LANCASHIRE, UK—Panaz Ltd. has evolved as a major contract printer, converter and designer of contract fabrics with sales in the $25 million range but CEO Tony Attard expects to double business in the next five years.
The company owns state of the art printing machines capable of printing 200 meters per hour. Product delivery is four to eight weeks so most of the business is open line designed by Panaz with a smaller but growing custom business of about five percent of sales. “The USA is the most dynamic market we serve so it keeps us on our toes,” he says.
“Panaz wants to be the largest contract fabric supplier in Europe,” he says. “Our global ambitions are integral to that goal and our connections with designers means we do a global business today.”
“The market for contract is moving farther away from residential performance, design and color,” Attard points out. Contract is far removed from residential in every way. This didn’t used to be the case but it is a fact now.”
Attard bought out his partner last June so Panaz for the first time is 100 percent his after founding the company 30 years ago. Before that, he was a head designer in another firm.
He has also hired two of his three sons to work in the business: Simon, 32 in product development for three years and Rollie, 28, in sales for two years based in Raleigh, NC. Rollie reports to John Logus, GM of the US subsidiary. Attard hopes to keep the business a family institution but this depends on how well his sons perform.
Attard points to designers in Atlanta and New York who do business worldwide as key to Panaz’s success so far and he expects this trend to continue. “We can provide global solutions to our customers. For example, Panaz prints 20 percent of its line in the UK internally all with its own designs. There are some 9,000 sku’s in the line including all types of fabrics sourced primarily in the UK, Europe and Turkey.
Panaz prints can be printed in the UK for European or UK sales but by working with printers in the USA, Panaz gets closer to the market as a converter.
Panaz supplies product to Premier One to Intercontinental at all price points. The business includes hospitality/cruise; healthcare and corporate projects. There’s a sales force of 11 in the USA; 14 in the UK and five in Europe which is slated to hire more sales people.