London estate agent Winkworth has launched an independent review of its board to address the fallout from a family feud involving its chief executive, Dominic Agace, and his father, former chair Simon Agace. The AIM-listed firm, which specialises in properties in areas like Pimlico, Westminster, and Notting Hill, has commissioned an external advisory firm to assess its corporate governance and composition.
Winkworth stated that it has received initial recommendations regarding the board's composition and governance arrangements. The company is currently considering its board's overall composition, including the balance of independence across non-executive chair and non-executive director roles, as part of its long-term succession planning. The full findings of this independent review are expected to be published in the coming weeks.
The board review follows High Court proceedings initiated by Winkworth in August against Simon Agace, a non-executive director, for allegedly breaching confidentiality standards. On Wednesday, Winkworth confirmed that it and Dominic Agace have agreed a consent order in these ongoing legal proceedings, which has been confirmed by the court. The legal proceedings, originally scheduled for 5 October, have been adjourned until further notice, with parties in ongoing discussions to reach a settlement.
In early September, Winkworth warned that its profits for the year ahead could be affected by legal costs associated with the boardroom dispute. The firm incurred £105,000 in legal and advisory costs by 30 June 2026, with an additional £376,000 between 1 July and 15 September. Further costs are anticipated, though the total amount and final impact on profits remain uncertain.