Trutex secures new backers and financing for expansion

Market-leading UK schoolwear producer Trutex has a new business partner and has secured new funding to support both domestic and overseas expansion.

The 159-year-old Lancashire business has secured a new £18.5 million refinancing deal with UK private equity fund Aurelius Finance Co. 

Meanwhile, business adviser and investor Elaghmore has acquired a 42% stake in the firm while investing £2.5 million of new equity into the business, reported BusinessLive.

Trutex, which also has operations in Dubai, is looking to grow its presence in China and Saudi Arabia where demand for kidswear is strong.

Group CEO Matthew Easter said the expansion builds on Trutex’s long history of supplying school uniform at a time when it is performing strongly, with revenue almost doubling to £35 million since 2015.

The investment will boost its working capital supporting the business in building its order book ahead of the peak Back-to-School trading period. 

Easter added: “The investment by Elaghmore and the new finance facility will support our ambitious growth plans. Trutex is a great brand that has performed strongly over recent years, as schools and parents recognise the importance of style and durability when it comes to school uniforms.
“We are already the market leader in the UK supplying thousands of schools, and there are substantial opportunities to take our heritage and expertise to new international markets in Asia and the Middle East, particularly.”