Winkworth, the listed estate agency franchisor, has agreed to mediation with its non-executive chairman Simon Agace in the High Court dispute that began in August. The company also said an independent review of its board has reported, and that the board has agreed its recommendations in principle.
M Winkworth plc, whose shares trade on AIM, announced on 3 November 2026 that it and Simon Agace had agreed a further consent order, sealed by the court, and would enter mediation. Agace is a former chief executive and remains non-executive chairman, while his son Dominic Agace is the current chief executive.
According to Property Industry Eye, the company began the proceedings, which it announced on 7 August 2026, over alleged breaches of a relationship agreement dating from November 2009 and of directors’ duties under the Companies Act 2006. The court has not determined the allegations.
What the consent order changes
The stay of all further proceedings, first ordered on 29 September 2026 as a one-month pause to allow negotiations according to Property Industry Eye, now runs up to and including 23 November 2026. The company’s application, originally listed for hearing on 5 October, remains adjourned, and the parties keep the right to ask for it to be restored.
The undertakings Simon Agace gave under the consent order of 12 August stay in force until the dispute is resolved or the court orders otherwise. Winkworth says it will provide further updates as appropriate. Shore Capital acts as its nominated adviser and broker.
What the court has not decided
The allegations in the High Court proceedings have not been determined by the court. Mediation is a settlement process between the parties and does not produce a ruling or a finding of fault, a route also written into many franchise agreements, as the brands in the UK franchise directory set out in their own terms.
The independent board review
The full findings of a review by an established external advisory firm have now gone to the board. Winkworth says they are “consistent with” the review’s initial recommendations on board composition, independence and corporate governance arrangements, which were reported in September.
The board has agreed the recommendations in principle, subject to further discussion, and is talking through how to implement them. The announcement does not set out the recommendations or say what changes will follow.
Trading across the franchise network
Winkworth’s interim results, published on 16 September 2026, covered the six months to 30 June. Network turnover fell 1% to £31.6 million, with sales turnover down 5% to £16.1 million and lettings turnover up 3% to £15.5 million, the recurring lettings income that underpins most of the property franchises in the UK.
The company’s own turnover fell 10% to £4.7 million, and profit before tax fell 5% to £0.78 million, after £0.11 million of exceptional legal costs. Winkworth said reported profit before tax for 2026 will be materially below expectations because of legal and advisory costs.
The Negotiator reported the network at 90 offices in the first half of 2025. Winkworth ended the half with cash of £3.73 million and no bank debt, declared an ordinary dividend of 6.6p per share, and said underlying profit before exceptional costs should be slightly ahead of market expectations.
