KIT SUPPLIER CASTORE SECURES INCREASED DEBT FACILITY
Rangers kit supplier Castore has increased the size of its debt facility from £50 million to £75m as it targets further expansion.
Founded in 2016 by brothers Tom & Phil Beahon, Castore’s investors include two-time Wimbledon Champion Sir Andy Murray and Lancashire-based billionaires Mohsin and Zuber Issa.
Castore said all three of its existing banks, HSBC, BNP Paribas and Silicon Valley Bank, would participate in the newly increased revolving credit facility.
Castore describes itself as “the official technical kit partner of numerous top-tier teams and athletes, including Glasgow Rangers, McLaren Racing, Newcastle United, England Cricket, US Open Champion Matt Fitzpatrick and Andy Murray”. It sells in more than 90 countries globally.
Castore 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.”
The company added that the facility would give it additional levels of liquidity to “further support the group’s strategic growth ambitions”, and “lengthen the maturity of…committed debt facilities, enhancing Castore’s financial flexibility”.
