Murray-backed Castore valued at £750m
Castore, the British sportswear brand that partnered with tennis star Andy Murray, has raised funding that values the company at £750m.
The company has agreed a £50m package of support from a consortium of brands with the aim of competing against rivals such as Adidas and Nike.
In 2020 it signed a five-year deal with Rangers to become the club’s kit supplier in an agreement worth a reported £20m. Other deals include Newcastle United and Sevilla as well as McLaren Formula 1.
Murray became a shareholder in Castore in 2019 and other investors include the billionaire Asda-owning Issa Brothers.
The Scot and Castore agreed a partnership with his AMC clothing brand which in 2021 became the official apparel partner for Tennis Scotland in a three year deal.
Castore was set up in 2016 by brothers Tom Beahon, a former Tranmere Rovers player, and his brother Phil. HSBC, BNP Paribas and Silicon Valley Bank are among those taking part in the new funding round. Previous investors also include Pure Gym founders Peter Roberts and Brian Scurrah, as well as New Look tycoon Tom Singh.
Its sales are mostly online, meaning it does not have to rely on high street retailers as much as bigger rivals, allowing it to make bigger profit margins and glean more data on its customers.