Family feud: London estate agent Winkworth sues chair over plot with wife to oust son from board
London estate agent Winkworth has initiated High Court proceedings against its chair, Simon Agace, for an alleged breach of contract after he and his wife attempted to oust the company’s board, including his son, City AM can reveal. The AIM-listed company, which is one of the UK’s oldest estate agents and specialises in high-end properties [...]
Estate agent Winkworth has filed a lawsuit against its chair, Simon Agace, for allegedly breaching contract provisions and duties as a director, following his and his wife's attempt to remove the company’s board, including his son Dominic, from their positions. The lawsuit, initiated in High Court, stems from Agace and Irene Ho Kim Lee, Dominic’s stepmother, using her 34 per cent voting power to oust all directors except Agace during the company’s annual meeting in May.
Since then, Agace has demanded to replace the entire board with his own choices and threatened to hold a shareholder meeting to oust board members if his demands are not met. Winkworth, one of the UK’s oldest estate agents specializing in high-end properties, has sought legal advice and applied for an interim injunction to prevent Agace from sharing confidential company information and using family voting power to reshape the leadership team.
The company’s shares fell by one per cent on Friday, closing at 177.50p. Real estate firms across the sector are facing financial troubles, with a decade-high number of insolvencies reported in July. The UK housing market has also been struggling due to declining demand caused by geopolitical tensions and rising interest rates.
Written by urgent.news from City AM's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
