Belstaff International has filed its 2025 accounts with turnover rising in what was a tough market but what was also a busy year for the business as it was sold to Castore.
Befstaff
Turnover rose 3.8% from £54.6 million to £56.7 million and the gross margin percentage rose to 29.4% from 28.1%. In absolute terms, gross profit for the year was £16.66 million, up from £15.35 million. The company said the improvement reflected the continued focus on product margin and inventory management across the business.
But the company made an operating loss of £3.7 million after an operating profit of £593,000 in the previous year. This was primarily due to 2024 having benefited from significant foreign exchange revaluation gains on inter-company loans. During the year the company also completed a balance sheet clean-up exercise involving the review and clearance of historic balances. Any balances no longer considered valid or recoverable were adjusted accordingly to ensure the balance sheet accurately reflected the company’s position at the year end.
Excluding the impact of the prior year foreign exchange gains, the company delivered an improved underlying operating performance, supported by higher gross margins and ongoing cost management initiatives.
The loss before tax improved significantly to £3.6 million from £15.9 million in 2024, mainly due to a substantial reduction in finance costs in 2025.
As mentioned, the company has now changed hands. It announced in August 2025 that it had been sold by Ineos for an undisclosed sum on a debt-free, cash-free basis to fast-growing sports brand Castore. Interestingly too, Ineos is now a shareholder in Castore’s parent company.
The business objective of the new owner is similar to that of Ineos — to grow both revenue and profitability, which it said begins with a renewed focus on brand image and heritage. This has been supported with a refreshed visual identity, new product categories and new technical fabrics.
The existing store portfolio is also being refurbished in line with this new design, while new opportunities have been identified in strategic brand-related locations. It’s also monitoring the wholesale portfolio to ensure it forges strong brand partnerships consistent with this image while also raising market awareness and maximising returns.
With all that in mind, the company has had another busy year since the period these accounts cover. Although the accounts contain no hint of how it has fared in 2026, it’s been opening new stores — both full-price and outlet — at key locations and opened its latest just a couple of weeks ago at Manchester’s Trafford centre. That’s Belstaff’s sixth full-price UK store.
