Winkworth flotation defies housing slump

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The London-based firm reckons now is the right time to launch an AIM flotation, despite slumps in house prices over the last year.

Winkworth was one of the first in the industry to adopt a franchise model whereby it licenses its brand to independent estate agents, taking around 8% of their turnover in return.

Of its 85 offices, 55 are in London, 19 are in the South of England and 11 are in Portugal and France.

In 2006, the last year for which figures are available, Winkworth had turnover of £30 million. It claims to be in profit.

Managing director Dominic Agace told The Times: "Now the boom is over, we are finding that a number of people have approached us recently to ask about joining the network."

The float would raise cash to fund an expansion in the UK and into India.