Castore: Sportswear firm bidding to be UK’s answer to Nike target future on London Stock Exchange
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With the London Stock Exchange (LSE) taking a series of hits over the last year amid criticism it remains too difficult to navigate regulations for and that valuations aren’t as high as they should be for some companies, it’ll be music to the City’s ears to hear one British brand is eyeing up a possible future IPO on these shores.
A successful one, too, so far.
Sportswear firm Castore was founded in 2015 and in the decade since, the rise has been swift. Liverpool-founded and Manchester-based, the brand signed a deal with tennis icon Andy Murray in 2019, were named second in the Sunday Times’ 100 fastest-growing companies in Britain in 2023 and now, after a “record” December, are valued at around a £950m business.
There’s a clear vision and end goal that founding brothers Tom and Phil Beahon have: “For Castore ultimately to be the British Nike or British adidas, that was the founding vision.”
While that might be a way off in terms of global recognition and revenue, Castore continue expanding and the Times report comments from the brothers confirming upcoming “flagship partnerships in the UK and internationally” this coming year, which are “key to the next stage of Castore’s growth.”
An IPO in London might be on the agenda for the long haul then, but it’s not imminent.
Companies IPO, or float on stock exchanges, typically when they want to raise funds to invest in new phases of growth, while it also allows early investors to collect a return by selling their shares in the company. Of course, with new investment comes new shareholders though, which can mean different ambitions or strategies for public companies compared to how their founders ran them as private organisations.
Only 18 companies made listings on the LSE in 2024, while 88 companies delisted or moved their main listing overseas.
“I very much focus my time and energy on building the best brand and business that I can because if we do that there’ll hopefully be some exciting options for us from a capital event — an IPO is one of those options,” Tom Beahon said. “As a proud British entrepreneur I would love to be able to IPO the business in London but there’s nothing on the immediate cards on that front.”
On the longer-term ambitions of Castore, challenging the two biggest names in the game – Nike and adidas – mean deals with highly visible brands such as sports teams and individuals have been a big focus.
The brothers previously acknowledged their deal with Andy Murray was “transformational”, Tom noting last year: “He’s such a globally recognised, globally respected athlete that he really gave us a level of credibility when he partnered with us, credibility that you can’t acquire in any other way.” Murray is a shareholder and wore Castore equipment while playing.
Castore also provide kit for Premier League teams Newcastle and Aston Villa, with Everton joining the list next season. Overseas, the likes of Feyenoord and Bayer Leverkusen are among their customer list, while they can also be found in Formula One, MotoGP and cricket.
Of course, it hasn’t all been plain sailing, with Aston Villa recently cancelling the kit deal to move back to adidas after complaints about the quality and performance.
Still, that ability to attract big brands represents not just clubs and teams but also consumers being willing to look beyond the usual names, Beahon now says.
“More nascent challenger brands have come into the market. Castore is in that cohort, Gymshark is in that cohort and customers are willing to try new brands that are not the Nike swoosh or the adidas three-stripe. Long term my ambition is for Castore ultimately to be the British Nike or British adidas, that was the founding vision,” he said.
While most sales still come online, five to ten physical stores are expected to be opened this year, report the Times, as the company continues its growth.
