New Look magnate among backers of sportswear brand
Liverpool-headquartered sportswear brand Castore has raised £1.2m from a group of private investors including retail magnate Tom Singh, founder of New Look, the high street clothing chain valued at £500m.
Singh is one of the biggest names in the retail world and one of five investors backing the fast-growing premium sportswear company.
The company was founded by brothers Tom and Phil Beahon, both former professional athletes, in 2016 selling technically advanced sportswear including shorts, tops and jackets and appealing to a more discerning customer than traditional sportswear brands.
Singh said: “Castore is a very exciting company with strong growth prospects, not just in the UK but worldwide. The premium sportswear market continues to expand rapidly and although currently dominated by a small group multinational companies, there is undoubtedly appetite for a premium brand committed to superior product quality like Castore.”
Castore now sells into 18 countries worldwide through its website. The business plans to further accelerate this international growth through investment in their online platform as well as establishing physical hubs in key international hubs including Hong Kong, Shanghai and New York.
Tom Beahon, 27, said: “Tom Singh is one of the great figures of British retail and someone we have huge respect for. Tom fully understands our brand DNA and can see the huge potential for Castore in this growing market.”
Turnover this year is set to be £650,000, rising to £2.1m next, with overseas sales accounting for 45 per cent of the total.
Phil Beahon, 23, added: “Working with Tom Singh and having the benefit of all his experience will undoubtedly help take Castore to the next level. We will have a number of other investors behind us who each bring their own insights into the business so we are very excited about the future.”
The brothers are in final stage talks with other potential investors and plan to announce additional details within days.
Castore works with a world leading manufacturing facility in Portugal to create its products and handles worldwide distribution from its Merseyside headquarters.
It says all its garments are made using specialist fabrics that are tested by elite athletes and sports science professionals to prove their performance credentials.
