lancashire County Council – which aims to support the growth of Lancashire businesses and therefore the local economy, by offering business loans ranging from £10,000 to £300,000.

Panache Cruises’ founder and managing director, James Cole, said: “We are extremely grateful for the support of both Lancashire County Council and the Rosebud fund.

"The funding will allow us to continue to develop our business in line with our ambitious growth plans, as we move on from the challenges of the pandemic.”

Rosebud’s fund manager, Matt Robinson, added: “The success that Panache has seen in its first year of trading, despite the economic conditions, is remarkable but not a surprise.

"The business is led by a highly impressive and experienced management team with a track record of successfully building companies in this sector previously.

“We are pleased to support another growing Lancashire-based business. The opening of the new Chorley office will hopefully be another catalyst for the business as international travel opens up.”

Mr Cole, who has worked in the sector for 20 plus years, setting-up and growing two £100m retail cruise businesses, launched Panache Cruises in the midst of the pandemic, having developed the business plan during the first period of lockdown, with an ambition to become the UK’s largest retailer of luxury cruises by 2027.

Despite the significant impact of Covid-19 on the cruise industry, Mr Cole says that the long-term growth prospects of the industry remain strong.

He added: "Launching Panache Cruises was never about the short-term, it was all about the long-term growth opportunity.

"We know that cruise, especially the luxury sector, is due to grow significantly over the next five to ten years and our strategy is to grow with it.

“Whilst the pandemic has brought its challenges, it has also given us the opportunity to establish what is now a settled and experienced team, build strong connections with our cruise line partners and develop loyal relationships with customers who are really enjoying our content and beginning to trust us as their preferred cruise partner.

“Over 30 of our customers have booked more than one cruise with us, and we achieved 99 per cent 5-star reviews on Trustpilot.

"I believe we’re in great shape as Brits start cruising internationally once again."

Mr Cole says that the market for cruises is looking strong for 2022 and 2023 and that many of his customers are looking to spend more and travel further for their next holiday.

Lancashire County Council's cabinet member for economic development and growth, Cllr Aidy Riggott said: "It's always great to hear when funding from Rosebud has allowed a company to build on its obvious strengths and go to the next level.

"In this case, it's particularly gratifying to see a Lancashire company, working in a sector which has been so badly impacted by the pandemic, continue to trade successfully and strengthen their investment in Chorley."

Businesses within the administrative area of Lancashire County Council interested in applying for Rosebud finance can do so via www.rosebudfinance.co.uk.

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