Belstaff, the struggling British fashion brand known for its heritage motorcycle gear, has been bought by the sportswear group Castore from the billionaire Sir Jim Ratcliffe’s Ineos.
Under the deal, the terms of which have not been disclosed, Ineos will make a “significant strategic investment” in Castore’s holding company.
Belstaff has reported losses every year since it was bought by Ratcliffe’s oil and chemicals empire in 2017, with the most recent published accounts showing a pre-tax loss of £18.3 million in the year to December 2023. Sales fell 3.6 percent to £57.6 million, according to accounts filed at Companies House.
Belstaff was founded in 1924 in Stoke-on-Trent, Staffordshire, and is known for its waxed jackets once promoted by Kate Moss and David Beckham. It was bought by Ineos in 2017 from JAB Holding, the German investment firm which owns the British coffee shop chain Pret a Manger and previously owned the luxury footwear brand Jimmy Choo.
Ratcliffe, who has a net worth of £17 billion, according to this year’s Sunday Times Rich List, became one of Britain’s wealthiest men after building a chemicals empire from the £84 million purchase of a Belgian oil refinery in 1998. However, he has faced growing concerns over the state of his heavily-indebted, loss-making chemicals group, alongside other business interests including the Premier League strugglers Manchester United.
Tom Beahon, the co-founder and chief executive of Castore, whose backers include the British tennis player Andy Murray, said Belstaff had returned to operating profit, which doesn’t include certain costs, in 2023.
“Belstaff is a truly iconic brand with unparalleled heritage, and I have personally been a huge fan for a very long time,” he said. “Ineos and the management team at Belstaff have done a phenomenal job in steering the company back to profitability following a challenging period for the retail sector. To have the opportunity to take Belstaff through the next stage of its growth journey is a dream come true and a huge privilege.
“We are also 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.”
Ashley Reed, the chair of Belstaff, said, “Castore is disrupting the sportswear market 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.”
The companies said Castore aimed to drive Belstaff’s growth using its online retail networks and expertise and supply chain.
Founded in Liverpool in 2015 by the brothers Tom and Phil Beahon, Castore is now based in Manchester and has grown rapidly. In 2024 it acquired the professional team sports licence for Umbro for key markets including the UK, Germany, Austria, Switzerland, Belgium, the Netherlands and Denmark.
By Sarah Butler
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