Premium sportswear brand Castore has taken a 75% stake in boot and shoe maker Grenson, which had been based in Northamptonshire since 1866.

Through its corporate vehicle J Sporting Club, Castore has acquired a controlling interest in Grenson. The move also sees Grenson owner Tim Little and his wife Julia Little step down from the board.

This acquisition marks another step in the expansion of Liverpool-founded Castore. Launched in 2015 by brothers Thomas and Phil Beahon, the brand has grown through high-profile partnerships with sports stars including Owen Farrell.

Castore had previously secured investment from tennis champion Andy Murray, and Asda owners Mohsin and Zuber Issa.

In May, the brand reported sales increased to £334.6 million from £190.3 million in the previous financial year. Profit on an EBITDA basis surged to £30.8 million from £12.3 million.

However, its gross profit margin was 64.9 per cent, down from 66.5 per cent in the previous period. The company’s loss for the year after tax and exceptional items was £40.3 million, wider than the previous loss of £25.8 million.

At the time, Castore’s chief executive Tom Beahon, explained: “The challenging macro environment combined with our long term view of value creation and therefore desire to continue investing in value accretive opportunities has resulted in a short term impact in profitability.

“We are comfortable with this based on our confidence in the core business model, long term industry growth drivers and the Group’s long term profit potential.

“We will continue to invest in the business as long as we see long term value opportunities and believe this mindset remains a core competitive advantage to our business and shareholders.”

Castore had invested in multiple new stores, as well as launching ecommerce platforms that it said have performed strongly and will support future revenue growth.

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