Manchester United minority owner Sir Jim Ratcliffe's Ineos has declared a "significant strategic investment" into premium sports apparel brand Castore.
The petrochemicals giant will invest in the Chester-based clothing brand as part of an agreement that will see Castore acquire 100% of Ineos-owned Belstaff on a "debt-free, cash-free" basis. Castore, which boasts sporting sponsorship deals with England Rugby, England Cricket and former Wimbledon champion Andy Murray, will now add Belstaff, the heritage clothing brand which celebrated its centenary in 2024, to its portfolio.
Belstaff chair Ashley Reed characterised the deal as a "union of two British brands".
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"Castore is disrupting the sportswear market," he continued, "and has demonstrated phenomenal growth and resilience in recent years. Having witnessed their journey, we saw a unique opportunity to join forces and accelerate Belstaff's transformation through shared knowledge and resources.", as reported by .
Expressing his delight at Ineos' involvement, Castore's Tom Beahon said: "We are delighted that Sir Jim Ratcliffe's Ineos is investing in Castore which is a demonstration of commitment to our business and global growth ambitions and we look forward to working together to deliver on this vision."
Sir Jim's recent forays into sport have not yielded many desired results, with the Formula 1 team and grand tour cycling team struggling, alongside Manchester United, who this week suffered a defeat to League 2 side Grimsby Town in the Carabao Cup. Questions have been raised about the current situation at the renowned Manchester club, with fans pointing fingers at Ratcliffe – who owns just under 30% of United – and the majority shareholders, the Glazer family.
Last year's results revealed that leather jacket manufacturer Belstaff reported a loss of £18m, and its acquisition by Castore signifies a departure from its usual sportswear and athleisure collection towards more high-end fashion. Notably, a Belstaff jacket was sported by Lawrence of Arabia, and Steve McQueen wore one in The Great Escape.