YBR sells Brightday
Yellow Brick Road is continuing to rationalise its activities, with the sale of Brightday, a direct-to-consumer online wealth and superannuation business.The buyer is Pearl Funds Management. YBR said in a statement that the price was confidential, although it was immaterial to the group.YBR acquired Brightday in 2016, as part of the development of an online wealth business.In May, YBR announced that it would focus solely on mortgages, with a business structure consisting of mortgage distribution (the franchise network and the Vow aggregator network), mortgage servicing through Resi and mortgage funding and securitisation.In July, it sold a 50 per cent interest in Smarter Money Investments. It sold its interest to one of the shareholders of cash and fixed income investment specialist Coolabah Capital, which is the other 50 per cent owner of Smarter Money Investments.The sale was worth A$7.5 million, with $5 million payable on completion, $2 million in 12 months and $500,000 in 18 months.YBR has been shedding businesses for years. In 2016 it sold Yellow Brick Road Accounting & Wealth Management to DBR Advisory Pty Ltd.It had earlier shut down a professional services division.