Sales and profits have spiked at Castore, the Manchester-headquartered sportswear brand backed by Andy Murray and the billionaire owners of Asda, as it created nearly 140 jobs during its latest financial year.
The business designs, manufacturers and sells Castore and sports team branded apparel and accessories through online, physical stores and wholesale partners and has deals with the likes of England Cricket, McLaren F1, Newcastle United, Salford City, Silverstone, Le Mans and Harlequins.
Castore was founded by brothers Tom and Phil Beahon and has been backed by Andy Murray and the Issa brothers for a number of years.
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New documents filed with Companies House have revealed the firm's turnover surged from £17m to £48.8m in the 12 months to January 31, 2022, while its pre-tax profits went from £3m to £8m.
UK sales increased from £15.2m to £42.5m and from £251,975 to £895,974 in Europe. Its sales also rose from £445,936 to £1m in North America and from £1.1m to £4.3m in the rest of the world.
During the year, the number of people working for the company surged from 38 to 174.
A statement signed off by the board said: "The company's plan is to increasingly focus on digital growth whilst maintaining a strong focus on partnering with world class sports teams who enhance our brand awareness and desirability.
"Performance has continued to be strong due to the growth across the ditigal, store and wholesale channels. In addition, we will continue to grow our wholesale channel and expand internationally.
"Tangible investments have been made in the year to ensure the business creates world class products and has world class digital capabilities.
"During the year the company invested in R&D expenditure to drive new product development as well as data analytics and brand development.
"These investments will augment Castore's position as a leading challenger brand in the global sportswear market and position the company for long term success.
"The strong performance this year is driven by successfully launching new partnerships as Castore continues to disrupt this market through its combination of premium brand, high quality product offering and digital expertise.
"These partnerships have in turn significantly enhanced Castore brand awareness and desirability."
In April 2021 Castore revealed plans to relocate from Liverpool to Manchester and set itself a target of creating 300 jobs.
Castore was recently valued at £750m after it secured a £50m secured revolving credit facility from BNP Paribas, HSBC UK Bank plc and Silicon Valley Bank UK.
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