CASTORE, the British sportswear brand, started by two brothers from Wirral just seven years ago, has reached a valuation of nearly £1bn.

The firm has announced it has struck a deal to raise £150m from investors The Raine Group, Felix Capital and Hanaco Ventures in a landmark moment for the company which was launched in 2015 by brothers Thomas and Philip Beahon from Bebington. 

It is estimated that the deal means Castore is now valued at £950m with the investment thought to be one of the largest in the world in 2023.

The siblings say the investment will give the company the ‘financial firepower’ to invest in its supply chain and enhance its data analytics capabilities.

Now based in Manchester, Castore is associated with dozens of the world's leading sports teams as well as tennis player Sir Andy Murray who was early investor in the brand. 

The three-time Grand Slam winner and double Olympic gold medallist, has been a shareholder in the company since 2019.

The England Test cricket team, Aston Villa, Newcastle United and Wolverhampton Wanderers all wear Castore kit.

Both brothers are well-versed in Wirral's grass roots sports scene with Tom playing youth football for Tranmere Rovers and Phil concentrating on cricket, playing for Oxton and New Brighton.

Sharing the news on LinkedIn this morning, Thomas Beahon, said:  "Today Castore announces the successful completion of a c£150m capital raise, one of the largest growth capital investments in the world in 2023.

"We are immensely proud to achieve this milestone which represents a huge endorsement of our business model and strategy and this would not have been possible without the passion, commitment and hard work of all our amazing staff who we massively appreciate.

"We are delighted to welcome The Raine Group, Felix Capital and Hanaco Ventures on board as partners, all of whom we have no doubt will add significantly value as we take Castore through the next stage of growth and become a truly global brand.

"Castore is a true entrepreneurs story - when my brother and I co-founded the business in 2016, nobody thought we had any chance of being successful - banks, investors, advisors and everyone else we spoke to rejected our idea as crazy.

"Eventually our mum and dad told us they believed in us and would re-mortgage their home to give us the money to get Castore off the ground - an amazing gesture and show of faith only a parent can have.

"Equally, knowing if you fail you won't just be failing for yourself, you will have a significant impact on your parent's lives, puts a level of fear and anxiety in your stomach that few people will understand. We didn't just want Castore to be successful, we needed it to be.

"There is a business side to our story - seeing a gap in the global sports market and using technology and data to create a superior model to the existing brands who had dominated the sector for a generation; but the bigger aspect is the personal side - a story of passion, work ethic, big dreams and most importantly - never, ever giving up. People rarely talk about the difficult times but they are far more important than the good moments and how we respond to adversity is how we all become who we are.

"Our vision when we founded Castore was to create a proudly British brand competing on the global stage and we won't stop until we get there."