Sherry FitzGerald cleared to take over Knight Frank
Estate agents Sherry FitzGerald's takeover of Knight Frank has been cleared by the Competition and Consumer Protection Commission (CCPC).
The watchdog said the acquisition would "not substantially lessen competition" in property services market. Terms of the deal have not been disclosed.
Sherry FitzGerald primarily operates in residential market and has a network of 105 branches nationwide, including 31 it directly owns and 74 that operates under the brand as franchises.
Knight Frank works in both the residential and commercial sectors, offering services such as sales, lettings, valuations and investment consultancy as well as offering professional advice.
The company will continue to operate under its existing brand, largely focusing on commercial property and new homes, after the deal has been finalised.
The CCPC was first notified of the acquisition in October, and the deal marks Sherry FitzGerald's effective return to the commercial property market following the 2018 sale of its 80% stake in Cushman & Wakefield.
Sherry FitzGerald is owned by CastleGate, the family office of entrepreneur Tommy Kelly, which bought the business for a reported €50m in 2022.
Under CastleGate, Sherry FitzGerald has also moved into the Northern Irish market with its 2024 purchase of Belfast-based Simon Brien Residential.
Sherry FitzGerald's deal for Knight Frank has been cleared by the CCPC.
The company reported turnover of €34.8m and EBITDA of €1.3m for 2023. In the same year, Knight Frank made EBITDA of €300,000 from revenue of €9m.
Photo: Marian Finnegan of Sherry FitzGerald. (Pic: Naoise Culhane)
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