Sportwear brand Castore created over 200 jobs as its profits almost doubled during its latest financial year.
The Manchester-based business increased its headcount from 174 to 399 in the year to January 31, 2023, newly-filed documents with Companies House have revealed. The rise comes after Castore created nearly 140 in the prior 12 months.
The accounts also confirm that the company's pre-tax profits jumped from £8m to £14.6m while its turnover surged from £48.8m to £115m over the same period, a figure that was first revealed in June. In May, Castore increased its turnover forecast for 2023 by 30% to $250m.
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UK sales increased from £42.5m to £79.8m in the year while they surged from £895,974 to £25.3m in Europe. The company's North America turnover went from £1m to £3.1m and sales rose from £4.3m to £6.6m in the rest of the world.
Castore was founded in Liverpool by brothers Tom and Phil Beahon before relocating to Manchester. It counts a number of high profile figures among its shareholders including the billionaire owners of Asda, the Issa brothers.
Other investors include Andy Murray, New Look founder Tom Singh, PureGym co-founders Peter Roberts and Brian Scurrah as well as Eric Fellner, the co-chairman of Working Title Film. John Treharne, the founder of The Gym Group is also a shareholder. Castore also has a number high-profile kit sponsorship deals with the likes of England Cricket, Red Bull Racing, Ineos Grenadiers, Rangers FC, and Wolverhampton Wanderers.
A statement signed off by the board said: "The company's plan is to increasingly focus on digital growth whilst maintaining a strong focus on partnering with world class sport teams who enhance our brand awareness and desirability. Performance has continued to be strong due to the growth across the digital, store and wholesale channels. In addition, we will continue to grow our wholesale channel and expand internationally."
It added: "The strong performance this year is driven by successfully launching new partnerships as Castore continues to disrupt this market through its combination of premium brand, high-quality product offering and digital expertise. These partnerships have in turn significantly enhanced Castore brand awareness and desirability.
"Out digital channels remain the driving force of the business, allowing us to establish deep relationships with consumers and delivering strong brand engagement and loyalty. We did also capitalise on highly favourable market conditions in the rental market to open new stores in the period, in line with our growing brand awareness. Out omni-channel presence continues to evolve as we further expand our partnerships with world class retailers."
The accounts come after Castore was forced to defend itself recently after the Premier League shirts it makes for Newcastle United and Aston Villa were the subject of public criticism. The company had its kit deal with the Magpies ended early because of quality concerns while both the men's and women's teams at Aston Villa also hit out.
In June this year, Castore was named the second fastest-growing private company in Britain. The Sunday Times said the company had an annual sales growth of 285.80% over three years.
A month before, the business outlined its plans to grow its presence across Europe. Castore promised more kit deals in the future after signing with the likes of Feyenoord Rotterdam, Athletic Club Bilbao, Football Association of Ireland, FC Utrecht, and FC Twente.
At the start of 2023, Castore increased the size of debt facility to £75m off the back of record-breaking sales. The firm upped its financial backing from HSBC, BNP Paribas and Silicon Valley Bank after previously agreeing a £50m revolving credit facility in 2022.
