The MVPs of UK Sportswear Companies

Exploring the most valuable suppliers and manufacturers in sportswear, equipment, and activetech.

25 July 2024

With the Paris Olympics just around the corner, the summer of sport is here.

The UK of course has a rich history of sportswear companies and brands, from Raleigh (close to our Nottingham team’s hearts!) to the iconic Fred Perry. More recently, the new kids on the block include global athleisure giant Gymshark and sports kit supplier Castore, which recently became the first founding partner of the new Everton football club stadium.

And in the spirit of summer, we’ve immersed ourselves in the UK’s sportswear companies, equipment manufacturers and activetech innovators to bring you the most valuable players across the UK right now.

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Sports companies at a glance

For the purpose of this article, we are defining sports companies as manufacturers or suppliers of sportswear and equipment. This does not include football clubs (or similar) and their associated merchandise stores.

These can be broken down to manufacturers and suppliers of:

Since 2005, the number of active companies has grown annually, with the 8-year curve following the London 2012 Olympics notably the sharpest incline in sports supplier companies. The legacy of the Olympic games, which inspired a generation, resulted in a £14.2b boost to the economy.

The sportswear and equipment sector is a comparatively small industry, when compared to more emergent high-growth areas like fintech and AI.

And of the total active UK companies, only 26.9% meet our high-growth criteria, from attending an accelerator to raising equity funding. The average total equity raised amongst these companies sits at around £3.49m.

Nonetheless, with two UK companies reaching unicorn status in the last four years, and the sportswear and activetech sectors posting £44.68b in turnover annually, this is an industry hitting its stride.

Mapping the UK in sporting innovation

The UK invented many of the world’s popular modern day sports, from football, rugby, and tennis to some of the more offbeat ventures such as underwater hockey and extreme ironing (yep, we had to look that one up too).

But which region is the most well-pressed, ironing out the competition? Let’s unfold the UK’s sporting landscape, one region at a time.

East Midlands

Number of companies: 141
% of UK companies: 7.5%
MVP: BatFast, £34.5m

The East Midlands is home to Olympic swimming legends Adam Peaty and Rebecca Adlington. It also houses the headquarters of swimwear giant Speedo, along with 140 other sports equipment and apparel companies. The region comprises 30 high-growth companies.

BatFast is currently the most valuable sports equipment company in the region, with a pre-money valuation of £34.5m.

East of England

Number of companies: 177
% of UK companies: 9.4%
MVP: Swing Fitness, £5.9m

The East of England plays host to a bitter football rivalry between Ipswich Town and Norwich City, as well as the esteemed journalist Alan Partridge. But it’s also home to Jody Cundy — an exceptional Paralympian and one of the few athletes in history to win Olympic medals in multiple sports.

With 177 companies, making up 9.40% of the UK total, the East of England’s most valuable sports equipment company is the on-the-go public exercise firm Swing Fitness, with a pre-money value of £5.9m.

London

Number of companies: 289
% of UK companies: 15.4%
MVP: Le Col, £140m

The capital and its outer boroughs, unsurprisingly, feature the highest concentration of companies on this list with 289 companies, 15.4% of the UK’s total sports companies. It has also produced both of Britain’s fastest sprinters, Adam Gemili and Dina Asher-Smith.

Moving from two feet to two wheels, Hammersmith-based performance cyclewear outfit Le Col, is the most valuable sportswear company in London, valued at a handsome £140m.

North East

Number of companies: 63
% of UK companies: 3.4%
MVP: FOOTY.COM, £4.2m

The North East is a proud sporting region, with Newcastle United one of the best-supported football teams in the UK. Meanwhile, Lioness Lucy Bronze — one of the most decorated players in the women’s game — hails from Northumberland.

It’s appropriate then that FOOTY.COM, a comparison website for consumers to find the best deal for their footballing apparel, is the North East’s most valuable company in the sports supplier sector, with a £4.2m pre-money valuation.

North West

Number of companies: 182
% of UK companies: 9.7%
MVP: Castore, £680m

The North West is a commercial powerhouse when it comes to sporting companies, featuring one of the UK’s two unicorns in the sector. Castore, a UK business valued at £680m following a raise in late 2023, sells sports apparel to consumers but also has a strong commercial presence in football and, more recently, F1.

The region also boasts a seriously impressive cohort of Olympians, from Laura and Jason Kenny to Keely Hodgkinson and Katarina Johnson-Thompson.

Northern Ireland

Number of companies: 44
% of UK companies: 2.3%
MVP: Movetru, £6.40m

Over to Northern Ireland, home of Ulster Rugby, Rory McIlroy, and George Best, is where we find a truly unique company on our list.

Movetru, a female-founded activetech company worth £6.4m, has developed an app for fitness rehabilitation. The business received an Innovate UK grant of £245k in May 2024 to help validate the application of their technology for lower limb screening.

Scotland

Number of companies: 135
% of UK companies: 7.2%
MVP: Shot Scope, £23.0m

Comprising 7.2% of the overall UK market, Scotland is a proud sporting nation, with a world-renowned footballing rivalry, a wealth of Olympic talent including distance-runner Laura Muir and cyclist Katie Archibald, and an iconic golf venue in St. Andrews.

Tee-ing off with a driver is Edinburgh-based Shot Scope; a wearable technology company that enables golfers to track their performance with in-game statistics. Featured in the Scotland Fast Growth 50 in 2023, the business is currently valued at £23.0m.

South East

Number of companies: 277
% of UK companies: 14.7%
MVP: WithU, £99.9m

The South East is the second most densely populated region for sports supplier companies, making up 14.7% of the total. And with Olympic legends Sir Steve Redgrave and Dame Kelly Holmes flying the flag for the region, it’s easy to see why.

In a competitive field, Maidstone-based activetech company WithU is our frontrunner. Now worth just shy of £100m, the virtual personal training business integrates with wearables and keeps users motivated to achieve their goals.

South West

Number of companies: 210
% of UK companies: 11.2%
MVP: Temple Cycles, £13.6m

Just a fraction behind the South East with 11.2% of the UK’s sports suppliers is the South West. The region is famous for national treasure Tom Daley, knitting extraordinaire and occasional Olympian diver.

Meanwhile, the region can also claim one of the UK’s most decorated Paralympians as its adopted daughter, with cyclist Dame Sarah Storey living and training in the South West. Hitting top gear in our list is Temple Cycles, whose master bike builders have helped the company reach a £13.6m pre-money valuation.

Wales

Number of companies: 71
% of UK companies: 3.8%
MVP: Acai Outdoorwear, £3.71m

Wales, home of the Millenium Stadium — one of the more feared rugby venues for opposition teams — features 3.8% of the UK’s sporting suppliers, including female-founded Acai Outdoorwear.

Valued at £3.71m, the fashionable, female sportswear brand was founded by Kasia Bromley, previously of Alexander McQueen. The business has since featured in both the FEBE 2023 and Wales Fast Growth 50 high-growth lists.

West Midlands

Number of companies: 151
% of UK companies: 8%
MVP: Gymshark, £1.04b

Featuring the second of the sector’s unicorns, and the most valuable company on our list, is the West Midlands — host of the most recent Commonwealth Games (and that iconic bull).

Gymshark, now a 20% scaleup and global sportswear titan, was launched in founder Ben Francis’s parents’ garage in 2012. Fast-forward 12 years and the Solihull business is worth over £1b, and has contributed £97.5m to the UK economy based on our GVA metrics.

Yorkshire and The Humber

Number of companies: 142
% of UK companies: 7.6%
MVP: Payntr Cricket, £3.41m

Yorkshire, the spiritual home of cricket and legendary triathletes Jonny and Alistair Brownlee, comprises a respectable 7.6% of the UK’s sport suppliers.

With a strong cricket heritage, it’s little wonder that Payntr Cricket, which designs and sells cricket footwear, is the most valuable company in the region. Founded by ex-professional cricketer David Edward Paynter, great-grandson of England Ashes batsman Eddie Paynter, the business is currently valued at £3.41m.

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The UK’s top three most valuable players

Now we come to the most valuable companies in the sports supplier sector, with representation from the North, Midlands, and South of England.

3. Bronze — Le Col

Valued at: £140m
Established: 2013
Location: Hammersmith, London

Le Col, our third most valuable company, is a distinguished name in the world of high-performance cycling apparel. Founded by former professional cyclist Yanto Barker in 2013, Le Col has rapidly ascended the ranks of premium sportswear brands, partnering with several professional cycling teams and athletes.

Le Col’s growth trajectory is impressive, with the company securing over £15m in investment. This fundraising has propelled Le Col’s expansion into international markets, diversifying its product range and bolstering its research and development capabilities.

Today, Le Col is valued at £140m and is recognised for its innovative approach to cycling apparel, blending technical expertise with a deep passion for the sport.

2. Silver — Castore

Valued at: £680m
Established: 2015
Location: Manchester, North West

One of the most recent additions to the Beauhurst Unicorn Report, Castore has enjoyed an extraordinarily rapid rise to the top of its game, even unseating sponsorship deals with established names such as Nike and Adidas.

In its earliest days, the company tapped heavily into influencer marketing before hitting the mainstream with Andy Murray and the associated AMC brand. The company is now the official kit supplier for top football clubs, multiple F1 teams, and more recently, the England cricket team.

Not even 10 years old, the company is now valued at £680m and has a strong global presence.

1. Gold — Gymshark

Valued at: £1.04b
Established: 2012
Location: Solihull, West Midlands

By far and away the most valuable of our sportswear companies, Gymshark takes the gold by a canter. Established in the same month as the London 2012 Olympics, in a garage with just a sewing machine and a screen-printer, Gymshark’s brand now spans five locations, from Solihull to Denver.

Following a £200m investment from US-based private equity and venture capital fund General Atlantic— Gymshark’s only equity raise to date — the company hit £1.04b in pre-money value. The company has also made no less than 16 appearances on high-growth lists.

Methodology

To be included in the analysis for this article, companies must:

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