UK school uniform firm Trutex receives private equity backing

Trutex Limited, a UK-based school wear producer, has received backing from a private equity fund to support its regional and overseas expansion.

Investor Elaghmore has said that it has acquired a 42 percent stake in Trutex alongside investing 2.5 million pounds of new equity into the business.

In addition to this, Trutex has further agreed to a new 18.5 million pound refinancing facility with Aurelius Finance Company.

The investment and financing are to maximise working capital headroom over the course of the school year, while further supporting the company in building its order book ahead of peak trading periods.

In a release, Matthew Easter, group CEO of Trutex, said: “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.”

Trutex already has operations based in Dubai, but the company is further planning to expand its presence in China and Saudi Arabia, where it says there is “growing demand for the high-quality, long-lasting premium garments”.