Venture capital company Compass Capital Partners is set to reintroduce the Kleenmaid brand in Australia nine months after the $100 million collapse of the Kleenmaid company in Australia. Consumers who lost money when the original company went bankrupt are set to be offered a discount.
Currently Compass is negotiating with national retail chains to stock the brand as opposed to the company running its own retail operations, say company officials.
Kleenmaid has approximately 500,000 customers and in excess of 1.2 million Kleenmaid products in Australia according to the company, which is confident of success with the brand.
A Compass Capital spokesman said people who lost their deposit with the former Kleenmaid group will be able to apply for discounts. “It is a goodwill gesture to help in the rebuilding of the Kleenmaid brand.”
Brisbane-based Deloitte partner and liquidator of Kleenmaid Group, Richard Hughes, has prepared a report for the Australian Securities and Investments Commission (ASIC), following claims that Kleenmaid, which was run by Brad and Andrew Young, traded while insolvent.
Among the retailers currently talking to Kleenmaid are Clive Peeters, The Good Guys and Harvey Norman.
Compass Capital said that the Kleenmaid website will be updated by early next week with details about how people can buy products. Currently, the site is still claiming that the company is in liquidation. A service offer is being made for Kleenmaid customers on the site by a company called Aussie Whitegoods Rescue.