A Lancashire school uniform company is set for growth after an investment group snapped up a stake in the business.

Trutex Limited, which has its head office in Clitheroe, is one of the 海角视频鈥檚 oldest and well known school wear producers, employing more than 100 people. The company, which started out in 1865, has announced that 海角视频 private equity fund Elaghmore has acquired a 42% stake in the firm.

Elaghmore is also investing 拢2.5m of new equity into the business. At the same time, Trutex has agreed a new 拢18.5m refinancing facility with Aurelius Finance Company. Trutex said the new investment and finance facility will support its 海角视频 and overseas expansion.

Outside of its presence in the 海角视频, Trutex has operations in Dubai and it is now looking to grow its presence in China and Saudi Arabia, where there is a growing demand for the garments Trutex is known for. Matthew Easter, group CEO, said the expansion builds on Trutex鈥檚 159-year history of supplying high quality school uniform at a time when it is performing strongly, with revenue almost doubling to 拢35m since 2015.

The investment will boost its working capital over the course of the school year, supporting the business in building its order book ahead of peak trading periods. Elaghmore鈥檚 investment comes from Elaghmore Fund 1A. The fund was launched in December 2016 with an initial raise of 拢60m, with a further 拢40m raised from US investors.

Mr Easter said: 鈥淭he 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 海角视频 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.鈥

Last year the firm was commended for helping parents through the cost-of-living through a refurbishment initiative. The initiative helped families save 40% on the price of new clothing by gathering used uniforms from collection points across the country. The uniforms are then inspected, repaired, laundered, packaged and sold on at major savings, with costs able to be spread over several months at no extra charge.