Manchester-based sportswear brand Castore is in talks to raise $200m (£166m) to fund its expansion. 


Castore is in talks with Rothschild in a bid to raise $200m for expansion

The brand is in talks with Rothschild for a cash injection that would intensify its battle with Nike and Adidas, according to a report by Sky News.

Castore, founded by brothers Phil and Tom Beahon, has already begun initial talks with prospective investors ahead of a formal process later this year. 

Tennis star Andy Murray has been a shareholder in the company since 2019. At the time of his investment, he described Castore as “a young, exciting brand that offers something different, with products that are really well cut and designed”.

“For me, it was a natural progression from previous kit partners,” he added. 

Castore has landed kit supply deals with Newcastle United and Wolverhampton Wanderers among other Premier League football teams, and is building its presence in cricket, golf and Formula 1. 

According to the report, Castore was valued at £750m after its most recent debt financing, which took place last autumn, a deal that extended its borrowing facilities to encompass lenders including HSBC and Silicon Valley Bank.

Sky News also reported speculation from one source that Castore would be seeking a £1bn-plus valuation if it sold shares as part of the new capital raise.

Castore’s existing shareholders include Asda owners the Issa brothers, plus the founders of PureGym and New Look, Peter Roberts and Tom Singh respectively.

The brand, which sells primarily online, is positioned alongside high-end sportswear brands and is reportedly on track to make profits of about £30m this year.

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