Sportswear group Castore has sealed a £90m fundraising deal and is now planning expansion in the UK and Asia as it aims to reach £300m in annual sales this financial year.
The Manchester group, which was backed by tennis legend Andy Murray, has agreed the £90m facility with its banking partners HSBC UK, BNP Paribas and Lloyds. It says it will use the support to drive more store openings in the UK and to continue its expansion in key Middle Eastern and Asian markets – and also plans to invest in its digital infrastructure to support its growth.
Castore was founded in 2015 by brothers Thomas and Philip Beahon. It has been backed by Sir Andy Murray and the billionaire Issa brothers, and last year secured a “significant strategic investment” from Ineos, the conglomerate led by Manchester United minority owner Sir Jim Ratcliffe.
Tom Beahon, co-founder of Castore, said: “Our ambition for Castore is to continue to offer our growing customer base sportswear that is committed to performance, innovation and premium quality. This new funding provides us with the flexibility and ability to accelerate our retail rollout, expand into new international markets and continue to grow the brand in the UK and overseas. We are excited about the next chapter of growth and the opportunity to strengthen our position as a leading global sportswear brand.”
Mark Rowan, global relationship director at HSBC UK, added: “Castore has demonstrated impressive growth since its launch and continues to build a strong presence both in the UK and internationally. It’s fantastic to be among the banking partners to support the business with this funding, which will provide the support needed to execute its ambitious expansion plans and long-term growth strategy.”
This deal was supported by David Phillips, managing director for BNP Paribas and Joseph Cave, relationship director for Lloyds Banking Group.
Castore, which was founded in Liverpool and moved its head office to Manchester in 2021, is one of the North West’s big business success stories of recent years. Last year Tom and Phil Beahon made their Sunday Times Rich List debut, with their wealth valued at £350m. That put them top of the 40 Under 40 ranking in the North West, and 14th in the national 40 Under 40 list.
This month, the company behind Castore reported its accounts for the 18 months to August 3, 2025. J.Carter Sporting Club posted turnover of £335m, with a pre-tax loss of £40.8m. In his report, Tom Beahon said: "The challenging macro environment combined with our long term view of value creation and therefore desire to continue investing in value accretive opportunities has resulted in a short term impact in profitability. We are comfortable with this based on our confidence in the core business model, long term industry growth drivers and the group's long term profit potential. We will continue to invest in the business as long as we see long term value opportunities and believe this mindset remains a core competitive advantage to our business and shareholders. The directors are pleased with the progress that has been made and confident in the longer term outlook and strategic plans."
Looking ahead, Mr Beahon added: “For Castore, the growth within the global sports market remains highly attractive and whilst competitive dynamics can fluctuate, our agile and digital first model is proven to deliver consistent revenue growth for sports teams across multiple categories and geographies. We are highly confident in Castore's ability to continue to win in the professional sports market, which provides an exceptional engine to drive our mainline brand growth internationally.” He continued: “The combination of a long term founder-led strategy, prioritising innovation and brand building and commitment to leveraging technology to consistently drive efficiencies positions the group for long term success.”
