Key facts
- London estate agent Winkworth has sued its chair, Simon Agace, in the High Court.
- The company alleges Agace breached contract provisions and director duties.
- Agace and his wife allegedly attempted to remove all directors, including their son Dominic Agace, using 34% voting power.
- Winkworth has applied for an interim injunction to prevent Agace from sharing confidential information and overhauling the leadership team.
- Winkworth shares fell 1% on Friday.
London estate agent Winkworth has initiated High Court proceedings against its chair, Simon Agace, for allegedly breaching his contract and director duties. The AIM-listed company claims Agace and his wife, Irene Ho Kim Lee, attempted to oust the board, including their son and current chief executive, Dominic Agace. Ho Kim Lee allegedly used her 34 per cent voting power at the company's May annual meeting to try and remove directors. Winkworth stated that Agace also demanded to overhaul the board and replace its members with his own choices, threatening a shareholder meeting to achieve this if his demands were not met. The company has sought legal advice and applied for an interim injunction to prevent Agace from sharing confidential company information and using his family's voting power to change the leadership team. Winkworth shares fell 1% on Friday. The lawsuit comes amid broader challenges in the real estate sector, with a significant number of firms becoming insolvent and the UK housing market facing a slowdown due to higher interest rates and geopolitical events.