Sheffield lingerie firm borrows seven-figure sum to survive pandemic

The company took out a seven-figure Coronavirus Business Interruption Loan ‘to maintain the ability to trade through the Covid-19 crisis’.

Panache was established in 1980 and is headquartered at Drake House Crescent, Waterthorpe, Sheffield. It designs and makes D plus lingerie, swimwear and sports bras and trades in 53 countries.

It employs more than 100 and turnover for the current year is expected to be more than £20m. It was based in, and still owns, listed Canada House on Commercial Street in Sheffield city centre. It has been up for sale for years and is on the market for £1.5m.

John Power, managing director, said: “We’ve banked with Barclays for nearly 20 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.”

Matthew Chenery, Barclays relationship director, put together the funding packages.

He 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.”

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