Panache Lingerie Limited Benefits From The Coronavirus Business Interruption Scheme
Sheffield based Panache Lingerie today announced it has received support from Barclays through the Government backed Coronavirus Business Interruption Loan Scheme (CBILS) in order to maintain the ability to trade through the COVID-19 crisis.
Panache Lingerie was established in 1980 and is headquartered at Drake House Crescent, Sheffield. The business is a leading designer and manufacturer of D plus lingerie, swimwear and sports bras. Trading globally in 53 countries, the Panache brand is available in many of the world’s best lingerie retailers, boutiques and online retailers with distribution sites in both the UK and North America.
John Power, Managing Director of Panache Lingerie said: “We’ve banked with Barclays for nearly twenty years and Barclays has not only supported a very recent share buy-back transaction but also provided funding to see us through these challenging times. Matthew and his team’s professionalism continues to reassure us in the knowledge that we have a solid financial platform for us to operate from when we see some semblance of normality post Coronavirus.”
The business successfully negotiated a seven-figure CBIL facility, which will assist their continued operations. The company employs over 100 staff and turnover for the current year is expected to be over £20million.
Matthew Chenery, Barclays Relationship Director put together the funding packages and said; “Barclays has proudly supported Panache for many years and the latest financial arrangements we have put in place strengthens our relationship with this ambitious and forward thinking client. We are very much looking forward to continuing to support John and his team in the future to bring their ambitions to fruition.”