Sports tycoon Ratcliffe injects capital into Castore, a sportswear brand, following its acquisition of a high-end fashion house.

Castore Acquires Belstaff: Two British Brands Join Forces for Global Growth

In a significant move for the fashion and sportswear industries, Manchester-based unicorn Castore has announced the acquisition of INEOS-owned heritage fashion house Belstaff. The deal, which was finalized on undisclosed terms, brings together two iconic British brands with a shared emphasis on purpose-led design and entrepreneurial spirit.

Castore, founded by brothers Thomas and Philip Beahon in Liverpool seven years ago, has disrupted the sportswear market with its phenomenal growth and resilience. The company, which became a unicorn in 2023 with revenues of £190m, defied industry norms by achieving this status despite a loss of £29m. Tom Beahon, co-founder and CEO of Castore, expressed his personal admiration for the Belstaff brand, which he believes aligns perfectly with Castore's ethos.

On the other side of the deal, Belstaff's management team, including INEOS, has steered the company back to profitability following a challenging period for the retail sector. Kerry Byrne, the current CEO of Belstaff, who has held management positions in the sector with companies including Arcadia Group and Cath Kidston, took over from Fran Millar in May.

The acquisition is on a debt-free, cash-free basis, giving Castore 100% ownership of Belstaff. Sir Jim Ratcliffe's INEOS, a global chemicals company, has made a "significant strategic investment" in Castore at the holding company level, demonstrating its commitment to Castore's business and global growth ambitions.

Ashley Reed, chairman of Belstaff, expressed his excitement about the partnership, stating, "Castore and Belstaff share qualities of purpose-led design and entrepreneurial spirit. We believe this partnership will drive further international growth for both brands."

The move comes as UK tech firms lead Dealroom's $100m ARR 'Thoroughbreds 100', a list of the world's fastest-growing startups. Castore, which won the International Award at the inaugural Northern Leaders awards night in January, is proudly represented on this list.

While the acquisition marks a significant milestone for both Castore and Belstaff, it's important to note that UK-based Newcastle EnviroTech has ceased trading separately. This fact is not directly related to the main topic of the article but is included as a standalone fact mentioned in the paragraph.

As Castore and Belstaff come together, they aim to leverage each other's strengths to create a formidable force in the global fashion and sportswear markets. The future looks bright for these two British brands as they embark on this exciting new chapter.

Sports tycoon Ratcliffe injects capital into Castore, a sportswear brand, following its acquisition of a high-end fashion house.