Estate agent group Sherry Fitzgerald has acquired the remaining 20% stake in Cork-based Sherry Fitzgerald Burton Crowley O'Flynn for a cash consideration of €1.62 million.
Sherry Fitzgerald now has a 100% shareholding in the company. It acquired the 80% stake in the company, which now trades as Sherry Fitzgerald Cork, in April 2000.
The business, which had net assets of €156,000 at the end of last year, recorded profits for 2001 of €406,000. It is expected that profits before tax, and director's remuneration, for 2002 will be in the region of €1.1 million.
Sherry Fitzgerald forecasts sales of over €170 million in the Cork region this year. It has nine franchised offices in the Cork area, Clonakilty, Skibbereen, Mallow, Midleton, Fermoy, Youghal, Macroom and Charleville as well as an office in Cork city and a residential lettings franchise.
The Group plans to expand its Cork network to 14 locations with the addition of franchised offices in the towns of Kinsale, Bandon, Mitchelstown and Bantry.
* Sherry Fitzgerald has been in the market buying its own shares again.
It announced this morning that it had purchased 25,000 of its own ordinary shares yesterday at a price of €1.30 a share.
Last week the estate agent bought over 200,000 of its own shares at prices ranging from €1.20 to €1.25.
Shares in the estate agent closed six cent higher at €1.35 in Dublin this evening.
