Hiro Brands, Australia’s most popular supermarket cleaning brands, collapsed. Now Australians will not be able to buy cleaning products from Hiro Brands. On 2th January,2024 the company appointed three KPMG restructuring partners as administrators. KPMG restructuring partners include David Hardy, James Dampney and James Stewart.
The administrators made an urgent assessment of its financial position. As a results upto 120 staff lost their jobs. The administrators ceased the company after assessment. Meanwhile, they are also looking for buyers for the company.
Hardy said regretfully that after the assessment it was evident that the financial position of the company was not really good. It did not allow continuation of trading activities. Therefore, they terminated most employee’s employment arrangements. He adds that they are looking for buyers for both brands and intellectual property.
Products are regularly used by Australians
Hiro is known for its cosmetic, personal care, and household products. Its products are widely sold through Chemist Warehouse, Terrywhite and Priceline. The brands include Billie Goat, AUs Medic Co, Bodytools, Chuckies, MUD, Ulta3, The Wheat Bag and OZK.O Eyewear. Besides, the company’s regularly used products include washing powder, Trix dishwashing detergent, organic choice cleaning and laundry products. The company also sells its products through Coles and Woolworths. These products are regularly used by Australians households. However, they may not be available after some time.
The company’s creditors meeting is expected to be held on January 11,2024.
Private equity firm BRC Capital and businesswoman Lyndsey Cattermole own 80% of Hiro Brands. They invested $15 million in the company last year.Cattermole left the board in December. BRC Capital founder Paul Docherty is now the only director.