Chorley-based Panache Cruises has set its sights on turning over £60 million by 2027 as it looks to capitalise on its positive introduction to the market.

The luxury cruise agency has set out the ambitious growth target following backing from Rosebud Finance, Lancashire County Council’s business loans vehicle.

The company secured an initial £300,000 investment from Rosebud in 2021 to facilitate a site move, followed by an additional £200,000 in 2022 to expand marketing efforts and achieve its growth ambitions.

Since receiving the funding, Panache Cruises’ sales figures have jumped from £6 million in its first year to more than £20 million in its third. Since then, the company has taken steps to expand its global presence, establishing teams in the US and Spain.

To accommodate this fast growth, Panache Cruises and founder James Cole has invested significantly in staffing, taking the team from an initial group of 12 individuals to now surpassing 50.

Success of Panache ‘beyond our expectations’

Cole was awarded the Peter Grant award for his contribution to the cruise industry at the 2023 Wave Awards, while Panache took home the Best Online Agent gong.

The business, which has also recently completed a £1 million refurbishment of its Chorley office, has forecasted a turnover of £60 million by 2027 and has plans to employ more than 100 apprentices by 2030.

“The success of Panache Cruises to date has been beyond our expectations and that wouldn’t have been possible without the backing from Rosebud,” Cole said.

“Not only have we supercharged our growth internationally, but also grown our team of talented connoisseurs considerably over the last three years with a laser focus on local talent. I look forward to continuing this relationship [with Rosebud] as we continue to innovate and grow as a business.”