Belstaff turnover rises 3.8% to £56.7 million but it slips to a £3.7 million loss

Belstaff grew turnover 3.8% in 2025, from £54.6 million to £56.7 million, in the year Ineos sold the British outerwear brand to fast-growing sports label Castore. The sale, completed in August 2025, was made on a debt-free, cash-free basis for an undisclosed sum.

The gross margin percentage improved to 29.4% from 28.1% a year earlier. In cash terms, gross profit reached £16.66 million, up from £15.35 million. The company said the gain reflected its continued focus on product margin and on inventory management across the business.

The improvement did not reach the operating line. Belstaff recorded an operating loss of £3.7 million, against an operating profit of £593,000 in 2024. The company said the swing was primarily because 2024 had benefited from significant foreign exchange revaluation gains on inter-company loans.

Excluding those 2024 exchange gains, the company said its underlying operating performance improved, helped by higher gross margins and continued cost management. It did not put a figure on that underlying result, so the claim cannot be checked against the accounts as reported.

The loss before tax improved significantly, to £3.6 million from £15.9 million in 2024. The company attributed that mainly to a substantial reduction in finance costs in 2025. The operating line and the pre-tax line therefore moved in opposite directions over the two years.

During the year Belstaff also completed a balance sheet clean-up exercise, which involved reviewing and clearing historic balances. The company did not say what size those balances were or what effect clearing them had on the reported results for 2025.

What Castore plans for the brand

The new owner's business objective is similar to that of Ineos: to grow both revenue and profitability. The company said this begins with a renewed focus on brand image and heritage, which it has backed with a refreshed visual identity.

The refresh also brings new product categories and new technical fabrics. The existing store portfolio is being refurbished in line with the new design, while the company says it has identified new opportunities in strategic, brand-related locations.

Wholesale is under review as well. The company is monitoring its wholesale portfolio to ensure it forges strong brand partnerships consistent with the new image, while raising market awareness and maximising returns from those relationships.

Ineos has not walked away entirely. It is now a shareholder in Castore's parent company, so the group that sold Belstaff keeps an indirect interest in the brand through the buyer. The terms of that holding were not given.

Stores opened since the year-end

Belstaff has had another busy year since the period these accounts cover. It has been opening new stores, both full-price and outlet, at key locations, and the accounts themselves contain no hint of how the company has fared in 2026.

Its latest opening came just a couple of weeks ago at Manchester's Trafford centre. That is Belstaff's sixth full-price store in the UK, and it follows the refurbishment programme that is bringing the existing estate into line with the new design.

The figures set a baseline for the Castore era: turnover of £56.7 million, a gross margin of 29.4% and an operating loss of £3.7 million. Which way each of them moves will show whether the new stores and fabrics are paying back.

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