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Byrom, Allen, Sedgwick and Place

Byrom, Allen, Sedgwick and Place, also known as the Manchester Bank, was the first bank to be established in Manchester, England. It was founded on 2 December 1771 in Bank Street.[1]

The founders were Edward Byrom, William Allen, Roger Sedgwick, and Edward Place. Place left the bank after a few months to take up other business interests. Byrom died in 1773, and Sedgwick in 1779, leaving Allen as the sole director. One of the bank's customers was the firm of Livesey, Hargreaves and Company; Allen was related to the Livesey family by marriage, and made large loans to the company.[2] Livesey, Hargreaves and Company were the largest calico printer in Lancashire,[3] and was "one of the largest cotton manufacturing enterprises in the early stages of the Industrial Revolution".[4] They ran factories Preston, Lancashire, a mill at Clitheroe, a coal mine, and premises in Manchester and London.[5] However the firm went bankrupt in 1788, with debts totalling £1.5 million (£169,000,000 as of 2016).[4][6] Two days later the bank collapsed, and Allen was also declared bankrupt.[2] The business was acquired by Heywood's Bank.[7]

References

  1. Parkinson- Bailey, John J. (2002), Manchester: An Architectural History, Manchester University Press, p. 87, ISBN 978-0719056062, retrieved 24 January 2013 
  2. 2.0 2.1 Smith, Arthur R. (2012), "The Allens of Davyhulme and Frodsham: From Bankruptcy to Bishopric", Brief Lives: Notable People of Frodsham in the Past, Countyvise, pp. 25–30, ISBN 978-1-906823-63-4 
  3. Robert Peel (1750–1830), Grace's Guide, retrieved 24 January 2013 
  4. 4.0 4.1 Kutyn, John (2009), The Ghost of Adam Smith, retrieved 24 January 2013 
  5. Hunt, David (1992), A History of Preston, Preston: Carnegie, p. 145, ISBN 0-948789-67-0 
  6. UK CPI inflation numbers based on data available from Gregory Clark (2015), "The Annual RPI and Average Earnings for Britain, 1209 to Present (New Series)" MeasuringWorth.
  7. Cobden House History, Cobden House Chambers, retrieved 24 January 2013