Sherry Fitzgerald, a leading Irish property consultancy, plans to fund expansion through a simultaneous listing on the Irish and the London Stock Exchanges.
The listing will raise an estimated IR£4.5m (¬5.71m) to fund expansion of the group, which is expected to have a market capitalisation of about IR£20m (¬25.4m).
Sherry Fitzgerald plans to open residential branches in Cork and Limerick, and establish 40 franchise operations throughout Ireland over the next five years. The group also wants to expand into the Northern Ireland market through DTZ Sherry Fitzgerald.
The group has seen strong growth in recent years, with revenues increasing from IR£4.1m (¬5.2m) in 1996 to IR£9.1m (¬11.56m) at the end of December 1998.
Chairman and group chief executive Mark Fitzgerald said: “We need access to funds to meet capital requirements to facilitate the group’s further growth and development. The flotation will place us in a better position to grow our business [and] strengthen our competitive advantages.”
He added: “Our commercial division DTZ Sherry Fitzgerald, members of the DTZ association, should assist the company in broadening the range of services available to its clients and in increasing its share of the commercial property market.”
EGi News 18/03/99
Do you have a comment about this story? Send a note to the editor.
