Bumper pay day for Castore founders as sales surge and profits almost double
Manchester-based sportswear brand, Castore, saw sales surge in the year to January 31, 2023, and profits nearly double.
In recently published figures with Companies House the brand hit £115m in turnover, up from £48.833m the previous year. Pre-tax profits of £14.674m compared with £8.059m in 2022.
The UK was the biggest market for the business, with £79.846m-worth of sales, followed by Europe (£25.364m), rest of the world (£6.680m) and North America (£3.126m).
Castore’s two founders, and directors, brothers Tom and Phil Beahon, enjoyed a bumper pay rise with their combined pay jumping from £274,167 in 2022 to £599,994 in the reporting period.
No dividend payment has been recommended.
There was also a huge surge in sales staff during the year, rising to 225, up from 58 the previous year, as the overall headcount jumped from 174 in 2022 to 399.
The accounts reveal that the business is increasingly focused on developing its digital growth, while maintaining a strong focus on partnering with world class sports teams which enhance its brand awareness and desirability.
Castore said: “Performance has continued to be strong due to the growth across the digital stores and wholesale channels. In addition, we will continue to grow our wholesale channel and expand internationally.”
Castore, which includes tennis ace Sir Andy Murray among its investors, is involved in a range of sports, from football to tennis, Premiership Rugby, Formula 1 and cricket.
Its clients include Newcastle United FC, Wolverhampton Wanderers FC, Aston Villa FC, Glasgow Rangers FC and England Cricket.
However, both Villa and Newcastle have expressed concerns about the quality of Castore’s kits.
