Countplus subsidiary, Countplus MBT, has completed its acquisition of Loughhead Roberts, a two-partner chartered accounting and financial planning practice in Parramatta, Sydney.
The acquisition gives Countplus MBT, based in St Leonards, northern Sydney, the opportunity to develop operations in the growing population hub of Parramatta.
Longhead Roberts was founded 35 years ago, and has provided accounting and compliance services, and more recently, financial planning services to small businesses and individuals. The firm’s total revenues are approximately $2 million, with 85 per cent of this related to its accounting services.
The acquisition will cost Countplus MBT $1.23 million, payable in cash over two years, and will add earnings per share in 2011-12.
Countplus MBT is part of an Australian network of accounting, financial planning and finance firms, Countplus, which was established as a subsidiary of ASX listed Count Financial Limited in 2007.
