Manchester premium sportswear brand Castore is reportedly in talks with investors about a $200m fundraising round as it aims to muscle in on global giants like Adidas and Nike.
According to Sky News, the Andy Murray-backed business, which also includes Asda owners the Issa Brothers among its shareholders, is working with bankers on plans to secure a significant capital injection.
Castore has reportedly appointed Rothschild to advise it on the process and initial talks with prospective investors have already begun ahead of a formal process later this year, according to Sky’s sources.
Castore, which retails primarily online, is the official technical kit partner of numerous top tier teams and athletes including Rangers FC, Newcastle United, Aston Villa, McLaren Racing, England Cricket, US Open Champion Matt Fitzpatrick, and Sir Andy Murray.
Castore recently increased the size of its debt facility from £50m to £75m, giving “additional levels of liquidity” to further support the group’s strategic growth ambitions. The increase has been put in place following continued strong trading for the business and strong forecast growth in 2023.
In January 2023, the brand announced a new partnership with Surrey Country Cricket Club, becoming the official teamwear supplier, whilst in December 2022 it launched a collaboration with the 007 franchise.
Most recently, Castore partnered with Savile Row tailor Richard James to create a high-performance hybrid of formal and casual wear.
