Popular Australian cleaning brand and craft beer company enters voluntary administration
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Amid the rising cost of living, more and more businesses are closing, leaving a significant impact on the Australian job market and fuelling the crisis even more.
In a surprising turn of events, Hiro Brands, a leading manufacturer of some of Australia's most beloved household cleaning products, skincare, and cosmetics, and Wayward Brewing Co., an Australian craft beer company, have entered voluntary administration.
This unfortunate development at Hiro Brands has led to the termination of employees, leaving a significant impact on the Australian job market.
Hiro Brands, known for its popular products such as Orange Power, Trix, Mud Beauty, and Billie Goat skin care, entered voluntary administration on January 2.
Klynveld Peat Marwick Goerdeler (KPMG) Australia's David Hardy, James Dampney, and James Stewart were appointed as administrators, taking over the day-to-day operations of the Hiro Brands Group.
Following an urgent assessment of the company's financial position, KPMG confirmed in a statement that operations have ceased.
'Regrettably, following our appointment it became evident the financial position of the business would not allow the continuation of trading activities,' Hardy said.
'As a result, we have terminated most employee's employment arrangements.'
Approximately 120 staff employed by Hiro Brands have been terminated—leaving a devastating blow to the employees and their families.
'We are urgently seeking buyers for the Hiro Brands Group's assets, including brands and intellectual property,' Hardy added.
The administrators will be working with all stakeholders, including employees, suppliers, and customers 'to maximise the outcome' in the search for buyers.
The Hiro Brands Group's sister companies, Laboratories Pty Limited, Doward International Pty Limited, Greencare Developments Pty Limited, Scental Pacific Pty Limited, The Heat Group Pty Limited and Aware Environmental Products Pty Limited, have also entered administration.
This further compounds the impact of Hiro Brands' collapse on the Australian market.
A creditors meeting for the Hiro Brands Group is scheduled for January 11.
Meanwhile, Wayward Brewing Co. is teetering on the edge of financial ruin.
The company's owner, Peter Philip, recently disclosed that the brand, which has been a staple in the Australian craft beer scene since its inception in 2012, is grappling with substantial financial losses.
Wayward Brewing Co. has been a beacon of the craft beer industry in Australia, particularly in Sydney's inner-west suburb of Camperdown, where it opened a brewery and taproom in 2015.
The company has since been a favourite among craft beer enthusiasts, offering not just a wide array of unique brews, but also a vibrant community hub.
The brewery, which employs around 15 staff, serves meals, hosts live music, and runs brewery tours, creating a holistic experience for its patrons.
However, on January 2, the company entered voluntary administration, with Atle Crowe-Maxwell appointed as the administrator.
Philip, the sole director of Wayward, attributed the company's financial woes to a combination of declining consumer demand across the craft beer market and significant increases in production costs.
'The last few years have been an extremely challenging time across our industry and for the wider economy,' he said.
'However, we are confident that the restructuring will ensure the business is on firm footing, and we can look ahead with confidence.'
Wayward Brewing Co. has assured its stakeholders that it remains committed to maintaining a high standard of service and open communication throughout this challenging period.
The company also confirmed that there would be no impact on ongoing production or distribution, and the brewery and taproom would remain open.
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In a surprising turn of events, Hiro Brands, a leading manufacturer of some of Australia's most beloved household cleaning products, skincare, and cosmetics, and Wayward Brewing Co., an Australian craft beer company, have entered voluntary administration.
This unfortunate development at Hiro Brands has led to the termination of employees, leaving a significant impact on the Australian job market.
Hiro Brands, known for its popular products such as Orange Power, Trix, Mud Beauty, and Billie Goat skin care, entered voluntary administration on January 2.
Klynveld Peat Marwick Goerdeler (KPMG) Australia's David Hardy, James Dampney, and James Stewart were appointed as administrators, taking over the day-to-day operations of the Hiro Brands Group.
Hiro Brands and Wayward Brewing Co. has entered voluntary administration. Image source: Hiro Brands (left), Wayward Brewing Co. (right).
Following an urgent assessment of the company's financial position, KPMG confirmed in a statement that operations have ceased.
'Regrettably, following our appointment it became evident the financial position of the business would not allow the continuation of trading activities,' Hardy said.
'As a result, we have terminated most employee's employment arrangements.'
Approximately 120 staff employed by Hiro Brands have been terminated—leaving a devastating blow to the employees and their families.
'We are urgently seeking buyers for the Hiro Brands Group's assets, including brands and intellectual property,' Hardy added.
The administrators will be working with all stakeholders, including employees, suppliers, and customers 'to maximise the outcome' in the search for buyers.
The Hiro Brands Group's sister companies, Laboratories Pty Limited, Doward International Pty Limited, Greencare Developments Pty Limited, Scental Pacific Pty Limited, The Heat Group Pty Limited and Aware Environmental Products Pty Limited, have also entered administration.
This further compounds the impact of Hiro Brands' collapse on the Australian market.
A creditors meeting for the Hiro Brands Group is scheduled for January 11.
Meanwhile, Wayward Brewing Co. is teetering on the edge of financial ruin.
The company's owner, Peter Philip, recently disclosed that the brand, which has been a staple in the Australian craft beer scene since its inception in 2012, is grappling with substantial financial losses.
Wayward Brewing Co. has been a beacon of the craft beer industry in Australia, particularly in Sydney's inner-west suburb of Camperdown, where it opened a brewery and taproom in 2015.
The company has since been a favourite among craft beer enthusiasts, offering not just a wide array of unique brews, but also a vibrant community hub.
The brewery, which employs around 15 staff, serves meals, hosts live music, and runs brewery tours, creating a holistic experience for its patrons.
However, on January 2, the company entered voluntary administration, with Atle Crowe-Maxwell appointed as the administrator.
Philip, the sole director of Wayward, attributed the company's financial woes to a combination of declining consumer demand across the craft beer market and significant increases in production costs.
'The last few years have been an extremely challenging time across our industry and for the wider economy,' he said.
'However, we are confident that the restructuring will ensure the business is on firm footing, and we can look ahead with confidence.'
Wayward Brewing Co. has assured its stakeholders that it remains committed to maintaining a high standard of service and open communication throughout this challenging period.
The company also confirmed that there would be no impact on ongoing production or distribution, and the brewery and taproom would remain open.
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