Sportswear brand serves up growth as Andy Murray tie-up turbocharges business
Castore, the Liverpool-based premium sportswear company whose kit is worn by British tennis ace Sir Andy Murray, is poised to serve up a blistering increase in growth.
The business, started four years ago by brothers Tom and Phil Beahon, has seen sales and brand awareness rocket following January’s tie-up with the former world number one and ex-Wimbledon champion.
Castore forecasts total sales will grow to more than £14m in 2019, up from £4.5m in 2018. Around 45% of revenues come from overseas, mainly through online sales, to customers in 37 countries.
Now the company, which employs 23 people, is exploring options for raising up to £10m to accelerate growth.
It is in discussions with potential advisers on whether to raise the money from private or institutional investors.
January’s agreement with Murray goes beyond a standard sponsorship deal and includes an equity stake in the business for him.
He will also offer strategic advice and is collaborating with Castore on a new tennis range.
He wore Castore kit during his victory in the men’s doubles at the Fever-Tree Championship at Queen’s Club in London in June on his return to the game following hip surgery and will be wearing it at Wimbledon this coming week.
The company expects tennis will become its second largest category after its core activewear range aimed at serious gym goers.
Tom Beahon said: “Working with Andy has turbocharged our sales and increased brand awareness around the world. We want to build on our success so far and take the business to the next level.
“We have had several enquiries from potential investors.
“The timing is perfect because we are looking at how we want to grow the company and how best to fund that expansion.
“The proceeds from any fund raising will primarily be used to accelerate international growth, particularly in the US which is becoming an important market for us.”
Sir Andy Murray said: “I’m excited to be working with a young and innovative British company which is making a name for itself around the world.”
Castore was initially funded through savings and loans. It has since secured £4.4m through fund raisings from private investors including Tom Singh, founder of New Look, and Robert Senior, former Saatchi & Saatchi chief executive.