Panache Cruises records £32m revenue in last 12 months

Panache Cruises has reported a "record-breaking start" to the year as it reached £32million in turnover for the last 12 months.

This marks a 71% year-on-year increase for the Chorley-based agency, which was founded in 2020.

The business employs 58 people in the UK and 10 in its new office in Orlando.

The US side of the business has made more than $10 million in sales since launching in June last year, and it is expected US sales will exceed those within the UK within three years.

Panache Cruises will also launch a Panache Expeditions brand on May 1 to tap into future growth in the sector.

Chief executive officer James Cole said: “We’re on a mission to become the world’s largest luxury cruise retail business.

“We’re just over a month away from the end of our financial year and all the indications are that we’ll reach £33million turnover by the end of May, although we’re definitely not complacent.”

On the subject of the new expedition brand, he added: ““The market is growing exponentially, and we think Panache Expeditions will generate £10 million plus of annual revenue in the next three to five years. 

“There are loads of new entrants and destinations. There’s a lot happening in that particular space and we want to be one of the big players.”