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Winkworth Begins High Court Action Against Non-Executive Chair

Winkworth has launched High Court proceedings against its non-executive chair, Simon Agace, over alleged breaches of confidentiality and other duties. The listed estate agency franchisor confirmed the action in a statement to the stock market.

The proceedings have been issued in the High Court of Justice, Business and Property Courts of England and Wales, Business List, following independent legal advice. Winkworth alleges breaches of confidentiality, provisions of a relationship agreement between the company and Agace dating from November 2009, and associated director duties under the Companies Act 2006.

Winkworth has also applied for interim injunctive relief relating to proposed changes to the composition of its board and the use and disclosure of confidential company information. The company is seeking information regarding the disclosure of its confidential information to third parties.

Winkworth stated that the allegations have not been determined by the court and that no decision has yet been made on its application for interim relief. The decision to commence proceedings was approved by the directors entitled to participate in the decision after receiving independent legal advice.

Simon Agace previously served as Winkworth’s chief executive until 2004. His son, Dominic Agace, became a director at the same time and has served as chief executive since 2006. Under Dominic Agace’s leadership, Winkworth floated on the AIM stock exchange in 2009.

Winkworth said its business continues to operate as usual and that its executive team remains focused on delivering the company’s strategy. The company added that it will provide further updates as appropriate.