Winkworth sues chair Simon Agace over alleged breach of contract amid family boardroom clash

Winkworth, the AIM‑listed estate agent that has been selling prime London property since 1835, has commenced High Court proceedings against its chair, Simon Agace. The claim alleges breach of a 2009 service contract and violations of director duties under the Companies Act.

Family feud fuels the dispute

Simon Agace, who led the firm as chief executive for three decades before handing the role to his son Dominic Agace in 2004, is accused of attempting to remove the entire board – including his son and chief executive – with the backing of his wife, Irene Ho Kim Lee. At the annual general meeting in May, Lee exercised her 34 per cent voting stake to eject every director apart from her husband.

Since that meeting, Agace has pressed for a board overhaul and warned he will convene a shareholder meeting to install his preferred replacements if his demands are ignored. The company has applied for an interim injunction to prevent Agace from disclosing confidential information and from using the family’s combined voting power to restructure the leadership team.

Impact on shares and the wider market

Shares in the City‑headquartered firm slipped 1 per cent on Friday, trading at 177.5p. The decline comes as the UK property sector records its highest insolvency rate in a decade. An analysis by City AM in July identified 762 real‑estate companies that have collapsed since the start of the year, a trend driven by reduced demand, a sales slowdown, elevated interest rates and geopolitical uncertainty.

Governance concerns for family‑controlled AIM firms

The row highlights the vulnerability of family‑controlled companies listed on AIM, where concentrated shareholdings can outweigh independent governance structures. With the housing market already under pressure from higher rates, a prolonged boardroom battle could distract management and unsettle clients at a critical moment for the sector.

Next steps

The court will now decide whether to grant the injunction and set a timetable for the full breach‑of‑contract claim. In the meantime, the existing board, including Dominic Agace, remains in place, but the public airing of the dispute threatens to eclipse Winkworth’s operations across its core markets in Pimlico, Westminster and Notting Hill.

Winkworth declined to comment further while the proceedings are active. The story was first reported by the original source.