Castore, the Manchester-based sportswear brand, is accelerating its global expansion and growth strategy after securing a £90 million facility with banking partners HSBC UK, BNP Paribas and Lloyds.
Castore will use the newly secured funding to drive new retail openings across the UK. Funding will also support continued international expansion into key Middle Eastern and Asian markets.
Supported by funding, Castore is targeting turnover of more than £300 million over the next financial year.
Alongside its physical expansion, the brand will invest further in its digital infrastructure and analytics capabilities to enhance the purchasing journey for its growing global customer base.
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.”
Founded by brothers Thomas and Philip Beahon in 2015, Castore is a multi-national sportswear brand supplying products across a range of sports and retailers. The sportswear brand holds sponsorship partnerships with top-flight teams and athletes across football, rugby, cricket and tennis.
This deal was supported by David Phillips, managing director for BNP Paribas and Joseph Cave, relationship director for Lloyds Banking Group.
