Also spelled Panacalty or Penaclty the name might possibly be related to 'pahnikitee', given by Bill Griffiths 'Dictionary of North East Dialect' as a word for left-over food, possibly derived from the word 'kilt', given in 'Northumberland words' (1892) by Richard Heslop as meaning "to gather up, to tuck up".
Sunderland Daily Echo and Shipping Gazette - Saturday 28 July 1951