The approaches follow a sequence of moves, a 2023 equity raise, the Belstaff and Grenson acquisitions, and a £90 million credit facility, that has turned Castore from a single sportswear label into a broader branded group.
Castore has appointed JPMorgan to field interest from potential buyers after receiving a series of unsolicited approaches, according to Sky News. The move comes weeks after co-founder Tom Beahon reiterated the Manchester-based sportswear brand’s ambition to reach £1 billion (€1.17 billion) in annual revenue, in comments to The Times.
No formal sale process has begun. Industry sources told Sky News that Castore’s board has decided to examine its strategic options following the surge of inbound interest, which included parties from China and other markets whose identities remain unclear. A deal could take the form of a majority sale, a minority investment, a strategic partnership, or no transaction at all. Castore declined to comment when approached.
From single label to brand group: the sequence, 2023 to today
In 2023, Castore raised £150m (€175.5m) in an equity round that valued the company at roughly £950m (€1.11bn). It then acquired heritage fashion house Belstaff from Sir Jim Ratcliffe’s Ineos Group in August 2025, took a 75 percent stake in bootmaker Grenson in June 2026, and secured a £90m (€105.3m) credit facility from HSBC, BNP Paribas and Lloyds in May.
That timeline traces Castore’s shift from a single sportswear label built on professional team licensing into a broader branded group, a transition we examined at length as the company marked its tenth anniversary last month. Whether the founders ultimately pursue a sale, a minority investment, or no transaction at all will help determine whether Castore develops as a premium branded portfolio, a sports licensing platform, or continues primarily as an apparel challenger to Nike and adidas.
The financial picture
For the 18 months to August 3, 2025, Castore’s revenue rose 30 percent year over year to £334.6m (€391.5m), and EBITDA more than doubled to £30.8m (€36m). The company also recorded a net loss of roughly £40m (€46.8m) over the same period, a reminder that the acquisition-led growth has not yet translated into bottom-line profitability. Any takeover valuation is expected to sit above the £950m (€1.11bn) reached in the 2023 funding round.
Castore’s shareholder base spans strategic, venture and celebrity capital. Sir Andy Murray has held a stake since 2019, and investors include the Issa brothers and the founders of PureGym and New Look, alongside The Raine Group, Hanaco Ventures and Felix Capital from the 2023 round.
Europe, China?
Sky News reported that the interest included parties from China. Any transaction would rank among the larger potential deals involving a European-founded sportswear challenger in recent years, underlining continued investor appetite for scaled sports licensing businesses even as profitability lags growth. Castore’s roster, which includes Oracle Red Bull Racing and Everton, and the England cricket and rugby union teams, gives any acquirer an established footprint in professional sport sponsorship.
