UK-based luxury cruise retailer, Panache Cruises, is to invest £500,000 to grow its business.
The company has targeted a 50% turnover growth in 2025 and plans to hire an additional 20 or more staff in its UK and US offices.
Panache Cruises was launched in 2020 by CEO, James Cole and has reported a record-breaking year, which included opening an office in Orlando, Florida, in June.
The luxury cruise retailer is also is targeting £100 mill turnover by 2027/28 and its mission is to become the world’s largest seller of luxury and ultra-luxury cruises by 2030.
The investment will go on additional office space at Strawberry Fields Digital Hub, in Chorley, Lancashire, and larger US premises.
Panache currently employs 58 people in the UK and another eight in the US but plans to increase the teams to 73 and 16, respectively, by the end of 2025.
Cole revealed a record-breaking 2024 with over 6,000 customers and turnover in excess of £25 mill and said the company was aiming at a turnover of £35-£40 mill in 2025.
“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.
“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,” he said.
In addition, the company reported sales of over £3 mill in November, its largest trading month to date.
Earlier this year, Panache appointed Alex Langton as head of sales and operations and Rhianna Latham as the company’s first head of people and culture.
