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.