A Manchester-based premium sportswear brand has signed a new credit facility with NatWest.
Castore has partnered with NatWest for the venture, which it says demonstrates “strong belief” in the business model.
He added that it “is a testament to the growth and strong profitability” achieved by the company to date, as well as its future trajectory.
The company will use the facilities for general purposes and will continue to drive transformational growth in line with its Better Never Stops philosophy.
Tom Beahon, Co-Founder of Castore, said, “Securing this credit facility with NatWest is an important step in Castore’s exciting growth plans. Castore’s business model combines the most appealing aspects of Team Sports and D2C apparel to produce an optimal mix of high-growth products. and low risk.
“This facility will help further accelerate Castore on its mission to become the world’s leading premium sportswear brand by 2025.”
Chris Logan, Senior Director of Corporate and Commercial Banking at NatWest, added: “We have long been admirers of Castore and are delighted to have secured this facility with the company.
“The company has achieved outstanding financial performance since its inception, and we look forward to a long-term partnership as the company continues its meteoric growth trajectory.”
Castore was founded in 2016 by Tom and Phil Beahon and has since risen to prominence through partnerships with sports teams, as well as producing activewear through an omnichannel retail presence.
Castore’s investors include two-time Wimbledon champion Sir Andy Murray and Lancashire-based billionaires Mohsin and Zuber Issa.
Last year, the brand struck a deal to move its headquarters from Liverpool to One Central Street in Manchester.