Login
iscover
Yellow Brick Road has officially entered into an agreement to sell its accounting and wealth management business.
Newsletter
YBR locks in accounting business sell-off
27 September 2016
•
8 minute read
You’re out of free articles for this month
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
In an ASX announcement, YBR said it has entered into a business sale agreement with DBR Advisory.
DBR Advisory will acquire the accounting and legal practice for approximately $1,932,000, receivable in cash on completion, plus another $2.75 million receivable over the five years after completion, subject to payment set-off arrangements for certain accounting services.
The acquisition comprises the accounting business and legal practice and certain related assets, including goodwill and certain plant and equipment, client information and records, business contracts, debtors and unbilled work in progress.
The date of the transaction is 31 July 2016 and the completion is subject to the conditions that all employers accept DBR Advisory’s offers of employment and YBR’s bank releases the business and assets for its general security assets.
YBR executive chairman Mark Bouris said the strategic decision was made that as the business is more of a traditional accounting practice, it does not offer any real synergies with the YBR branch or Vow Financial broker distribution networks.
==
==
“As such it was a non-core asset,” said Mr Bouris.
You are not authorised to post comments.
Comments will undergo moderation before they get published.