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Slater Walker
Slater Walker was a British industrial conglomerate turned bank that got into financial difficulties in the 1970s. It specialised in corporate raids. Its fall shook the British banking system at the time, and it had to be bailed out by the Bank of England after it was unable to refinance its debt during the secondary banking crisis of 1973–75, forcing its founder Jim Slater to quit.
In 1964, investor Jim Slater acquired control of H. Lotery & Co Ltd, a £1.5m public company, which with his business partner Peter Walker - a Conservative MP - they renamed Slater, Walker Securities. The company performed what became known as corporate raids on public, mainly industrial companies.
Slater Walker then changed strategy, from a corporate-conglomerate into what eventually was recognised as an unauthorised and unlicensed international investment bank, through gradual disposal of its industrial interests.[citation needed]
At its peak, capitalized at over £200 million, the company held deposits totalling £95m, managed £250m of funds and looked after 29,000 pensions. It had grown to be not only a bank but also an investment and insurance empire with stakes in industrial companies. Singapore conglomerate Haw Par Brothers International was acquired in 1971.
In 1974, it got into financial difficulty after having trouble refinancing its debt during the secondary banking crisis of 1973–75. By 1975, the problems led to its having to be supported by the Bank of England.
In 1975, the Singapore Government investigated what became known as the Spydar affair, into dealings in a Far East Slater Walker company which resulted in Richard Tarling, the company's sole director, ending up in Changi prison after extradition in 1978. Slater subsequently resigned as Chairman in October 1975, because the Singapore Government began to try to extradite him from the UK for alleged offences by the company in Singapore.[citation needed] In addition, an ill-timed attempt to take over Hill Samuel resulted in the loss of city confidence in Slater Walker.
Following the takeover of the company by the Bank of England in 1976, James Goldsmith replaced Slater which caused consternation in the UK government, where the new boss was regarded with as much suspicion as the old:
'I am surprised to see Mr Goldsmith appointed chief executive,’ wrote one civil servant. ‘He is hardly a noted banking figure and indeed, his reputation, as far as the general public is concerned, is that of a playboy and speculator'.
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Slater Walker
Slater Walker was a British industrial conglomerate turned bank that got into financial difficulties in the 1970s. It specialised in corporate raids. Its fall shook the British banking system at the time, and it had to be bailed out by the Bank of England after it was unable to refinance its debt during the secondary banking crisis of 1973–75, forcing its founder Jim Slater to quit.
In 1964, investor Jim Slater acquired control of H. Lotery & Co Ltd, a £1.5m public company, which with his business partner Peter Walker - a Conservative MP - they renamed Slater, Walker Securities. The company performed what became known as corporate raids on public, mainly industrial companies.
Slater Walker then changed strategy, from a corporate-conglomerate into what eventually was recognised as an unauthorised and unlicensed international investment bank, through gradual disposal of its industrial interests.[citation needed]
At its peak, capitalized at over £200 million, the company held deposits totalling £95m, managed £250m of funds and looked after 29,000 pensions. It had grown to be not only a bank but also an investment and insurance empire with stakes in industrial companies. Singapore conglomerate Haw Par Brothers International was acquired in 1971.
In 1974, it got into financial difficulty after having trouble refinancing its debt during the secondary banking crisis of 1973–75. By 1975, the problems led to its having to be supported by the Bank of England.
In 1975, the Singapore Government investigated what became known as the Spydar affair, into dealings in a Far East Slater Walker company which resulted in Richard Tarling, the company's sole director, ending up in Changi prison after extradition in 1978. Slater subsequently resigned as Chairman in October 1975, because the Singapore Government began to try to extradite him from the UK for alleged offences by the company in Singapore.[citation needed] In addition, an ill-timed attempt to take over Hill Samuel resulted in the loss of city confidence in Slater Walker.
Following the takeover of the company by the Bank of England in 1976, James Goldsmith replaced Slater which caused consternation in the UK government, where the new boss was regarded with as much suspicion as the old:
'I am surprised to see Mr Goldsmith appointed chief executive,’ wrote one civil servant. ‘He is hardly a noted banking figure and indeed, his reputation, as far as the general public is concerned, is that of a playboy and speculator'.