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Nabarro advising on Winkworth Listing

12 October 2009

Nabarro is advising Winkworth, the estate agent, on its admission to the AIM market. It is estimated the flotation will raise about £8m.
Winkworth was founded in 1975 and turned into a franchise model in 1981. It has a very strong London presence but also a growing international reach, including multiple offices in France and Portugal. Through its listing, it is looking to to take advantage of any recovery in the housing market and also to replicate its UK success in selected foreign markets.

Winkworth operates by licensing its brand and marketing services to independent estate agents and taking a percentage of their turnover. The company plans to acquire smaller chains of independent estate agents, which it would then run on a franchise basis. Winkworth sells houses at an average price of £390,000, with an average in London of £600,000.

Corporate partner at Nabarro Martin Finnegan is leading the transaction assisted by associate Jack Shepherd. Field Fisher is acting for the nominated adviser, FinnCap.

Finnegan commented: "We're obviously delighted to be advising Winkworth at a time when primary listings remain thin on the ground. I suspect people might be surprised to hear in these difficult times that an estate agency is looking to list, but the distinctive Winkworth model and brand has meant that the business has traded profitably throughout the recession and we're looking forward to working with the company as it seeks to achieve its growth targets".

For more information contact:

Louisa Knight
Lansons Communications
T +44 (0)20 7294 3656
louisak@lansons.com