SYDNEY: Hancock & Gore Limited (H&G) has entered a binding agreement with United Kingdom-based Schoolblazer Limited to merge with its 100%-owned subsidiary Mountcastle Group.
With investments in Australian school uniform businesses Mountcastle and LW Reid, alongside Argyle in New Zealand, the addition of Schoolblazer to Hancock and Gore creates a global group and the ability to deploy the Schoolblazer online model across Australia.
Schoolblazer have grown rapidly since its foundation in 2004 to become the dominant retailer to UK independent schools with around 35% of the market. With an innovative online offering, a new approach to product and design and Limitless sportswear brand it has transformed the offer for independent schools and their parents.
Sandy Beard, H&G Executive Chairman said: “We are full of admiration for what Schoolblazer have achieved in the UK and are looking forward to bringing their skills and know-how to play in the Australian market”.
Tim James stays on as Chairman of the UK business and becomes the largest shareholder in Hancock and Gore. Robin Horsell steps down as Director but will play an active consultancy role in building Schoolblazer in Australia.
Robin Horsell commented “We could genuinely not have chosen better partners in Polestar, and I always knew you had our backs.” with Tim James adding “Polestar were fantastic partners to help us navigate through a challenging process. I wouldn’t hesitate to recommend them. It was a challenging time to sell a schoolwear business, with VAT about to be applied to school fees and a pending change of government”
“Charlie, Richard and the team were excellent. They not only provided the necessary financial and marketing skills, they also actively supported both the shareholders and the wider management team through the process. We are all delighted with the result – we’ve found a long-term partner from the other side of the world who actively wants to build and drive our business, with the right structure for all parties.”
Charlie Whelan, Partner at Polestar, said “We were, and are honoured that Robin and Tim chose to work with us – we are delighted with the outcome, in quite a tricky market. They built a fantastic business, and that won through.”
