DUBLIN ESTATE agency Knight Frank (formerly Ganly Walters) will no longer share in the global profits of international estate agency Knight Frank LLP, after the company moved to change the shareholding structure of the Ireland business, writes ORNA MULCAHY,Property Editor

The international company bought out Ganly Walters in 2007 for a deal reported to have been worth around €10 million. Ganly Walters specialised in country house sales and commercial deals, and under the terms of the agreement two directors of the Dublin company, Paul McDowell and Robert Ganly, became equity partners in the worldwide business.

Last month Knight Frank announced that its 61 partners worldwide earned an average of £169,000 in the year ending April 2009, down from £780,000 in 2008. The group made a profit of £20.8 million last year, compared with a profit of £67 million in the previous 12 months.

Under the new terms, Knight Frank’s Ireland business has reverted to 100 per cent local ownership, with Knight Frank Ireland now being fully autonomous, according to a statement issued from London this week.

The Irish agency, which employs 30 people, will continue to trade as Knight Frank, with a greater emphasis on the commercial side of the business.

Robert Ganly, who heads up the agency’s country division, is not on the new board, and will operate as a consultant to the business.

Otherwise, its business operating structures will remain the same and client service will be unaffected, a spokesperson for the Dublin agency said yesterday. Chris Bell, managing director Europe, Knight Frank said: “Following a review, both parties agreed that the office would benefit from local ownership. Nonetheless, it’s business as usual, the Dublin office will continue to trade as Knight Frank and work with our European and global offices, both on the residential and commercial property sides, to provide our clients with exceptional service.”

Commenting on the new corporate structure, Paul McDowell, managing director of Knight Frank Ireland, said: “This was a move necessary to consolidate and strengthen our position further in the Irish market during these uncertain times. At the same time, we will continue to benefit hugely from being part of the Knight Frank global network business, working on a fully integrated basis.”