Winkworth delays legal drama for a month after family feud
The family which runs City estate agent Winkworth has agreed to halt its legal spat for at least a month after chair Simon Agace and his wife tried to oust the company’s board, including Agace’s son.
The AIM-listed company, run by chief executive Dominic Agace, launched legal proceedings against its chair last week after he and his wife attempted to oust the company’s board, Morning Wire revealed.
The estate agent said on Wednesday that those involved “are continuing discussions with a view to resolving the matters between them.”
“The undertakings restrict Mr [Simon] Agace from taking or encouraging steps to remove or appoint Company directors without first giving seven days’ written notice and, in any event, before 10 September 2026,” Winkworth said.
Winkworth added that it “continues to operate as usual and the executive team remains focused on the delivery of the Company’s strategy.”
Winkworth, one of the UK’s oldest estate agents, said Simon Agace allegedly breached “certain provisions” of his contract dating back to 5 November 2009.
The chair also allegedly breached duties related to his role as a director under the Companies Act, the law which regulates British companies and their directors.
Simon Agace was Winkworth’s chief executive for 30 years until he stepped down in 2004 and passed the reins to Dominic. The pair have been running the property firm together since it was floated on the London Stock Exchange in 2009.
Family drama
At the company’s annual meeting in May, Agace’s wife, Irene Ho Kim Lee, who is Dominic’s stepmother, used her 34 per cent voting power to attempt to oust all the directors from the board other than her husband, including Dominic.
In an internal note seen by Morning Wire, Simon had demanded to overhaul the board and replace its members with those of his choosing and said he will hold a shareholder meeting to oust board members if his demands were not met.
Winkworth’s share price rose 5.88 per cent on Wednesday, to 180p, following the update, valuing the company at £23.2m.