Castore, the UK-based sportswear brand co-founded by brothers Tom and Phil Beahon, is in discussions with potential buyers from the United States and China as it seeks investment to accelerate growth and provide an exit for some of its prominent backers. The company has engaged with Chinese sportswear giants Anta and Li-Ning, widely regarded as China’s equivalents of Nike and Adidas, as well as several large U.S. footwear brands, according to Tom Beahon.
The Manchester-headquartered company, established a decade ago, has secured high-profile sponsorship deals with major sports teams and was valued at £950 million during a funding round three years ago. The Beahon brothers retain majority ownership of Castore and have expressed a desire to remain involved in the company’s management, dismissing notions of retirement.
Interest from Chinese brands reflects expanding ambitions in the global sportswear market. Anta recently acquired a major stake in Puma, while Li-Ning signed a sponsorship deal with NBA star Steph Curry earlier this year. Despite the ongoing talks, Anta declined to comment, and Li-Ning did not respond to requests for comment.
Some of Castore’s notable investors include Sir Jim Ratcliffe, founder of Ineos and co-owner of Manchester United; former tennis player Sir Andy Murray; and Mohsin and Zuber Issa, founders of the EG Group. Ratcliffe’s acquisition of an approximately 11 percent stake followed Castore’s acquisition of heritage brand Belstaff from Ineos last year. While Ratcliffe and the Beahons share business interests, their discussions reportedly focus more on football than corporate matters.
The push to find a new investor has been primarily driven by Castore’s financial backers, among them Hanaco Ventures, Felix Capital, and the Raine Group, which holds around an 11 percent stake. The Beahon brothers maintain they intend to stay with the company and continue its growth, emphasizing their ongoing commitment to operational leadership.
Plans for a London stock market listing have been shelved amid challenging market conditions for founder-led companies, evidenced by recent difficulties faced by other high-profile listings. Castore’s diversification, including acquisitions of Belstaff and footwear brand Grenson, has been seen by some industry observers as an effort to address headwinds in its core sportswear business.
The company has faced criticism over the quality of some football kits, notably the “wet look” shirts worn by Aston Villa, which reportedly retained sweat. As a result, Castore lost contracts with Villa and Newcastle United, with Beahon attributing such issues to common challenges in the sector and increased competition from established brands such as Nike and Adidas.
Despite setbacks, Castore has secured high-profile contracts with England’s cricket and rugby teams, as well as the McLaren Formula 1 team. However, the company continues to struggle with profitability, reporting a pre-tax loss of £40.8 million on £334.6 million in revenue over the 18 months ending August 2025. Beahon expects revenue growth in the double digits this year and is actively seeking acquisitions to reduce reliance on on-field sportswear performance.
Belstaff’s integration is seen as an opportunity to create new partnerships, such as Everton’s manager David Moyes wearing Belstaff apparel and England’s rugby team using its jackets during travel to upcoming Autumn International matches.
Separately, Tom Beahon criticized recent UK government business policies, highlighting concerns that higher national insurance contributions act as a tax on jobs. He expressed apprehension about young entrepreneurs choosing to establish their ventures abroad, noting a shift in the UK’s appeal as a startup hub.
“National insurance is literally a tax on jobs,” Beahon said, emphasizing that while media attention often focuses on the exodus of billionaires, the departure of emerging entrepreneurs presents a significant challenge to the UK’s economic future.