Agace Father-Son Feud Halts Winkworth Takeover Bid

Dominic Agace, 46, and his father, 83-year-old chairman Simon Agace, who lead Winkworth, have agreed to a temporary pause in their high-stakes dispute over control of the London-based estate agency. The company, listed on London's Aim market, initiated legal action in the High Court against its chairman. This action aimed to prevent Simon Agace from removing other board members.

Winkworth announced on Wednesday that legal proceedings would be paused for at least a month. Simon Agace has agreed to undertakings that restrict him from taking or encouraging steps to remove or appoint directors before September 10, requiring seven days' written notice for any such actions. In return, Winkworth has suspended its legal claim against him until October 5.

The High Court has not yet ruled on Winkworth's allegations of contract and confidentiality breaches against Simon Agace. Discussions are ongoing to resolve the internal feud. Founded in 1835, Winkworth operates approximately 100 franchised branches, predominantly in London. Simon Agace acquired the company in 1974 and expanded it through franchising.

His son, Dominic, took over management in 2006 and led Winkworth's listing on the Aim market three years later. Simon remains the largest shareholder with about 41% of the company, while Dominic holds a 5.7% stake. The dispute reportedly emerged after Dominic informed staff that his father proposed board changes detrimental to the company's interests.

At the company's May annual general meeting, a significant portion of votes were withheld on resolutions concerning the re-election of five directors, including Dominic. Conversely, only a small number of votes were withheld for Simon's re-election as chairman. A Winkworth spokesman stated that business operations continue as usual, with the executive team focused on strategy execution. Shares in Winkworth climbed 6% following this update, valuing the company at over £23 million.