Business

Sherry FitzGerald to expand into Northern Ireland with acquisition

Estate agent has agreed to acquire Simon Brien Residential for an undisclosed fee

Pictured at the announcement of the acquisition in Belfast are Sherry FitzGerald chief executive Steven McKenna and Simon Brien, managing director of Simon Brien Residential. Photograph: Darren Kidd/Presseye.com

Ian Curran
Thu Feb 1 2024 - 16:00

Sherry FitzGerald, the biggest estate agent in the Republic, is expanding into Northern Ireland with the acquisition of Belfast-based Simon Brien Residential (SBR).

The deal marks the group’s first foray into the North and will act as a launch pad for further growth in that market, it said in a statement on Thursday.

Under the terms of the agreement, SBR, which employs about 35 people at its four offices across Co Antrim and Co Down, will continue to trade under its own name with managing director Simon Brien remaining in situ.

It is understood that Sherry FitzGerald, which posted turnover in 2022 of €35.3 million, plans to add more offices in the North over time and may eventually adopt a franchise model, similar to the way it operates in the Republic.

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“Together with Simon and his team, we aim to establish the foremost estate agency network in Northern Ireland, offering clients a unique experience led by talented professionals, cutting-edge technology and our trusted brands,” said Steven McKenna, chief executive of Sherry FitzGerald. “This partnership presents exciting opportunities to redefine the industry, setting new standards of excellence in property and financial services.”

Mr Brien said it would be business as usual across the firm’s offices.

“We now have the chance to collaborate with unified strength, networks and technology,” he said.

“This is a brilliant opportunity for both the staff and clients of our company and one that will bring rapid and positive change to the market here in Northern Ireland ... additionally, Sherry FitzGerald’s affiliation with Christies International Real Estate gives us access to an international platform.”

Excluding restructuring costs, Sherry FitzGerald posted an operating profit of €3.5 million for 2022, down from €3.7 million a year earlier, accounts filed in Dublin last November revealed. Earnings before interest, tax, depreciation and amortisation amounted to €4.8 million, down from €5.3 million.

Sherry FitzGerald said it sold 8,600 homes last year with a capital value of €3.8 billion, equating to an average of €441,860 per property.

The group had a 14 per cent share of the Irish residential market, in line with 2021. It employs more than 600 people across 103 offices, 29 of which it owns with the rest run by franchisees. SBR said it sells some 1,250 homes each year.

Ian Curran

Ian Curran

Ian Curran is a Business reporter with The Irish Times

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