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Count finally exits loss-making Bentleys WA

Mike Taylor2 July 2024
Men shaking hands

Count Limited has finally exited its ownership of Western Australia accounting group, Bentleys WA for just $700,000.

Count announced to the Australian Securities Exchange (ASX) that it had divested the Bentleys WA business for a total consideration of $700,000 “prior to any relevant post-completion adjustments” with the transaction completed on 28 June.

The ASX announcement noted that Bentleys WA incurred an EBITA loss of around $584,000 in the first half of the 2024 financial year.

Count announced 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.

However, by April, it said 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”.

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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