109:
98:
340:
reputation due
Debenhams connections to Hatry, Maurice Wright, a member of both Debenhams and Drapery Trust board completed a rewriting of the capital in 1934, merging the three operations share holdings, Debenhams, Debenhams Securities and Drapery Trust, which slashed the company's issued capital from £15,100,000 to £6,000,000. The subsidiary continued to restructure by selling the Drages business to Great Universal Stores in 1937.
339:
However, in 1932 the company could not pay a dividend to
Debenhams, when in 1931 it had paid £75,000. The company's finances did not improve, so by 1934 the business profits had fallen to £61,921 from £102,767 that had been made in 1933. Because of the worsening financial situation and the damaged
158:
in
November 1927, when they purchased 75% of the Drapery Trust shares at a cost of £2,350,000, which was funded by Hatry's company Austin Friars Trust purchasing £1,600,000 of Debenhams shares. The business was kept as a separate subsidiary from the main Debenhams group, but with board members of
130:, a notorious British financier. He had made his fortune in speculating on oil stocks, and had convinced investors to promote department stores and bring them under the management of a retail conglomerate. The business was acquired by Debenhams in 1927 and was run as a subsidiary until the 1970s.
138:
Marshalls
Managing Director Ronald Glaze had originally had the idea for the trust, which Hatry found commercially attractive, and Glaze would become the managing director of the new business. Each family owned department store was purchased by the issuing of public shares.
170:
In 1929, as part of his fraudulent plan to raise the cash for his deal to purchase United Steel, Hatry forged £478,100 of shares in the
Drapery Trust, but by September 1929 he had confessed to his crimes. In 1931,
1045:
1055:
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In the 1970s it was decided to bring all the business under one brand, and so the stores of the
Drapery Trust were either converted into Debenhams, or were closed.
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Marshalls Ltd (the former
Yorkshire arm of Marshall & Snelgrove, operated stores in Bradford, Harrogate, Leeds, Scarborough, Sheffield and York)
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started proceedings to enforce recovery of £493,100 that was against mortgages of property due to concerns of fraudulent behaviour.
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By 1927, the business had 65 stores, 11,000 staff and over 18 million sales annually, and had acquired the
Piccadilly business of
701:
260:
761:
449:
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for £1,250,000 to act as their flagship. The
Scottish business of Pettigrew & Stephen was sold to the newly formed
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Debenhams joining the board of the trust. The business continued to grow by purchasing R R Talbot of
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in the form of shares in the new organisation during 1927. However the business was acquired by
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The
Priesthood of Industry. The Rise of the Professional Accountant in British Management
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Regulation of the London Stock Exchange. Share Trading, Fraud and Reform 1914–1945
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Derek Matthews, Malcolm Anderson, John Richard Edwards, J. R. Edwards (1998).
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Share Trading, Fraud and the Crash of 1929 A Biography of Clarence Hatry
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36:
594:
Rogue Banking. A History of Financial Fraud in Interwar Britain
623:
The New Age. A Weekly Review of Politics, Literature and Art
370:"Mr. Clarence Hatry has been prominent in London for some"
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78:
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32:
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766:Listing Statements of the New York Stock Exchange
1046:Defunct department stores of the United Kingdom
540:Fine Silks and Oak Counters Debenhams 1778-1978
332:, formerly Stagg & Mantle and H C Russell)
8:
908:: CS1 maint: multiple names: authors list (
19:
1023:Documents and clippings about Drapery Trust
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397:Share Trading, Fraud and the Crash of 1929
124:Drapery & General Investment Trust Ltd
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1056:Holding companies of the United Kingdom
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1071:Holding companies established in 1925
1066:British companies established in 1925
682:The Stock Exchange Official Year-book
7:
1076:Retail companies established in 1925
745:. Vol. 105. 1927. p. 926.
325:Staddons Ltd (Barking Road, London)
720:. Vol. 1. 1932. p. 1967.
313:Also controlled Margaret Marks Ltd
14:
995:"Debenhams store to get makeover"
816:"The Financial Review of Reviews"
804:. Vol. 9. 1931. p. 133.
680:"Footman, Pretty & Company".
572:Pittsburgh Post Gazette 13/3/1928
359:Lord of Finance by Liaquat Ahamed
768:. Vol. 53. 1928. p. 8.
665:"Footman, Pretty and Company".
1061:1925 establishments in England
700:"The Stock Exchange Gazette".
581:Labour Year Book 1928 Page 150
494:"Scottish Drapery Corporation"
178:By 1932 the trust controlled:
1:
148:Charterhouse Investment Trust
16:Former department store group
307:Scottish Drapery Corporation
152:Scottish Drapery Corporation
1027:20th Century Press Archives
244:Gardiner & Co (Ipswich)
48:; 99 years ago
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335:Warwick House (Birmingham)
237:Footman, Pretty & Co (
563:Dundee Courier 23/11/1927
926:The Economics of Mergers
923:Jervis. F. R. J (1971).
718:Moodys Industrial Manual
215:Drages Furniture Store (
831:Cite magazine requires
247:Green & Edwards Ltd
951:"Debenhams Securities"
786:. Vol. 103. 1926.
762:"Debenhams Securities"
644:"Debenhams Securities"
310:Selincourt & Sons
230:Frank Drury & Co (
122:(initially called the
706:. Vol. 26. 1926.
684:. 1944. p. 1138.
482:. Vol. 22. 1930.
374:The Spectator Archive
328:Stagg & Russell (
873:. 1934. p. 269.
870:The Peoples Yearbook
857:. Vol. 6. 1927.
855:The Labour Year Book
802:The Labour Year Book
798:"Shops & Stores"
669:. 1949. p. 534.
126:) formed in 1925 by
105:United Kingdom
780:"The Drapery Trust"
448:Swinson. C (2019).
421:Swinson. C (2017).
394:Swinson. C (2019).
250:J Howells (Ipswich)
163:, adding it to its
21:
818:. 1944. p. 6.
591:Hollow. M (2014).
537:Corina. M (1978).
318:Spooner & Co (
703:Drapery Trust Ltd
208:Dawson Brothers (
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543:. p. 101.
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629:: 25–55. 1931.
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1002:. Retrieved
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976:. Retrieved
973:"Drages Ltd"
967:
961:: 608. 1932.
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217:High Holborn
182:Bon Marche (
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87:Headquarters
25:Company type
978:11 December
955:The Statist
851:"Debenhams"
739:"Debenhams"
648:The Statist
504:: 28. 1927.
498:The Statist
265:Southampton
261:Edwin Jones
196:and others)
173:Lloyds Bank
1040:Categories
1004:31 October
379:31 October
347:References
292:Manchester
290:Pauldens (
232:Manchester
225:Manchester
221:Birmingham
184:Gloucester
167:business.
1051:Debenhams
904:cite book
156:Debenhams
82:Debenhams
79:Successor
667:New Dawn
320:Plymouth
302:Hastings
277:Kennards
33:Industry
1029:of the
1025:in the
285:Staines
281:Croydon
255:Bristol
239:Ipswich
204:Norwich
194:Margate
134:History
71:Defunct
61:Founder
51: (
43:Founded
933:
892:
601:
547:
522:4 July
458:
431:
404:
210:London
94:
92:London
37:Retail
480:Plebs
146:from
74:1970s
1006:2014
980:2014
931:ISBN
910:link
890:ISBN
837:help
599:ISBN
545:ISBN
524:2020
456:ISBN
429:ISBN
402:ISBN
381:2014
53:1925
46:1925
1031:ZBW
959:120
652:120
502:109
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