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Castore eyes £10m funding

Sportswear brand Castore is exploring options to raise £10m to accelerate growth.

The Liverpool-based business, started four years ago by brothers Tom and Phil Beahon, 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.

Castore signed a deal with tennis player Andy Murray in January, which saw him becoming the face of the brand and taking an equity stake in the business.

The company expects tennis will become its second largest category after its core activewear range aimed at 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.”

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.

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