London estate agent Winkworth has launched High Court proceedings against its own chair, Simon Agace, alleging breach of contract after he and his wife attempted to remove the company's entire board, including his son, City AM can reveal.

The AIM-listed firm, one of the UK's oldest estate agents, specialises in high-end properties across central London boroughs including Pimlico, Westminster, and Notting Hill. The company alleges that Agace breached certain provisions of his contract dating back to 5 November 2009, as well as duties related to his role as a director under the Companies Act, the legislation governing British companies and their directors.

Simon Agace served as Winkworth's chief executive for three decades before stepping down in 2004 and handing leadership to his son, current chief executive Dominic Agace. The two have worked together at the property firm since its flotation on the London Stock Exchange in 2009.

At the company's annual meeting in May, Agace's wife, Irene Ho Kim Lee — Dominic's stepmother — wielded her 34 per cent voting stake in an attempt to remove all directors from the board except her husband, including Dominic, City AM understands. The size of the family's combined shareholding means the dispute effectively centres on whether contractual and Companies Act duties can constrain a controlling shareholder's ability to act on that stake.

Since that meeting, Agace has demanded a comprehensive overhaul of the board, seeking to replace its members with his own chosen candidates. He has also threatened to convene a shareholder meeting to remove existing board members should his demands go unmet.

Winkworth subsequently sought legal advice and applied for an interim injunction to prevent Agace from sharing any confidential company information and from using his family's voting power to replace Winkworth's leadership team.

Winkworth said it is "unable to comment further" while legal proceedings are ongoing.

Housing Market Context

Founded in 1835 and headquartered in the City of London, Winkworth saw its shares decline by one per cent on Friday, falling from 185.00p to 177.50p.

The broader real estate sector is facing significant strain. According to City AM analysis published in July, real estate companies are going insolvent at the fastest rate in a decade, with as many as 762 firms having become insolvent since the start of the year.

The UK housing market has also been under pressure this year, as the Iran war and elevated interest rates have dampened demand and contributed to a slowdown in sales activity.