London, February 27, 2024 – AURELIUS Finance Company, the Private Debt segment of AURELIUS, announces the successful provision of a GBP 18.5m refinancing facility to Trutex Limited, one of the UK’s oldest and best-loved schoolwear producers. The financing facility comprises:

• A GBP 15m revolving asset-based loan, designed to generate the maximum liquidity by leveraging Trutex’s inventory and receivables

• A GBP 3.5m cashflow loan, structured as a fully revolving, seasonal swing-line RCF

Trutex has a history of over 150-years supplying quality school uniforms to thousands of specialist retailers, distributors and schools throughout the world. It is a strongly performing business with an established market position, producing premium garments that are high-quality, and long-lasting. The facility will maximise working capital headroom over the course of the school year, supporting the business in building its order book ahead of peak trading periods.

Commenting on the deal, Matthew Easter, Group CEO at Trutex Limited, said: “AURELIUS Finance Company took the time to understand our business and its specific requirements right from the outset. By having their senior team involved from our very first meeting, they were able to structure a bespoke facility at pace, and this will now enable us to deliver on our growth plans; both domestically and overseas.”

“We realise that not all businesses have a uniform working capital requirement, and so our completely bespoke structure is designed to flex and deliver the optimum amount of working capital headroom at key points throughout the year. This shows the role which non-traditional lenders, such as AURELIUS Finance Company, can play in making available financing for companies which despite being strong performers, can often lack access to a stable source of working capital all year round” said James Marler, Director and Head of New Business at AURELIUS Finance Company. “And despite this tailored structure, we were able to utilise our institutional funding lines to provide a very competitively priced facility.”

As Andy Ducker, Chairman and majority shareholder, acknowledges, “AURELIUS Finance Company’s ability to provide a mix of ABL and senior cashflow lending was critical to delivering this successful outcome.”

AURELIUS Finance Company was advised by Squire Patton Boggs (Legal) and Hilco (Collateral Diligence). Trutex were further advised by Alvarez & Marsal (Debt Advisory) and Walker Morris (Legal).