Tom Beahon, co-founder of the British sportswear brand Castore, has recently voiced his concerns about the current state of the London Stock Exchange, highlighting a pressing issue that many entrepreneurs in the UK are grappling with. In a candid discussion on an episode of City AM’s *Boardroom Uncovered* podcast, Beahon expressed his frustration over the lack of appealing options for British-founded businesses like Castore to consider an initial public offering (IPO) on home soil.
He noted that while it would certainly be a point of pride for him to eventually list Castore in the UK—especially given that he built the company in the North of England—he’s faced with a harsh reality: the UK market just isn’t conducive for aggressive business growth right now. “As a British entrepreneur, it’s not just a wish; it’s become increasingly challenging to see the UK as the optimal next step for my business,” he stated, painting a picture of the difficult landscape that many homegrown companies are navigating.
Castore has ambitious plans to expand, but Beahon made it clear during the podcast that there are “no immediate plans” for a listing. He elaborated that even if there were changes in the regulations governing the London Stock Exchange, he doubts that any single adjustment would be enough to make the UK market attractive again for businesses with global aspirations—like Castore. “It’s going to take some time,” he emphasized, underlining that the pathway forward looks brighter in other markets.
Looking across the Atlantic to the United States, and further afield to Asia and the Middle East, Beahon weighed the pros and cons. He stated, “to look at what’s happening in the private equity space, or the exciting shifts occurring in markets like India and China, it’s hard to argue that the UK is the best place to grow my business.” His acknowledgment of these international opportunities is a cry resonating with many entrepreneurs who are weighing their options in a globalized market landscape.
He openly declared that the London Stock Exchange must take note and adapt. “The status quo clearly is suboptimal,” he said, urging both the exchange and the government to do more to attract businesses. His call to action is not just for Castore, but for future generations of British entrepreneurs who might find themselves looking beyond UK borders. He mentioned a moral obligation to his shareholders: “I need to optimize the value of the business, and if that means considering other markets, then so be it. I have to do what’s best for the growth of my company.”
Furthermore, he highlighted the necessity of entering the U.S. market—not just as a strategic move, but as a fundamental necessity for any aspiring sportswear brand aiming to reach a £1 billion turnover. “You can’t achieve those kinds of numbers without the American market,” he asserted, which generated nods of understanding from anyone familiar with the pressures of rapidly scaling a business.
The conversation around Castore’s future comes on the heels of a recent report indicating the brand is eyeing a long-term IPO, especially following what they dubbed their “strongest ever trading performance” last festive season, bolstered by notable sales in football apparel and a growing womenswear line. They’re also looking toward expansion, planning to open between five and ten new stores by 2025, a hopeful sign amidst the uncertainty.
In a landscape filled with challenges, Beahon’s honesty cuts through the noise. His reflections underscore the broader sentiment among entrepreneurs today—that the UK must evolve to remain the nurturing ground it once was. As inspiring figures like Beahon push for change, it’s a reminder that the future of British entrepreneurship isn’t just about individual companies, but about fostering an ecosystem that encourages innovation and growth on home soil. The conversation is vital, and as Beahon noted, engaging in it is an important first step, serving as a beacon of hope for the entrepreneurs of tomorrow.
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