Man Utd owner, Ratcliffe, pours funds into sports brand Castore amid acquisition of a high-end clothing company

In a significant move for the fashion and sportswear industries, Manchester-based unicorn Castore has acquired INEOS-owned heritage fashion house Belstaff. This acquisition marks a union of two British brands with shared qualities of purpose-led design and entrepreneurial spirit.

Castore, founded by brothers Thomas and Philip Beahon, has been disrupting the sportswear market and demonstrating phenomenal growth and resilience in recent years. The company, which became a unicorn in 2023, seven years after its inception, boasts revenues of £190m despite a loss of £29m.

The acquisition of Belstaff is seen as an opportunity to accelerate Belstaff's transformation through shared knowledge and resources. Sir Jim Ratcliffe's INEOS, a global chemical company, is investing in Castore, demonstrating a commitment to Castore's business and global growth ambitions. Ratcliffe's investment into Castore comes nine months after he upped his stake in Manchester United to 28.9%.

Kerry Byrne, the current CEO of Belstaff, has taken over from Fran Millar in May. Byrne, who has held a range of management positions in the sector with companies including Arcadia Group and Cath Kidston, described the union of Castore and Belstaff as a union of two British brands with shared qualities of purpose-led design and entrepreneurial spirit.

Ashley Reed, chairman of Belstaff, echoed Byrne's sentiments, expressing excitement about the opportunity to take Belstaff through the next stage of its growth journey. Tom Beahon, co-founder and CEO of Castore, shared similar sentiments, stating that he looks forward to working closely with the Belstaff team to drive further international growth.

The deal is on a debt-free, cash-free basis, giving Castore 100% ownership of Belstaff. The acquisition of Belstaff by Castore is not the only notable event in the company's recent history. In January, Castore won the International Award at the inaugural Northern Leaders awards night.

While not directly related to the Castore-Belstaff acquisition, it's worth noting that UK tech firms led Dealroom's $100m ARR 'Thoroughbreds 100', which includes Castore.

As Castore and Belstaff come together, the fashion and sportswear industries eagerly await the impact this union will have on the market. With shared values, a commitment to innovation, and a shared vision for growth, the future looks bright for these two British brands.

Man Utd owner, Ratcliffe, pours funds into sports brand Castore amid acquisition of a high-end clothing company