Sportswear maker Gymshark said it had a record year in 2024 – but has also announced nearly 300 job losses.

Founded by Ben Francis, Britain's youngest billionaire, the Solihull-based venture has said it will have to reduce its head count by 296 roles amid turbulence in the global economy.

Now 32, Mr Francis co-founded the leggings and sports bra retailer in his parent's garage when he was just 19. The job losses account for more than a quarter of the company's workforce of 1,100, though the company has also announced that it will create 168 jobs.

No specific citation of the affect of Donald Trump's tariff imposition was given in the update from the firm, but sources have indicated that the levies have been a factor in the belt-tightening move.

Gymshark reported record sales topping £607m for the year to July 2024, up from £556m in the previous year, while profit edged down form £13.1m to £11.9m.

In April 2023, sales for Gymshark hit £484.5m for the year, led by a 25% increase in the US and a more modest 3% rise in the UK.

The retailer said at the time it was hit by one-off costs from opening its one and only store – a flagship store on London's Regent Street – setting up its US distribution network and a rise in discounting.