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 company and UK private equity group Aurelius Finance Co. have struck a fresh £ 18.5 million finance agreement. Elaghmore, a business adviser and investor, has invested £ 2.5 million in fresh equity, acquiring a 42 per cent interest in the company.
Trutex, which is based in Dubai as well, wants to expand into Saudi Arabia and China, two countries with significant markets for childrenswear. The expansion, according to Group CEO Matthew Easter, builds on Trutex’s lengthy history of providing school uniforms at a time when the company is doing well—its revenue has nearly doubled 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.”
