CLITHEROE school uniform company Trutex has been bought out by a specialist investment company.

The Taylor Street-based company, which employs 97, will now get a new injection of cash from private equity firm Endless LLP.

The amount paid by turnaround specialist Endless was not disclosed, but the firm said Trutex had 'historically been a profitable, growing business but was in need of further equity investment to strengthen its balance sheet and provide sufficient working capital to fund its growth'.

Set up in Grindleton 1865 as the Clitheroe Shirting Company, Trutex had sales of £17 million last year.

Latest filed accounts 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 £7million in short term loans and a £4million overdraft.

David Storey, Trutex chief executive, said: “With renewed financial strength and support from Endless and HSBC, Trutex now has a fantastic platform to build on its leading brand and market position in the specialist schoolwear market in the UK.

"We have ambitious plans to grow the business, which we can now take forward with confidence.”

Companies House filings show that Mr Storey held a 26 per cent stake prior to the Endless purchase.

Mathew Deering, investment director at Endless, said: “We believe that this is a sector which offers some exciting opportunities both for organic growth and consolidation.

“Trutex is a well established brand with an excellent reputation for its quality, design and service."

Trutex sells schoolwear to over 2,000 independent UK retailers, as well as directly to schools and parents.

It also produces items such as casual wear, sportswear, blazers and rugby shirts.