Hancock & Gore’s transformation into Schoolblazer Limited marks a strategic pivot following the Trutex UK acquisition, setting sights on $200 million revenue and expanded global reach by FY27.
- Completion of Trutex UK acquisition creates a global school uniform leader
- Founder Tim James appointed Executive Chair, driving integration and growth
- Schoolblazer Australia and UK secure multiple new school contracts
- FY27 targets, $200m+ revenue and $25m EBITDA with synergy benefits
- H&G to rebrand as Schoolblazer Limited, reflecting operational focus
A Year of Strategic Consolidation
2025 has been a defining year for Hancock & Gore Limited (H&G), culminating in the acquisition of Trutex UK and the formation of the Schoolblazer Group. This move completes a strategic platform that now positions the combined entity as a globally significant player in the school uniform sector. The merger with Schoolblazer UK a year prior laid the groundwork, but it is the Trutex acquisition that provides the scale and operational breadth to pursue ambitious growth targets.
Central to this transformation is the appointment of Tim James, founder of Schoolblazer UK and a major shareholder, as Executive Chair of the Schoolblazer Group. His leadership signals a shift towards a founder-led operating business, a change further underscored by the planned rebranding of H&G to Schoolblazer Limited at the upcoming AGM in February 2026, pending shareholder approval.
Integration and Growth Initiatives
Integration efforts are well underway, with management teams reshaped and longer-term growth pillars established. While short-term costs have increased due to system upgrades and process improvements, these investments are designed to unlock scale benefits and operational efficiencies. Notably, Schoolblazer Australia has secured four new contracts with leading private schools in Australia and New Zealand, including Sydney’s Kambala, which will go live in December 2025. This validates the sizeable incremental market opportunity in the region.
Meanwhile, the UK operations continue to gain traction. Schoolblazer UK has already won nine new school contracts this year, on track to exceed its annual target of 15, while Trutex UK has secured 12 new schools globally for FY26. These wins reflect the Group’s expanding footprint and the effectiveness of combining product expertise with enhanced e-commerce capabilities.
Financial Outlook and Capital Management
Financially, the Schoolblazer Group posted pro-forma revenue of $181 million for the 12 months ending September 2025, a 4% increase in schoolwear sales compared to FY24, though slightly below initial forecasts. The Group is on track to meet its FY27 pro-forma targets of over $200 million in revenue and $25 million in EBITDA, factoring in synergies and scale benefits. However, these cost and synergy programs are expected to fully materialize only by FY27, with FY26 revenue anticipated around $200 million.
Funding for the Trutex acquisition has been supported by realisations from H&G’s investment portfolio, supplemented by a new 24-month funding facility to manage deferred consideration payments. This approach keeps core leverage below two times EBITDA, maintaining financial discipline. A statutory loss is expected for FY25, reflecting accelerated portfolio realisations and impairments, and no dividend is likely this year as cash is preserved for acquisition-related payments. Capital management remains a key focus, with higher shareholder returns anticipated in future years.
Looking Ahead
From October 2025, H&G will report consolidated earnings, marking the end of its investment entity accounting. The full year results, due in late November, will provide further clarity on the integration progress and financial performance. With a clear strategy, founder-led leadership, and a growing global presence, the Schoolblazer Group is poised to capitalize on its scale and technology-driven growth initiatives in the school uniform market.
Bottom Line?
Schoolblazer Group’s integration journey sets the stage for a transformative growth phase, but investors will watch closely as synergy benefits unfold.
Questions in the middle?
- How quickly will cost synergies from the Trutex acquisition materialize?
- What impact will the rebranding to Schoolblazer Limited have on market perception?
- Can the Group sustain contract wins and margin improvements amid integration costs?