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November 2009

Winkworth shares' debut

City Correspondent

SHARES in the Winkworth agency made their debut on London’s Alternative Investment Market (AIM) last week at a modest 4p premium over the 80p issue price.

The share issue on the ‘junior stock market’ raised £1.1 million for M.Winkworth plc, the holding company of Winkworth Franchising.

Winkworth was originally founded in 1835 and under its current ownership pioneered estate agency franchising in the UK. All of its 86 offices are franchised.

Dominic Agace, chief executive officer, said the firm was “cash positive” but the net proceeds of the share issue would finance expansion, possibly in Asia, as well as outside London. Eight openings a year are planned outside the capital.

The share issue still leaves as controlling shareholders Simon and Dominic Agace and Tony Snarey, former head of William H.Brown.