Hancock & Gore Limited (HNG:ASX) has announced the finalisation of its acquisition of Trutex Group, a global school uniform supplier. H&G, whose key asset is the wholly owned Schoolblazer Group, comprising the combined school wear businesses of Mountcastle, Schoolblazer UK and Trutex with segment leadership positions in UK, Australia and New Zealand and a globally expanding customer base driven by technology and product, is set to reposition itself as a global uniform branded business following the acquisition. As part of this strategic shift, H&G will seek shareholder approval at the 2025 AGM to change its name to Schoolblazer Limited.
The acquisition, funded from the realisation of investment assets, is expected to be immediately EPS accretive in FY26. The combined Schoolblazer Group, which includes Schoolblazer UK, Mountcastle, and Trutex Group, is projected to achieve a pro-forma revenue of $200 million and EBITDA of $25 million, including synergies and scale benefits. The cash consideration for the Trutex acquisition is fixed at A$16.9 million, with A$12.6 million paid upfront and A$4.3 million deferred to 31 July 2026.
Trutex, headquartered in the UK, has a strong international presence in the Middle East, Canada, Europe, and China. Schoolblazer UK co-founder and H&G’s largest shareholder, Tim James, will expand his role to Executive Chairman of the combined school uniform business. Steve Doyle will conclude his roles as Executive Chairman of Schoolblazer Group and Non-Executive Director of H&G, while Sandy Beard will transition from Executive Chair to a non-executive Chair role at the 2025 AGM.
From FY26, the renamed Schoolblazer Limited will operate as a streamlined platform business, focusing on driving scale efficiencies, global excellence in product and service leadership, and optimisation of supply chains. The company aims to leverage its digital, customer service, and branding capabilities for global sales growth and continue winning private school contracts in Australia and New Zealand. From 1 October 2025, H&G will adopt fully consolidated financial reporting to reflect the operating nature of the business.
