The father and son at the helm of one of London's biggest estate agencies have agreed to a temporary ceasefire in a struggle for control of the business. Winkworth, which is run by Dominic Agace, 46, said last week it was launching legal action in the High Court against Simon Agace, its 83-year-old chairman. The London-listed property company said on Wednesday it had agreed to pause the legal proceedings – which were aimed at blocking the chairman's ability to oust other members of the board – for at least a month.
The company said Simon had agreed to undertakings that prevent him from taking or encouraging steps to remove or appoint directors before Sept 10. He must also first give seven days' written notice. In return, Winkworth has put its legal claim against its own chairman on hold until Oct 5.
The High Court has made no decision on the allegations against Simon after Winkworth sued him for alleged breaches of contract and confidentiality. The two sides remain in discussions to resolve the dispute. Founded in 1835, Winkworth has around 100 franchised branches across the UK, the majority of which are in London.
It was bought by Simon in 1974 and expanded through a franchising model. He handed over the reins to his son in 2006, who oversaw Winkworth's listing on London's junior Aim market three years later. Simon is the company's largest shareholder with a stake of around 41pc.
His son is a major investor with a 5.7pc holding. But amid an internecine feud, Dominic reportedly told staff his father had suggested sweeping changes to the board, which he argued would not be in the best interests of the company. At Winkworth's annual general meeting in May, around 5.3 million shares – or 41pc of the vote – were withheld on resolutions relating to the re-election of five of the company's six directors, including Dominic.
Only 9,714 shares were withheld in the vote relating to Simon's re-election as chairman. A spokesman for Winkworth said: "The company's business continues to operate as usual and the executive team remains focused on the delivery of the company's strategy." Shares in Winkworth rose 6pc after the update, giving the company a market value of just more than £23m. Winkworth previously faced a backlash over the use of "misleading" AI-generated images in property listings at one of its London branches.
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