Sportswear brand Castore is said to be working towards a 200 million dollar fundraising as it looks to take on global competitors.
The Manchester-based company is reportedly in talks with investors and is working with Rothschild, which it had appointed to advise on the process.
According to Sky News, the capital injection will aid Castore in its mission to go up against the likes of Adidas and Nike.
The brand, which is backed by tennis star Andy Murray, was said to have been valued at 750 million pounds following its most recent debt financing in 2022.
Sources for the publication said that it could be seeking a valuation of over one billion pounds if shares are sold as part of the new fundraising.
Among its investors, Castore counts the likes of Asda-owners Issa brothers, and the founders of New Look and Pure Gym.
The brand supplies football kits to a number of Premier League teams, including Newcastle United, and is currently building up its network in other sports, like golf and Formula One.
Sky News said Castore declined to comment on the matter.