Winkworth warns on profit citing family boardroom bust-up
London estate agent Winkworth has warned on profits for the year ahead, citing the legal costs tied to a boardroom family feud that has led its chief executive to take his father to court.
The Aim-listed company, which is one of the UK’s oldest estate agents and specialises in high-end properties in boroughs like Pimlico, Westminster, and Notting Hill, expects the bust-up to cost the firm £400,000 in legal fees, telling sharehoders “ongoing legal and advisory costs to result in reported profit before tax for [full year] 2026 being materially below current market expectations”.
Winkworth incurred £105,000 worth of legal and advisory costs during the six months ending 30 June 2026, with a further £376,000 racked up between 1 July and 15 September.
Winkworth confirmed to City AM the costs are tied to High Court proceedings the company initiated in August against its current chair and former chief executive, Simon Agace, for allegedly breaching confidentiality rules.
“Further costs are expected, although the total amount remains uncertain and will depend on how matters progress,” the estate agent said, adding: “The final impact remains uncertain and will depend on how the ongoing proceedings and related discussions progress.”
Profit before tax at the estate agent fell by some five per cent to £780,000
Family feud
The profit warning comes after City AM revealed in August the estate agent had initiated High Court proceedings against Simon Agace – a non-executive director – for allegedly breaching confidentiality standards after he attempted to oust the entire company’s board. The offensive targeted Winkworth’s entire director base, including Simon’s son, current chief executive Dominic Agace.
Winkworth said Simon Agace allegedly breached “certain provisions” of his contract dating back to 5 November 2009, as well as allegedly breaching duties related to his role as a director under the Companies Act, the law which regulates British companies and their directors.
The City-based firm said in August it was halting the legal proceedings for a month as those involved “are continuing discussions with a view to resolving the matters between them
The case is adjourned until 5 October.