TRUTEX, the leading brand in the specialist school wear market, has been bought by its management team led by Leeds-born businessman David Storey.
Leeds-based advisors from accountants Ernst & Young and law firms Lee & Priestley and Wrigleys played a key role in the deal.
Trutex, which is based in Clitheroe, Lancashire, supplies and distributes schoolwear through over 1,400 worldwide stockists from Toronto to Sydney.
The management buy out team (MBO), led by managing director David Storey, also includes members of the wider management team including Graham Firth, sales director; Rob Mullins, operations director and Clare Rix, marketing director.
The management team now holds the majority share interest with backing being provided by HSBC Bank in Manchester and a private investor.
Over the last three years, the company has seen a 50 per cent growth in production volume, resulting in a 30 per cent growth in turnover to around 13.5m.
Mr Storey, said the MBO would provide a platform for the business to continue and accelerate growth in line with the management's business plan.
He said the business needed further investment to take it to the next level and an MBO was the most viable option.
"We are all delighted by this opportunity to take full control of Trutex's destiny.
"We have a strong team and plan to build on the work of the last few years and maintain the company's enviable position as market leader in the specialist school wear sector.
"As a relatively young management team, we have the energy and passion to drive the business forward.
"We've already developed new strategies to increase our market share, focusing in particular on the approach to market.
"We are totally committed to supporting the specialist school wear market by helping retailers meet current and future challenges."
Mathew Deering, of Ernst & Young's Leeds-based transaction advisory services team, added: "We have been working with Trutex for the last few years and the business has been delivering sustained growth in sales and profitability.
"We're delighted to have a successful conclusion to the MBO, which gives a strong management team the platform and opportunity to move the business forward for the benefit of all stakeholders."
Jonathan Priestley, partner at law firm Lee & Priestley, said the management team had bought, in his opinion, the UK's leading school wear brand in a growing sector.
l A CONTRACTOR has been chosen to prepare a restoration scheme for the decaying Royal Hall in Harrogate.
HBG Construction Ltd then hopes it will be awarded the contract to do the restoration work.
The grade two-star listed building is being restored with a 6m grant from the heritage lottery fund and 2m of local council money.
Roger Mansell, for HBG, said: "We understand how much value local people and visitors place on this wonderful old building.
"We have a wealth of experience to bring to the table and hope that our other successful projects will instil confidence in the council."