Our mother was a teacher while our father juggled various roles in the construction sector. Phil and I, two brothers with a fervent passion for sports, were relentlessly competitive. Whether it was football or improvising with a plastic bottle top, our rivalry was intense. We both reached football academy level and, like many kids from Merseyside, I dreamed of becoming a professional player. At 17, I secured a spot with Tranmere Rovers. While my peers were dating and frequenting pubs, my focus was unwavering. But then I was called into the office and told I didn’t make the cut. At 20, I tried my luck in Spain’s lower leagues, but two years later, I faced the same harsh reality. This time it felt final.

Rather than letting these setbacks define me, I chose not to return home in defeat. I didn’t want to be the guy who ‘almost made it.’ Needing funds, I moved to London for a job in finance, and Phil followed suit later, diving into corporate finance. Sharing a modest flat in Wandsworth reignited our competitive spirit. Our early mornings were filled with discussions about our future. After work, our conversations continued late into the night as we formulated plans.

Soon, our talks led us to the idea of launching our own company. Our passion? Sport. The sportswear market was booming, yet dominated by Nike and Adidas. In other industries like fashion and automotive, multiple brands cater to various market segments. Why should sportswear be any different? And where was the premium British sportswear brand? Thus, in 2016, we moved back to Merseyside and founded Castore.

Our journey didn’t begin with instant success. We started with five products designed by Phil’s school friend, now our chief designer. Manufactured in Portugal, our initial base of operations was our mother’s kitchen table, later transitioning to Phil’s partner’s flat, and eventually a proper office in Liverpool. Our big break came in 2019 with Andy Murray endorsing our brand, skyrocketing our global profile. We’ve never looked back.

Reflecting on it, two young men with no business background aiming to challenge global giants might seem audacious. While youthful naivety played a part, my drive also stemmed from past rejections, fueling my determination daily.

For those asking about the secret to success, it’s not just desire. Coming from a modest background adds layers of challenges. Early on, our Merseyside accent often evoked scepticism and condescension in meetings.

But such hurdles only amplified our resolve. Britain overlooks a vast potential by not embracing the working-class and northern cities’ talent. Why not make the business world more inclusive?

• Rich List 2024: discover the full list

Phil

Growing up, the term ‘entrepreneur’ was rare. For our parents’ generation, life goals centered around getting a job, a house, and starting a family. Today, finding a job or affording a house is tougher, but setting up a business online is accessible. Perhaps that’s why many in our generation gravitate towards entrepreneurship out of necessity.

In the early days, we poured everything into Castore, but it wasn’t enough. Discussing cash flow with our parents, they offered to remortgage their house to support us. Knowing how hard they worked for it, their offer was a profound motivator. As our business grew, buying them a bigger home was one of our most fulfilling achievements.

Six years ago, the idea of Castore having a £250 million turnover would have sounded ludicrous. Yet success is addictive. The company’s near-£1 billion valuation last year, with us still owning a third of the shares, keeps us pushing forward. Family dynamics enhance this drive. While we do argue, it’s nothing like TV dramas. Our shared goal is the company’s success. During COVID-19, when most businesses pulled back, we pushed Castore forward, personally emailing customers and reaching out to sports teams. Today, we’re collaborating with Andy Murray, McLaren, Glasgow Rangers, Newcastle United, and Bayer Leverkusen.

• Find Tom and Phil Beahon on our 40 under 40 young wealth list

Just having become a father, I anticipate changes. While having a child is an unparalleled joy, it’s largely my wife Sophie who bears the brunt, especially during our startup phase. She supported us financially when we couldn’t afford luxuries. The strain on relationships is immense.

Looking ahead, why not challenge Nike or Adidas on a global scale? With debates around Nike’s England shirt, there’s a rising call for an English brand to cater to our national teams. We’re ready for that challenge. Visit us at castore.com.

Strange habits

Tom on Phil: He’ll call me at midnight on a Friday, fretting over the sterling-yen exchange rate. Phil, I’m asleep!

Phil on Tom: As kids, regardless of the game or score, Tom always declared himself the winner.

Rich List 2024

Explore the definitive guide to the wealth of the UK’s richest people