When James Cole launched Panache Cruises in 2020 he had no idea about the stormy water ahead.
The global pandemic brought the travel industry to a standstill but the CEO set his course to become the world’s largest seller of luxury and ultra luxury cruises by 2030.
Today Chorley-based Panache Cruises has grown turnover to £22.2m and staff numbers to 58 in the UK and another eight sales staff in the US.
Panache Cruises is targeting £100m turnover by 2027/28 and Cole said the help from Boost as well as Lancashire County Council’s Rosebud Finance has been crucial in their growth story.
Cole said: “We started Panache Cruises during Covid so we had to work from home at the start.
“However, as the restrictions started to ease, we moved into Strawberry Fields Digital Hub in Chorley and haven’t looked back.”
It was about this time that Cole was introduced to Boost, Access to Finance and Rosebud Finance.
“In all we’ve had three loans from Rosebud totalling £500,000, which allowed us to move from an office for 16 people to one that was big enough for more than 50 people.
“We were also able to invest in marketing and some key hires.”
The company has received support through its Business Advice Service, and Boost’s Access to Finance team also supported Panache in preparing the business and helping it to apply and secure its second Rosebud loan.
Now, Panache is taking part in the third cohort of Boost’s Scale to Thrive programme for scaling Lancashire businesses.
Cole said: “There’s a really good network of support for businesses in Lancashire. Ultimately what we’re doing is creating jobs in Lancashire.”
The company only opened its first US office in Orlando in June but it has already generated $3m in sales in just four months.
Finding the right funding can be a relative minefield and Cole has come up with a three-point plan to get a business investment ready.
1. Have a clear multi-year business plan
2. Show yourself in the best possible way (funders value experience and achievements)
3. Get yourself into a confident mindset
Cole said funders have a clear idea of what they’re looking for from a leader and management team.
“They look for experience, achievements and confidence that a business leader can implement the plan they are presenting,” he said.
“Explore all avenues and if you don’t ask you don’t get. Be positive, be confident and have a robust plan.”
Speaking about their US operation, Cole said that all the company’s marketing, supplier relations, finance etc for their US business was done from the UK.
Cole said the providing the best customer service experience was at the heart of Panache’s success.
“Our strapline is ‘nothing is too much trouble’ and we really believe that,” he said.
As part of the company’s growth strategy Alex Langton was recently appointed as head of sales and operations and Rhianna Latham has joined as the company’s first head of people and culture.
• Led by Lancashire County Council, supported by Government and 10 local authorities, Boost is Lancashire’s Business Growth Hub, one of 37 Growth Hubs in the UK. Boost’s mission is to help Lancashire businesses thrive. Since 2013, Boost has supported over 14,000 businesses, helping create 3,500 jobs while adding £100m to the local economy.
From September 1, 2023, Boost is funded by Lancashire County Council, Department for Business & Trade (DBT), and UK Shared Prosperity Fund (UKSPF) allocations from 10 Lancashire local authorities (Boost local authorities partners).
Boost’s local authority partners are Blackburn with Darwen Council, Burnley Council, Chorley Council, Fylde Council, Hyndburn Borough Council, Pendle Borough Council, Preston City Council, South Ribble Borough Council, West Lancashire Borough Council and Wyre Council. Boost offers six core services including:
• Business Support Helpdesk
• Business Advice Service
• Growth Catalyst
• Scale to Thrive
• Flying Start
• Access to Finance
The Business Support Helpdesk offers advice and guidance to anyone thinking of starting a business and all new and existing businesses in Lancashire.
Businesses located in the 10 Boost local authority partner areas are eligible for the Business Advice Service, Flying Start, Growth Catalyst, Scale to Thrive and Access to Finance.