Lingerie manufacturer gets extra support from funding deal
A LINGERIE designer and manufacturer which exports to more than 50 countries is targeting expansion with the help of a funding deal.
A £250,000 loan from Finance Yorkshire will allow Panache Lingerie to further expand overseas and invest in new product ranges.
The investment is a shot in the arm for the Sheffield-based family business, which has developed a global reputation as a designer and manufacturer of D-plus lingerie and swimwear over the last three decades.
The company prides itself on not only designing garments, but crafting products that support and enhance different body shapes.
Panache’s finance director Bill Montague said: “Panache is a wholly owned family business that is passionate not only about the design, quality and fit of our products, but importantly the craftsmanship associated with producing D-plus lingerie.
“Our reputation is now established worldwide, with exports currently making up around 60% of our overall business. The funding from Finance Yorkshire will give us vital working capital to further expand our overseas business, particularly in North America, in addition to developing innovative new product ranges.”
Panache Lingerie was established in 1982 by Anthony Power and opened its first overseas office in 1989. It now employs 170 people worldwide, with offices in Sheffield, New York and China, and distribution centres in Sheffield and New Jersey. As well as its own brands, Panache manufactures own-label lingerie for some of the biggest names on the high street.
The team at Panache were introduced to Finance Yorkshire through Oliver Hoffman, who heads corporate finance at Mazars.
Finance Yorkshire chief executive Alex McWhirter added: “Our Business Loan investments enable SMEs across the region to achieve business success through job creation and growth. Our latest investment in Panache Lingerie demonstrates the valuable role Finance Yorkshire plays in supporting innovation and business growth across a range of sectors including manufacturing.”
