Cruise retailer sets course for growth with £500k investment
Chorley-based luxury cruise retailer, Panache Cruises, is making a £500,000 investment to fuel future growth.
It is targeting 50% turnover growth in 2025 and plans to hire more than 20 staff across its UK and US operations.
The tech-enabled company was launched in 2020 by CEO James Cole and has enjoyed a record-breaking 12 months, which included opening an office in Orlando, Florida, in June.
Panache Cruises is targeting £100m turnover by 2027/28 and says it wants to be the world’s largest seller of luxury and ultra luxury cruises by 2030.
The £500,000 investment will be spent on additional office space at Strawberry Fields Digital Hub, in Lancashire, and larger premises in the US.
The company currently employs a 58-strong team in the UK and another eight in the US, but plans to increase this to 73 and 16, respectively, by the end of 2025.
Cole said: “We’ve had a record-breaking 2024 with over 6,000 customers and turnover in excess of £25m.
“We’re aiming to hit turnover of £35m-£40m in 2025 and this £500k investment will help us accelerate our growth further.”
He added: “We’re committed to growth but we’ll do it the right way by putting our colleagues first.
“We’re very fortunate to have great partnerships with cruise lines, who buy into what we’re doing as we supply them with a lot of customers who are new to their brands.”
He said: “We have a fantastic team here and have some great relationships with a couple of investment partners in FW Capital and Rosebud, part of Lancashire County Council.”
Panache Cruises reported sales of more than £3m in November, its biggest ever trading month.
Cole said: “We plan to double the size of the US team but a lot of our growth in the US is powered by people based out of Chorley.
“For example, all of our marketing and cruise line liaison is done from Chorley.”
Earlier this year the company appointed Alex Langton as head of sales and operations and Rhianna Latham as the company’s first head of people and culture.
