Propel Funeral Partners bids for Newhaven Funerals

Company News

by Rachael Jones

Propel Funeral Partners (ASX:PFP) has executed a conditional sale agreement to acquire the funeral business, crematorium and memorial gardens of Newhaven Funerals in North Queensland for approximately $4.1 million.

Newhaven North Queensland operates from Mackay and Cannonvale and it conducts approximately 200 funerals and over 300 cremations per year.

As part of the proposed transaction, Propel will acquire an 8 acre property in Mackay with a crematorium, chapel and memorial gardens.

It will lease the property in Cannonvale.

The Vendor will continue to own and operate its funeral and crematoria operations in South East Queensland, and Propel will have a licence to use the “Newhaven Funerals” brand in North Queensland.

Shares in Propel Funeral Partners (ASX:PFP) closed up 3.1 per cent to $2.99 yesterday. 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.