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If _ - rC-’^^f I , * I • ' Thursday, March 4th, 2010 ' ' No.'i ^'’ p A^i'
I N S I D E . . . PROPERTY PULLOUT
I 'B iaW K H M B l i iiMS/Idje; I UrORUDWIDFii- liewi ahd vieW^'from the Centre of the Kingdom
www.clitheroeadverliser.co.uk P r o p i r t y ^ % I Price 72p
by Duncan Smith
' TRUTEXi' the Clitheroe-based ' schoolwei' supplier, has been bought ^ - out after going into administration. ?-i liThd Manchester off ice of private 5eq.uity>firm Endless LLP has
■v!';’vv^ .
> acquired the business and assets of Limited, one of the leading
jSii i .;independent suppliers of school- wear in the UK.
; It _is partnered in the transaction
V ‘ ‘>«
With.Trutex’s ex is tin g banker V
? <;T~;HSBC, who provided a comprehen- funding package for the busi-,
- ' " ■ ness. The amount paid for Trutex has riot been disclosed.
• !- Trutex has historically been a
V profitable and growing business, ' '• but’ was in need of further invest ment to strengthen it s balance sheet and provide sufficient work ing capital to fimd its growth.
i'M Latest filed accounts for Trutex ;show an £182,000 pre-tax loss on
. sales of £16.3m. and net liabilities of £35,000. At the October 2007
' .year end the company had £7m. in '’ short-term loans and a £4m. over-
. -1 draft.' ’■'i K^'Eridless partner Mr Warwick . ’ - liey .said -Trutex’s debt levels flue-
trutex
tuated because of the need to carry high levels of stock at the start of the school year. He added: “Fundamentally it is
. a good business, but its debt levels • were way out of kilter to its operat ing profit levels. It was hamstrung by its debt being too large, but with
Equity firm steps r ' .Z I | . l I I 1
fresh investment we believe there is a really good opportunity.” • Mr Ley said that although End less now owned 100% of the com pany after buying the assets from ; adminstrators PwC, the invest ment; would be structured as a management buyout, with mem bers of the mamagement team own
ing stakes.- Mr David Storey, chief exKutive
officer of Trutex, said: “With renewed financial strength and sup-,
port from Endless and HSB C, Tru tex now has a fantastic platform to build on its leading brand and mar-; ket position in the specialist school- wear market in the UK. ■ “Wb have ambitious plans to
grow the business, which we can now take forward ydth confidence.” Last year, Trutex achieved sales
of £17m. and th e company . • Continued on page 2
They’re a platinum pair!
A COUPLE from Waddinglon have reached a marital milestone - they have been married for 70 years!
; A congratulatory card from the Queen
arrived to wish Douglas and Gladys Booth a happy platinum wedding anniver sary, and the Mayor of the Kibble Valley,
Conn. Beverley'Jones, also dropped in to pass on her good wishes to the happy cou
ple. . ■ Our picture shows the couple with the
Mayor, with Mr Booth wearing a replica of the buttonhole he wore on his wedding day. Full story: page 2.
T re a t y o u r m um o n M o th e r 's D a y ; \ Tel: 01200 425151
^54-56 King Street, Ciitheroe BB7 2EU OPEN: Mon ' Frt: 8,30am-5.36pm
Sat: 9.00am^.30pm, Sun: 10.00ant-4.Q0pm
If ll
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