Ineos kept Belstaff alive for eight years — then paid Castore to take it

Belstaff, the outerwear label founded in Stoke-upon-Trent, was bought from the German group JAB in 2017 by Ineos — the chemicals giant of Sir Jim Ratcliffe, then assembling a portfolio of consumer and lifestyle assets. It never paid for itself: Belstaff reported losses in every year of Ineos ownership, most recently a pre-tax loss of £18.3 million in the year to December 2023 on sales of £57.6 million, which fell 3.6% that year. Ratcliffe's cash injections kept it alive; auditors warned that continued owner support was necessary.

The last accounts filed before the exit showed the shape of the problem. For 2024, turnover fell a further 5.2% to £54.6 million and the net loss was £15.9 million, with operating profit a mere £593,246. Below that, the balance sheet swung from net liabilities of £270.3 million at the end of 2023 to net assets of £36.3 million — the debts were cleared before the handover.

On 28 August 2025 Castore, the sportswear brand founded by the Beahon brothers, acquired 100% of Belstaff on a debt-free, cash-free basis — no cash price was disclosed, and instead Ineos made a strategic investment in Castore's holding company, taking a minority stake. Ineos framed the sale as part of a retreat from lifestyle ventures to refocus on chemicals and sport.

The handover has not settled the brand. Kerry Byrne, appointed Belstaff CEO in April 2025, left in May 2026 after one year, with no successor announced. The buyer is also spending: Castore's parent, J Carter Sporting Club, reported losses of £40.3 million on revenue of £334.6 million for the 18 months to August 2025.