Man United shareholder, Ratcliffe’s Ineos, buys into Castore with Belstaff deal
Manchester United minority owner Sir Jim Ratcliffe’s Ineos has announced a “significant strategic investment” into premium sports apparel brand Castore.
The petrochemicals company will invest in the British clothing brand as part of a deal which will see Castore acquire 100 per cent of Ineos-owned Belstaff on a “debt-free, cash-free” basis.
Castore enjoys sporting sponsorship deals with the likes of England Rugby, England Cricket and former Wimbledon champion Andy Murray but will now add Belstaff, the heritage clothing brand which celebrated its 100th birthday in 2024, to its roster.
Belstaff chair Ashley Reed described the deal as a “union of two British brands”
“Castore is disrupting the sportswear market,” he added, “and has demonstrated phenomenal growth and resilience in recent years. Having witnessed their journey, we saw a unique opportunity to join forces and accelerate Belstaff’s transformation through shared knowledge and resources.”
Castore’s Ineos delight
Castore’s Tom Beahon said: “We are delighted that Sir Jim Ratcliffe’s Ineos is investing in Castore which is a demonstration of commitment to our business and global growth ambitions and we look forward to working together to deliver on this vision.”
Ratcliffe’s involvement in sport of late has not returned many desired results with the Formula 1 side and grand tour cycling team struggling alongside Manchester United, who this week lost to League 2 side Grimsby Town in the Carabao Cup.
It has raised questions surrounding the state of play at the famous Manchester club, with fans deflecting blame towards Ratcliffe – who owns just shy of 30 per cent of United – and the majority shareholding Glazer family.
Results last year saw leather jacket maker Belstaff report a £18m loss and the acquisition by Castore marks a shift from its traditional sporting apparel and athleisure portfolio into more luxury fashion.
A Belstaff jacket was worn by Lawrence of Arabia, and Steve McQueen donned one in The Great Escape.