London, February 27, 2024 – AURELIUS Finance Company, the private debt arm of AURELIUS, has announced the successful provision of an £18.5 million refinancing facility to Trutex Limited, one of the UK’s oldest and best-loved school uniform manufacturers . The financing system consists of the following:
- A £15m asset-based revolving loan designed to leverage Trutex's inventory and receivables to create maximum liquidity.
- £3.5 million cash flow loan. Configured as a fully revolving, seasonal swing line RCF.
Trutex has a history of over 150 years supplying high quality school uniforms to thousands of specialty retailers, distributors and schools around the world. The company has established itself in the market, produces high-quality, long-lasting luxury clothing, and is performing well. The facility maximizes working capital headroom throughout the academic year and helps businesses build order books ahead of peak trading periods.
Commenting on the transaction, Matthew Easter, Group CEO of Trutex Limited, said: By engaging their senior team from our first meeting, they were able to quickly build a bespoke facility, allowing us to execute on our growth plans. Both domestically and internationally. ”
“We recognize that not all companies have uniform working capital requirements, so our completely bespoke structure allows for optimal amounts of working capital at key points throughout the year. Designed to provide flexibility in capital headroom, which allows non-traditional lenders like AURELIUS Finance Company to rely on a stable source of working capital throughout the year despite strong business performance. It shows the role it can play in providing financing to businesses that often don't have access to it,” said director James Marler. Also in charge of new business at AURELIUS Finance Company. “Despite this customized structure, we were able to utilize institutional funding lines to provide a very competitively priced facility.”
As Chairman and Major Shareholder Andy Ducker acknowledges, “AURELIUS Finance Company's ability to combine ABL and senior cash flow financing was critical to this success.”
AURELIUS Finance Company was advised by Squire Patton Boggs (legal) and Hilco (collateral valuation). Truetex was further advised by Alvarez & Marsal (debt counsel) and Walker Morris (legal).
