The Sherry FitzGerald Group is to set up Ireland's first national property advisory franchise company, with the likelihood of a stock market flotation in 12 to 24 months. It is also to open full branches in Limerick and Cork over the coming weeks to bring its branch network up to 14. The group expects to have 40 estate agents operating on a franchise basis throughout the country within the next three years. The first two member branches, Sherry FitzGerald McMahon in Ennis and Shannon, Co Clare, will open on Thursday following the signing of a franchise agreement with local auctioneer Mr Dermot McMahon.

Mr Mark FitzGerald, chairman and chief executive, hinted at public flotation when he was questioned yesterday about the expansion plans. He said they were fortunate in having 23 executive directors which would give them the strength and depth to take on this challenge without recourse to buying in other estate agencies. "This enables us to keep our own culture and approach to business. As we progress along this course, it would possibly be prudent in the future, to have recourse to raising external capital and flotation in that context would be an obvious option."

The Sherry FitzGerald group is understood to have had combined pre-tax profits last year of about £2 million on overall fees of £9 million. Because of the property boom, the company had its busiest ever year in 1998 when it sold £300 million worth of secondhand homes and new homes valued at a further £100 million. The company has also seen its commercial property service expand rapidly since it was relaunched as DTZ Sherry FitzGerald. To further strengthen the board, the company has appointed two new non-executive directors, Mr Donal Chambers, former managing director of AIB Corporate Finance, and Ms Louise English, a former head of business development at the Investment Bank of Ireland. The other non-executive board member is Mr Gerry Murphy, formerly of the First National Building Society.

Mr McMahon, a former president of the Irish Auctioneers and Valuers Institute, has been appointed chairman of the newly formed countrywide franchise company. Mr Philip Sherry, one of the group's founder directors, will be managing director of the new company.