Krieger aiming to buy Krico back

Chameleon Group Australia is looking to buy back its liquidated parent company Krico, with CEO Chris Krieger throwing his name into the ring of potential buyers.

Krieger says, “We have put our name into the hat for the sale, hopefully we will be able to buy it back.

"It is all being talked about at the moment, nothing has been settled.

We will keep it going, and we have re-employed around 30 people.”

The sale of the liquidated Krico Group will include its brands The Sticker Co, McTaggarts, Digital Powerhouse and H & H signs in Bundaberg, SignTec in Maryborough, Innovation Graphix in Hervey Bay and Rockhampton Printing Services.

The new Chameleon Group Australia has all the logos listed on its website. The liquidator Troy Graham of one of the liquidators with DVT Group handling Krico says, “Those trademarks are intellectual property. All IP of the company is under license.”

[Related: New Chameleon offering 10% discount]

Graham is trying to sell the Krico Group, he says, “The business is still operating under license to preserve its value, if it had closed its doors, all value would have been lost. It is under licence, so it is the responsibility of the licensee to have the business trading in the same form, they cannot change the business.

“It is still trading out of its original location, it may have consolidated.

“The licensee is a related and third party.

“Hopefully with the business being sold, creditors will be able to see return and the business will be able to continue.

“It is a business sale, not an asset sale. All contracts, leases and intellectual property would be transferred over.”

Chameleon Group Australia is operating from the same premises with the same equipment as the former Chameleon Group, although it is owned by the office admin worker Emma Van Der Pluym, the long-time girlfriend of the former CEO of Chameleon, Chris Krieger, who is now CEO of the new Chameleon. Chris Krieger is the son of Krico founder Kevin Krieger, and is currently banned from being a company director due to a 2013 conviction for insurance fraud.

Troy Graham says, “We are in the process of working through the enquiries, we have gotten a lot of expressions of interest.”

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