$600,000 buys Lifetime Planning
Just $600,000 has succeeded in securing the purchase of Over Fifty Group’s Lifetime Planning operation by Melbourne-based Citrofresh International.
Citrofresh has told the Australian Securities Exchange that the consideration offered for the Lifetime Planning Pty Ltd assets was $600,000, which was funded by a combination of cash and bank debt.
Lifetime Planning is a wholly-owned subsidiary of Over Fifty Group and specialises in assisting with the financial arrangements of people of pension age who are considering a move into aged care and retirement village accommodation.
Citrofresh expects to have business earnings positive from around the middle of next year and claims to have a six point strategic plan involving offering complementary services in the health and aged care market.
Explaining its exit from the Lifetime Planning business, Over Fifty Group said simply that it was “sub-scale” in relation to the group’s core activities and was not considered an appropriate investment for the long-term objectives of the group.
AUTHOR
Mike Taylor
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