Sportswear brand Castore is in talks with investors over a $200m cash injection, according to reports over the weekend.
The Manchester-headquartered company is working with Rothschild to secure the extra funding, Sky News has said.
The business was founded by Liverpudlian brothers Phil and Tom Beahon and counts the likes of Andy Murray and the billionaire Issa brothers, who own Asda, among its shareholders.
READ MORE: Click here to sign up to the BusinessLive North West newsletter
In October, BusinessLive reported that sales and profits surged at the company as it created almost 140 jobs during its latest financial year.
Castore, which designs, manufacturers and sells apparel and accessories through online, physical stores and wholesale partners, posted a turnover of £48.8m in the 12 months to January 31, 2022, up from £17m. Its pre-tax profits went from £3m to £8m over the same period.
It has deals with the likes of England Cricket, McLaren F1, Newcastle United, Salford City, Silverstone, Le Mans, Harlequins and F1 team Red Bull.
In January the company increased the size of debt facility to £75m after previously agreeing a £50m revolving credit facility in 2022 with HSBC, BNP Paribas and Silicon Valley Bank. At the time, Castore was said to be valued at £750m.
Castore has been contacted for a comment by BusinessLive.
READ MORE:
