Fund Manager Summary
The fund managers believe that the outlook for Hancock & Gore Ltd presents a compelling opportunity for growth. In their opinion, the combination of Mountcastle and Schoolblazer, which operate in the school uniform sector in Australia and the UK, positions the company well for market expansion. They note that despite Australia’s smaller population, its school uniform market is of a similar size to that of the UK, indicating a strong potential for increased market share. Furthermore, Schoolblazer’s technology and systems offer a competitive advantage in Australia, enhancing growth prospects. The fund managers highlight Schoolblazer’s consistent organic growth, which is notable for a quasi-retail business. With ongoing market share gains in both regions, they assert that the potential for further growth in the combined entity is significant.
Source: Trading View
Commentary From The Managers
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Naos Asset Management
30 Sept 2025
$0.26
Summary
- Completion of Trutex Acquisition – The acquisition has been finalized, enhancing HNG's growth through Trutex's sourcing capabilities and international presence.
- Consolidation of Financial Accounts – Starting October 2025, HNG will consolidate its accounts, improving transparency regarding the operating metrics of its uniforms business.
- Management Update – Tim James, co-founder of Schoolblazer, has been appointed Executive Chair, expected to drive long-term value in school uniform operations.
- Naos Asset Management continues to hold because they believe HNG's journey towards becoming a global leader in the school uniform industry is progressing positively.
- They anticipate that clarity on the Australian expansion of Schoolblazer will lead to improved margins over the medium term.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Naos Asset Management
30 Sept 2025
$0.26
- Completion of Trutex Acquisition – The acquisition has been finalized, enhancing HNG's growth through Trutex's sourcing capabilities and international presence.
- Consolidation of Financial Accounts – Starting October 2025, HNG will consolidate its accounts, improving transparency regarding the operating metrics of its uniforms business.
- Management Update – Tim James, co-founder of Schoolblazer, has been appointed Executive Chair, expected to drive long-term value in school uniform operations.
- Naos Asset Management continues to hold because they believe HNG's journey towards becoming a global leader in the school uniform industry is progressing positively.
- They anticipate that clarity on the Australian expansion of Schoolblazer will lead to improved margins over the medium term.
Summary
Naos Asset Management
30 June 2025
$0.25
- Naos Asset Management highlights the first year of Schoolblazer ownership, focusing on replicating a successful digital-first model in Australia.
- The Australian school uniform market, with ~1.5 million private school students, presents a larger opportunity than the UK’s ~600,000 students.
- Average annual uniform spend per student in Australia is estimated at $300, indicating a potential market of $450 million.
- Throughout FY25, HNG has concentrated on establishing Schoolblazer’s platform in Australia, including building a local operational team.
- Integration of school operations onto a unified ERP system tailored for the Australian market is a key focus.
- Efforts to boost brand awareness through industry events and engagement with private school decision-makers have been initiated.
- HNG secured its first Australian private school client for the 2026 school year, potentially generating ~$3 million annually.
- Historical growth for Schoolblazer in the UK has been driven by word-of-mouth, and a similar trajectory is anticipated in Australia.
- Naos Asset Management notes a conditional agreement to acquire Trutex, a UK-based school uniform provider, established in 1865.
- While Trutex may not provide the same organic growth as Schoolblazer, its robust sourcing relationships and global reach are valuable.
- Improved sourcing is expected to enhance gross margins and ensure consistent, high-quality products for HNG.
- Should Schoolblazer succeed in Australia, HNG could leverage Trutex’s customer base for geographical expansion.
Summary
Naos Asset Management
31 Mar 2025
$0.27
- Naos Asset Management notes that HNG has put forward an all-scrip acquisition proposal for H&G High Conviction Limited (ASX: HCF).
- HNG is related to HCF as its manager and substantial shareholder.
- The acquisition is expected to complete during Q4 FY25.
- Acquiring HCF provides funding for Remaining Deferred Consideration related to the Schoolblazer Ltd. acquisition.
- The HCF assets, being liquid, add optionality to HNG's balance sheet for settling deferred considerations.
- Simplification of HNG's business is necessary for shareholders to realize full value; acquiring HCF is a step towards this.
- This move may pave the way for Global Uniforms Solutions to potentially operate as a standalone entity.
- HNG aims for a larger & more liquid listed entity by acquiring HCF, enhancing market capitalization and trading activity.
- Many top holders of HNG are directors, aligning their interests but potentially reducing share trading activity.
Summary
Naos Asset Management
30 Sept 2024
$0.32
- Naos Asset Management recognizes Hancock & Gore Ltd (HNG) as primarily consisting of two key businesses: Mountcastle and Schoolblazer, focused in the school uniform sector.
- Despite Australia's smaller population, the school uniform market is comparable in size to that of the UK.
- Schoolblazer leverages technology and systems that provide a competitive edge in the Australian market.
- The combined entity of Mountcastle and Schoolblazer is viewed as having significant potential to increase market share over time.
- Schoolblazer has shown consistent organic growth, which is remarkable for a quasi-retail business with less discretionary income dependency.
- With exposure to the large Australian market and continued market share gains in the UK, the potential for further growth in the combined business is substantial.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"It appears that Hancock & Gore Ltd is poised for a transformative leap, leveraging Schoolblazer's tech to capitalize on the robust Australian school uniform market. The synergy between its assets hints at a compelling growth narrative that investors should watch closely."
Last Updated: 30 Sept 2025
Query The Data
Frequently Asked Questions
Who is investing in Hancock & Gore Ltd (ASX:HNG)?
Fund managers including Naos Asset Management have invested in Hancock & Gore Ltd (ASX:HNG).
Why do fund managers invest in Hancock & Gore Ltd?
Fund managers are investing in Hancock & Gore Ltd due to its strategic focus on the school uniform sector through its key assets, Mountcastle and Schoolblazer. The combination of these businesses positions HNG to capitalize on a robust market in both Australia and the UK, with Schoolblazer's advanced technology enhancing its competitive edge. The consistent organic growth of Schoolblazer, coupled with the potential for increased market share in Australia and the UK, indicates significant growth opportunities for the company.
What happened to Hancock & Gore Ltd (ASX:HNG)?
Fund managers are investing in Hancock & Gore Ltd (HNG) due to its strategic advancements in the school uniform industry. Key factors include the successful completion of the Trutex acquisition, which enhances sourcing capabilities and international reach. Additionally, HNG is set to consolidate its financial accounts starting October 2025, offering clearer insights into its operational metrics. The appointment of Tim James, a proven leader, as Executive Chair is expected to drive long-term value, particularly in the Australian market. Overall, fund managers view HNG's progress as a gradual journey towards becoming a market leader with improved margins.