Count divestment of loss-making Bentleys falls over

Count Limited has failed to sell down its loss-making West Australian business, Bentleys WA.

After announcing in late February that it had entered into a strategic partnership with Fortuna Perth which involved the divestment of 100% of its subsidiary firm Bentleys, Count Limited yesterday said that the transaction had failed to complete.

“Count’s proposed divestment of 100% of Bentleys (WA) Pty Ltd to Fortuna Perth Limited has not completed by its cut-off date due to non-satisfaction of the conditions precedent,” the company told the Australian Securities Exchange (ASX).

The statement went on to say that Count was continuing to have discussions with various parties and is “exploring other strategic options including but not limited to the sale of the business”.

Count confirmed the status of the Bentleys transaction at the same time as announcing it had completed its investment in 51% of Solutions Centric the Australian company which provides offshore accounting, tax and self-managed superannuation fund services out of India.

At the time of Count Limited’s announcement of its intended divestment of Bentleys WA, Count Limited chief executive, Hugh Humphrey included the fact that Bentleys WA incurred an EBITA loss of circa $584,000 (net profit after tax circa $427,000 in the first half of the 2024 financial year.

The announcement of the failed Bentleys WA divestment comes little more than a month after Count completed its successful acquisition of Diverger LIimited.

Count shares are currently trading at round 56 cents.