// Sportswear brand Castore is in talks to raise $200m to fund its expansion

// The business has already begun initial talks with prospective investors ahead of a formal process later this year

Castore is reportedly in talks with investors about a £165m fundraising deal as it looks to compete with rival sportswear giants Adidas and Nike.

According to a report by Sky News, the business, which has received backing from tennis star Andy Murray, is liaising with bankers to secure a “significant capital injection”.

The English sportswear retailer, founded by brothers Phil and Tom Beahon, has already begun initial talks with prospective investors ahead of a formal process later this year, appointing Rothschild to advise.

One source speculated to the outlet that it was likely to seek a “£1bn-plus valuation if it sold shares as part of the new capital raise”.

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The brand, which Andy Murray has been a shareholder in since 2019 has struck supply deals with Premier League football teams such as Newcastle United, and was previously valued at £750m.

The report also claimed it would be seeking a £1bn-plus valuation if it sold shares as part of the new capital raise.

Castore’s existing shareholders include the Issa brothers, plus the founders of Pure Gym and New Look.

The brand, which sells primarily online is reportedly on track to make profits of about £30m this year.

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