Sportswear brand Castore has increased the size of debt facility to £75m off the back of record-breaking sales.
The Manchester-headquartered company has upped its financial backing from HSBC, BNP Paribas and Silicon Valley Bank after previously agreeing a £50m revolving credit facility in 2022.
The business said the deal will give it "additional levels of liquidity to further support the group's strategic growth ambitions" and "lengthen the maturity of its committed debt facilities, enhancing Castore's financial flexibility".
READ MORE: Click here to sign up to the BusinessLive North West newsletter
Castore, which is backed by Andy Murray among others, added that the facility has been put in place "following continued strong trading for the business and strong forecast growth in 2023".
It said: "Black Friday 2022 was the most successful in the company's history, breaking all previous sales records, and 2023 will see Castore partner with a number of newly signed, major sports teams across Europe."
Co-founder Tom Beahon said: "Castore’s vision is to become the number one premium sportswear brand in the world, and this increased debt facility is a strong endorsement of our growth strategy towards becoming this."
Castore, which also counts the Asda-owning billionaire Issa brothers among its investors, was founded in Liverpool and relocated its head office to Manchester in 2021.
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.
READ MORE:
How a sausage entrepreneur overcame Dragons' Den rejection to win major deal
Luxury Lake District hotel Armathwaite Hall bounces back with record results
Historic cheese maker which collapsed owing almost £4m sold out of administration
The 12 latest top hires and promotions from across the North West
Timpson rescues watch and jewellery repairer In-Time saving 110 jobs
