Anglo-Irish property developer Howard Holdings has sold off its QS and project management arm Bond Davidson.

The firm has been bought by former Howard Holdings director Malcolm Davidson following Howard's decision to concentrate on its property business.

In Howard's interim results for the year to 30 April 2000, Bond's turnover and profit were £710 000 and £96 000 respectively.

Howard Holdings chairman Frank Gormley, making the announcement at the firm's annual meeting, warned of lack of investor interest in the property sector.

He said: "The only situations where property companies have been able to stimulate interest in their stock is where there have been proposed mergers, takeovers or management buyouts. Our shares have a very limited market, but we will continue to look at all the options available to maximise and unlock shareholder value."

Howard, which is fully listed on the London stock exchange, announced in June that it would not be seeking an Irish listing.