Castore boosts debt facility to boost expansion
After a busy 2022 securing a host of new sporting tie-ups and with further expansion and deals promised for 2023, it’s little wonder Castore has announced new financial support.
The premium British sportswear brand said Monday it has increased the size of debt facility from £50 million to £75 million, with all three of its existing banks – HSBC, BNP Paribas and Silicon Valley Bank – participating in this newly increased revolving credit facility.
It said the support will afford it “additional levels of liquidity to further support the group's strategic growth ambitions”.
It will also lengthen the maturity of its committed debt facilities, “enhancing Castore's financial flexibility”.
Importantly, Castore said it follows “continued strong trading for the business and strong forecast growth in 2023”.
The firm said that 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 in a statement: “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.”
Last year, Castore pumped up its association with motor racing. In December it entered the two-wheel Grand Prix racing arena, announced it will provide the Repsol Honda Team with teamwear from the 2023 MotoGP World Championship season onwards in a multi-year agreement.
Repsol Honda joins McLaren Formula 1 and McLaren Automative and Oracle Red Bull Racing in Castore’s growing portfolio of major auto racing deals.
At the time it said “a mainstay in Formula 1, cricket, football and rugby, the company has a proven track record of meeting the demands of elite-level sports teams in a variety of competitive environments.”
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