Castore, the UK sportswear brand, has secured a new £50 million ($63 mm) revolving credit facility (RCF), valuing the company at £750 million ($942 mm).
The new debt facility has an initial maturity of three years and is provided by BNP Paribas, HSBC UK Bank and Silicon Valley Bank UK. Castore also can extend the facility by an additional year and increase the RCF to £75m.
The brand said the new debt facility would provide additional liquidity further to support its strategic growth ambitions and its financial flexibility.
Tom Beahon, the co-founder, said, ‘We are delighted to have successfully raised new debt facilities with three global banking partners. The increased facility is a strong endorsement of Castore’s exceptional performance in recent years and our business model and strategy. The additional liquidity will allow us to further accelerate and internationalize our growth trajectory as we continue to build Castore into the leading premium sportswear brand in the world.”
The seven-year-old brand is backed by the billionaire Asda-owning Issa brothers, the founders of Pure Gym and tennis pro Andy Murray. It has been active in recent years, adding sponsorships, including Premier football teams Newcastle United and Aston Villa in England, Sevilla in Spain, Bayer 04 Leverkusen in Germany, partnerships with the England Cricket Board, and McLaren in Formula 1 motor racing.
