Bank of England Governor Andrew Bailey learns how Lancashire-based Panaz is supporting regional growth

Andrew Bailey and other Monetary Policy Committee members conduct regular company visits across the UK, with the Bank’s regional agencies, to make sure they have a well-rounded view of economic conditions and prospects in the UK.

The Hapton-based business was chosen as an established regional employer, representative of manufacturing in the area and as a contract fabric specialist.

Mr Bailey took a tour of the UK headquarters and manufacturing facility, and spoke with Panaz’s workforce. This included meeting with Panaz’s design team to discover how the designs come to life, before being introduced to the production team to understand how the fabric is printed.

After the tour, a discussion was held with Mr Bailey and Alison Stuart, agent for the Bank of England in the North West, Ken Clark, deputy agent for the Bank of England in the North West, as well as Nadeem Memon, group chief financial officer for Panaz Holdings, and Diane Chadwick, UK sales director for Panaz.

Topics included inflation, the cost of living crisis, energy costs, Brexit, as well as discussions about recruitment where Panaz emphasized its commitment to regional recruitment and employee development.

Mr Bailey said: “It’s hugely helpful visiting business around the UK, as you give us timely information and help us to solve puzzles in the national picture.”

During the session, the Governor noted Panaz’s innovation, successful export strategy post Brexit, and ongoing efforts to reduce the company’s carbon footprint across Europe.

Nadeem concluded: “It was a pleasure to be able to host Mr Bailey today and showcase our operations in the North West and for Panaz to have been chosen for this visit. The chance to have positive and open discussions with such a prominent figure has been really informative.

“Further to our dialogue with the Governor, the year ahead is still unpredictable, but we are confident that our agility and ongoing commitment to investment places us in a strong position to adapt and react to market conditions as we continue to support our suppliers, customers and employees regionally and internationally.”

Founded in 1985, Panaz is one of Europe’s leading suppliers of high quality decorative fabrics for the hospitality, healthcare, cruise and corporate sectors.