UK sportswear brand Castore ‘in talks’ over $200m investment

Manchester-headquartered premium sportswear brand Castore is reportedly in talks about a $200 million fundraise.

The Adidas and Nike rival is backed by Scottish tennis star Sir Andy Murray, who has been a shareholder in the company since 2019.

According to city sources at Sky News, the retailer has appointed Rothschild to advise on the investment plans.

The news website said that initial talks with potential investors have started ahead of a formal process planned for later in 2023.

Castore has signed multiple kit deals with Premier League football teams over the past few years, including Newcastle United, Aston Villa and the Wolverhampton Wanderers, as well as international teams.

The company also has a partnership with luxury supercar maker McLaren Automotive.

When he became a shareholder four years ago, Murray described the business as a "a young, exciting brand that offers something different, with products that are really well cut and designed", adding that the move was a "natural progression from previous kit partners".

Sky News said that Castore was valued at around £750 million following its latest debt financing. A source told the publication that the company was likely to seek a more than £1 billion valuation if it sold shares as part of new the capital raise.

Castore recently announced the opening of its latest UK automated distribution centre as part of plans to improve its omnichannel logistics capability.

The site includes what the company describes as "advanced" robotic technology which processes over 500,000 units per day.

The retailer said that the new facility extends its global logistics footprint with additional distribution centres located in the UK, Netherlands, United States and Australia, enabling "global market access and a localised fulfilment offering".

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