Finance
AURELIUS Finance Company provides GBP18.5m refinancing facility to Trutex Limited
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).
The UK’s financial regulator should consider expanding its oversight to cover advanced artificial intelligence models used in financial services, according to a review commissioned by the Financial Conduct Authority (FCA), as policymakers assess whether existing rules can keep pace with rapidly evolving AI technology.
The Monetary Authority of Singapore (MAS), the city state’s central bank and financial regulator, has joined forces with major financial institutions and FinTechs to release a white paper aimed at keeping AI agents in finance operating within safe limits.
The paper, called Safeguards for Agentic Finance at Runtime (SAFR), lays out an industry-built framework designed to let AI agents perform financial tasks in a manner that is safe, secure and dependable. It has been produced under BuildFin.ai, the MAS programme that backs the responsible creation and rollout of AI tools across the financial sector.
The push comes as AI agents take on more autonomous work at a pace that makes hands-on human oversight impractical. In response, firms require real-time controls that keep agent behaviour inside the mandates, policies and risk limits they have defined. SAFR answers this with a series of governance checkpoints that check and log each action an agent proposes before that task is carried out.
The framework extends the AI Risk Management toolkit created through MAS’ Project Mindforge, concentrating on how protections can be put into practice at the moment an agent acts. The white paper maps out how measures such as policy bound execution, real time validation, auditability and interoperability can be woven into system operations, giving institutions the confidence to deploy agents consistently.
Industry participants have already tested SAFR in several settings. These include agent-assisted payments and treasury work, where agents handle routine transactions inside set mandates to cut friction and lift efficiency; wealth management and advisory processes, where agents examine documents and produce structured assessments within tightly defined task limits to speed up compliance reviews; and client engagement, where agents create insights and draft materials within approved content boundaries so staff can serve clients more productively.
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Talking about finances can be stressful, but it’s even more stressful if you’re not sure what advice is good and what advice might put you in a worse position than you started in.
Recently, a Reddit user who goes by market_vision1 asked, “What is the worst financial advice people still repeat?” I took out a little pen and paper while I was reading through these, like, “Lemme write that down. And that. Oh! And that, too!” I’m curious what you think, though. Are all of these things we should avoid financially?
1. “One of the more damaging ideas out there is ‘Oh, you’re young, don’t worry about money, just go have fun and worry about it when you are older.’ Of course, the number one regret I hear from clients nearing retirement is that they wish they had just started saving when they were younger.”
—u/hems86
2. “The ‘tax bracket’ myth should be illegal. My uncle turned down a $10K raise because he thought he’d ‘lose money.’ He literally paid $10,000 to avoid $2,200 in taxes. That’s not a tax strategy. That’s a $7,800 donation to the Dumba— Fund, and he’s the chair.”
—u/Serious_Cress5040
Related: “31 Things Only Super Wealthy People Can Buy That You Probably Don’t Even Know Exist”
3. “People living outside of their means and not realizing it. They say things like, ‘You deserve X, don’t settle for less.’ Most of the people I see who are broke are not 100% victims of the system. The majority of people waste their money on dumb stuff that they can’t afford. They’ll tell me they’ve cut out all unnecessary spending, but when I look at their actual expenses, I see otherwise. Spending $800 a month on DoorDash, financing a new car with a $900 monthly payment, going on international vacations, spending 70% of their income on rent in a fancier apartment when there are options for cheaper living.”
—u/hems86
4. “I’m a financial planner, and some of the worst advice I’ve ever heard is ‘Don’t pay off your credit cards in full. Carrying a balance on your credit card builds your credit; paying it off every month hurts your score.’ People say this to me all the time when I ask why they carry a balance on their card with 25% interest when they have more than enough to pay it off.”
—u/hems86
5. “It’s not so much advice as it is a financial choice. I know people who are taking out 96-month loans on cars they never should’ve considered in the first place, just because they can make the car note when it’s stretched over eight years. They never considered the interest on the loan plus the rate cars depreciate and are befuddled when they can’t afford to trade it in.”
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