Brothers get £3.2m backing for sportswear firm

Tom and Phil Beahon

A sportswear firm founded by brothers Tom and Phil Beahon has raised £3.2m from private investors.

Castore, which is based in Chester, is looking to expand into Asia with the backing of a group of high-profile investors.

The investors include former Saatchi & Saatchi boss Robert Senior and Arnaud Massenet – the former husband of Net-A-Porter founder Natalie Massanet.

The duo were among several entrepreneurs who invested a total of £2.5m in Castore through recently launched investment firm Redrice Ventures.

Other backers including New Look founder Tom Singh supported the fundraising separately.

The men’s premium sportswear company said the investment would be used to finance expansion into the US and Asian markets.

The Beahon brothers are former professional athletes who launched the brand two years ago.

Mr Massenet said: “Founded by two formidable brothers with equal passion for sports and building a global technical sports brand. What’s not to love?

“I look forward to the journey and coming along for the ride.”

Robert Senior said: “With its focus on technical engineering and premium design, Castore is a truly modern brand for truly modern athlete.”

The company forecasted sales to rise to £2.7m this year, up from £750,000 in 2017.

The company plans to set up a dedicated Asia website and is planning to open its first store in Hong Kong.

Tom Beahon said: “We are delighted to get such an enthusiastic response to our fund raising and to secure the support of such high-calibre investors.

“The money raised will help take us to the next stage in our development and step up our international presence.”

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