Sherry FitzGerald has acquired the 20 per cent of its Cork subsidiary that it doesn't already own for €1.62 million in cash.

This will give the estate agent full control of Burton, Crowley O'Flynn, in which it has held an 80 per cent stake since April 2000.

It also announced plans to expand its Cork network to 14 locations with the addition of franchised offices in Kinsale, Bandon, Mitchelstown and Bantry.

The group already has offices in Clonakilty, Skibbereen, Mallow, Midleton, Fermoy, Youghal, Macroom and Charleville. It also has a residential lettings franchise in Cork city while its commercial arm, DTZ Sherry FitzGerald, also has an office in the city.

"The development of the Sherry FitzGerald group network in Cork has been a key element in reinforcing the group's position as the number one property services firm in Ireland," chief executive Mr Mark FitzGerald said. "Cork, with its gateway status, is set to benefit significantly from the roll-out of the recently launched National Spatial Strategy," he added.

The €1.62 million needed to acquire the 20 per cent of Sherry FitzGerald Cork came from the Cork firm's cash reserves which had been built up from the current year's trading performance.

The business, which had net assets of €516,000 at the end of 2001, is expected to record profits before tax and directors' remuneration of around €1.1 million this year. The leading player in the residential and new homes market in Cork, its house sales are forecast to exceed €170 million in 2002.

Meanwhile, Sherry FitzGerald said it bought back a further 25,000 of its own shares on Tuesday at a price of €1.30 per share. Sources close to the company said the group was using up some surplus capital and giving a boost to liquidity in the shares.

Since November 26th, the company has bought back around 261,000 shares at prices between €1.20 and €1.30 per share. The shares closed six cents higher at €1.35 last night.