Governor of the Bank of England meets with Panaz

The Governor of the Bank of England held a meeting with Panaz this month as part of his visit to the North West.  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 Lancashire-based business was chosen as an established regional employer, representative of manufacturing in the area and as a contract fabric specialist.

During his visit, Andrew Bailey took a tour of the UK headquarters and manufacturing facility, and spoke with Panaz’s experienced workforce across all aspects of its operations. This included meeting with Panaz’s in-house 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 covered 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 to support the next generation of professionals.

Andrew Bailey and other Monetary Policy Committee members with Panaz

At the meeting Andrew 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 both on a regional and international scale.”

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

With almost 40 years’ experience in the design and manufacture of high quality, flame retardant technical fabrics, Panaz’s dedicated team of experts ensure the company continuously sets the standard for performance and quality.

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