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Retail & Consumer

Andy Murray-backed Castore increases funding to 拢75m after record-breaking sales

The company was founded in Liverpool and relocated its head office to Manchester in 2021

Castore has a commercial deal with the England Cricket team(Image: Castore)

Sportswear brand Castore has increased the size of debt facility to £75m off the back of record-breaking sales.

The Manchester-headquartered company has upped its financial backing from HSBC, BNP Paribas and Silicon Valley Bank after previously agreeing a £50m revolving credit facility in 2022.

The business said the deal will give it "additional levels of liquidity to further support the group's strategic growth ambitions" and "lengthen the maturity of its committed debt facilities, enhancing Castore's financial flexibility".

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Castore, which is backed by Andy Murray among others, added that the facility has been put in place "following continued strong trading for the business and strong forecast growth in 2023".

It said: "Black Friday 2022 was the most successful in the company's history, breaking all previous sales records, and 2023 will see Castore partner with a number of newly signed, major sports teams across Europe."

Co-founder Tom Beahon said: "Castore’s vision is to become the number one premium sportswear brand in the world, and this increased debt facility is a strong endorsement of our growth strategy towards becoming this."

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Castore, which also counts the Asda-owning billionaire Issa brothers among its investors, was founded in Liverpool and relocated its head office to Manchester in 2021.