Castore secures new £20m debt facility
Big-spending Castore has secured a new debt facility, believed to be for up to £20 million, with NatWest. The UK bank, which is Castore's existing financial partner, said the fast-growing sportswear firm had a "stellar growth trajectory”.
Tom Beahon, co-founder of Castore, said securing this debt facility "is a significant step in Castore’s exciting growth plans. Castore’s business model combines the most attractive aspects of team sports and D2C apparel to produce an optimal blend of high growth and low risk.”
Chris Logan, senior director of corporate and commercial banking at NatWest, added: “We have been long admirers of Castore and are delighted to have secured this facility with the business. The business has delivered exceptional financial performance since inception, and we look forward to a long-term partnership as the business continues its stellar growth trajectory.”
Castore has said it wants to “disrupt a market dominated by a handful of global brands” to "become the number one premium sportswear brand in the world by 2025, and partnerships with leading [sports] clubs will be key to us achieving this goal.”
It has kit and sponsorship deals with a growing roster of major football clubs, including Newcastle United, Wolverhampton Wanderers, Rangers and, most recently, German Bundesliga club Bayer 04 Leverkusen. Other deals include McLaren Formula 1 and England Cricket and various rugby teams.
Castore, founded in 2016 by Tom and Phil Beahon, has investor support from billionaires Mohsin and Zuber Issa, owners of the Asda supermarket giant, and tennis star Andy Murray.
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