Funding gives lingerie manufacturer a boost
Funding from Finance Yorkshire will allow a renowned designer and manufacturer of lingerie to further expand overseas and invest in new product ranges.
Panache Lingerie, which exports to more than 50 countries worldwide, has secured a £250,000 Business Loan from Finance Yorkshire.
Finance Yorkshire’s investments to date have created and safeguarded 9,656 jobs across Yorkshire and the Humber, increased turnover by £280 million and generated private sector leverage of £173 million.
The investment in Panache Lingerie is a shot in the arm for the Sheffield based family business, which over almost 30 years, has become one of the world’s leading designers and manufacturers of D-plus lingerie and swimwear.
The company prides itself on not only designing beautiful garments, but crafting products that support and enhance different body shapes.
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 their 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 via Oliver Hoffman, who heads Corporate Finance at Mazars.
Finance Yorkshire Chief Executive Alex McWhirter said: “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.”
Finance Yorkshire Investment Manager Jonathan Craig said: “Panache Lingerie is a well-established family business which truly flies the flag for our region overseas both in terms of innovation and first-class manufacturing. We are proud to be able to support them as they continue to expand and develop their product range.”
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
The project is supported financially by the European Union. It has attracted investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, UK Government and match funding from the European Investment Bank.
For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or call 0300 030 6060.
Note: this news article is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire