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C. Hoare & Co
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C. Hoare & Co
C. Hoare & Co., also known as Hoares, is a British private bank, founded in 1672 by Sir Richard Hoare; it is a twelfth-generation family business and is owned by eight of Sir Richard's direct descendants. It is the oldest privately owned bank in the United Kingdom and reputedly the fourth-oldest in the world.
C. Hoare & Co. provides private banking services that include loans, mortgages and savings accounts. Over the years, its clients have included Samuel Pepys, John Dryden, Jane Austen and numerous members of the aristocracy; today, they are primarily high-net-worth individuals and families. The bank has two branches in London, 37 Fleet Street and 32 Lowndes Street.
After finishing his apprenticeship, Sir Richard Hoare was granted the Freedom of the Goldsmiths' Company on 5 July 1672, which marks the foundation of Hoare's Bank. Richard established his business at the sign of the Golden Bottle in Cheapside, London; since street numbering was unknown in those days, signs were used to distinguish one business from another. In 1690, the business moved to Fleet Street, still within the City of London but on the main thoroughfare to the City of Westminster.
Goldsmiths were often used to safeguard cash and valuables, putting them in a unique position to evolve a system of banking. By 1677, some 58 goldsmiths kept "running cashes" and started to lend their customers' money for interest.
During the 18th century, the bank prospered; Richard Hoare was knighted by Queen Anne in 1702 and became Lord Mayor of London in 1712. After his death, the business was continued by two of his sons, Henry and Benjamin. They were both members of the Society for the Propagation of Christian Knowledge, which opened an account with Hoares in 1711. Many of those who held the first individual accounts with Hoare's were also connected to the Society, including Lady Elizabeth Hastings, Mary Astell and Joseph Smith.
Henry's son Henry Hoare, was a partner in the bank for nearly 60 years and dominated the family through his wealth and personal charisma. His nickname "The Magnificent" derived from his generosity as a patron of the arts and his expenditure on Stourhead in Wiltshire, a country house and estate bought by his father. Under his guidance, the bank introduced many innovations, such as printed cheques.
The bank was well known for its discretion; in 1825, William Christmas embezzled £1,000 from the bank to fund his affair with actress Louisa Chatterley. He was sentenced to be transported to Australia for 14 years, and his father was obliged to honour the £1,000 fidelity bond he had posted when his son joined the bank.
In 1829, the premises at Fleet Street were rebuilt; the new banking house was designed to accommodate the business and a private house. Following the Bank Charter Act 1844, many of the 4,000 or so private banks disappeared but Hoares remained, led by Charles Hoare, the last senior partner to continue the practice of having the bank named after him.
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C. Hoare & Co
C. Hoare & Co., also known as Hoares, is a British private bank, founded in 1672 by Sir Richard Hoare; it is a twelfth-generation family business and is owned by eight of Sir Richard's direct descendants. It is the oldest privately owned bank in the United Kingdom and reputedly the fourth-oldest in the world.
C. Hoare & Co. provides private banking services that include loans, mortgages and savings accounts. Over the years, its clients have included Samuel Pepys, John Dryden, Jane Austen and numerous members of the aristocracy; today, they are primarily high-net-worth individuals and families. The bank has two branches in London, 37 Fleet Street and 32 Lowndes Street.
After finishing his apprenticeship, Sir Richard Hoare was granted the Freedom of the Goldsmiths' Company on 5 July 1672, which marks the foundation of Hoare's Bank. Richard established his business at the sign of the Golden Bottle in Cheapside, London; since street numbering was unknown in those days, signs were used to distinguish one business from another. In 1690, the business moved to Fleet Street, still within the City of London but on the main thoroughfare to the City of Westminster.
Goldsmiths were often used to safeguard cash and valuables, putting them in a unique position to evolve a system of banking. By 1677, some 58 goldsmiths kept "running cashes" and started to lend their customers' money for interest.
During the 18th century, the bank prospered; Richard Hoare was knighted by Queen Anne in 1702 and became Lord Mayor of London in 1712. After his death, the business was continued by two of his sons, Henry and Benjamin. They were both members of the Society for the Propagation of Christian Knowledge, which opened an account with Hoares in 1711. Many of those who held the first individual accounts with Hoare's were also connected to the Society, including Lady Elizabeth Hastings, Mary Astell and Joseph Smith.
Henry's son Henry Hoare, was a partner in the bank for nearly 60 years and dominated the family through his wealth and personal charisma. His nickname "The Magnificent" derived from his generosity as a patron of the arts and his expenditure on Stourhead in Wiltshire, a country house and estate bought by his father. Under his guidance, the bank introduced many innovations, such as printed cheques.
The bank was well known for its discretion; in 1825, William Christmas embezzled £1,000 from the bank to fund his affair with actress Louisa Chatterley. He was sentenced to be transported to Australia for 14 years, and his father was obliged to honour the £1,000 fidelity bond he had posted when his son joined the bank.
In 1829, the premises at Fleet Street were rebuilt; the new banking house was designed to accommodate the business and a private house. Following the Bank Charter Act 1844, many of the 4,000 or so private banks disappeared but Hoares remained, led by Charles Hoare, the last senior partner to continue the practice of having the bank named after him.