Winkworth family feud hits profits

A bitter boardroom feud ripping apart the family behind one of Britain's oldest estate agents is expected to hit the company's bottom line this year.

Winkworth, which specialises in properties in and around London, has warned shareholders its profit will fall "materially below current market expectations" for 2026 after incurring hundreds of thousands of pounds of legal costs.

The estate agent, run by Dominic Agace, 46, the chief executive, is suing Simon Agace, its 83-year-old chairman and Dominic's father, in the High Court to stop him from ousting other board members .

It incurred a £105,000 legal bill during the six months to the end of June this year, with a further £376,000 owed between July 1 and Sept 15. This led to a 5pc decline in profit during the first half of the year.

The company said on Wednesday: "The board now expects these ongoing legal and advisory costs to result in reported profit before tax for FY 2026 being materially below current market expectations.

"The final impact remains uncertain and will depend on how the ongoing proceedings and related discussions progress."

Shares in Winkworth dropped by 5.9pc during Wednesday trading.

Simon Agace is being sued over alleged breaches of contract and confidentiality. He has not responded to requests for comment.

Dominic Agace reportedly told employees in August that his father had suggested replacing some of the company's board members and that he would use a shareholder meeting to oust them if this was not followed.

Dominic argued this would not be in the best interests of the business.

Both father and son have agreed a temporary ceasefire until Oct 5, under which Simon has agreed not to take steps to remove or appoint directors before Sept 10. He must also first give seven days' written notice.

Winkworth is still in discussions to resolve the dispute, it said in its trading update on Wednesday. The High Court has not made any decision on the allegations.

Founded in 1835, the estate agent has roughly 100 franchised branches across the UK, most of which are in the capital.

It was bought by Simon in 1974 and expanded through a franchising model.

Simon handed control of the company to his son in 2006, who led the estate agent's listing on London's stock exchange three years later.

Simon is the company's biggest shareholder, owning a stake of around 41pc, while his son owns 5.7pc of the business.