C. Hoare & Co
From Wikipedia, the free encyclopedia
| C. Hoare & Co. | |
 |
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| Type | |
|---|---|
| Founded | 1672 |
| Headquarters | London, UK |
| Key people | The Hoare Family |
| Industry | Finance and Insurance |
| Products | Financial Services |
| Website | www.hoaresbank.co.uk |
C. Hoare & Co is England's oldest privately owned bank.
Founded in 1672 by Sir Richard Hoare, C. Hoare & Co. remains a family owned and managed bank providing a full range of private banking, financial planning and investment management services to wealthy individuals in the UK. As well as being fully independent, it prides itself on long-term relationships and high service levels.
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[edit] History
Hoares bank was founded in 1672 by Richard Hoare at the sign of the Golden Bottle in Cheapside, London.
In 1690 he moved the business to new premises in Fleet Street, on the main thoroughfare halfway between the City of Westminster and the City of London, but still within the City of London. He continued trading at the sign of the Golden Bottle (a gilded leather bottle that hung outside the shop). Street numbering was unknown in those days and signs were used to distinguish one business from another.
C. Hoare & Co. is the sole survivor of the private deposit banks which were established in the 17th and 18th centuries. As such it has a long and interesting history:
[edit] 17th Century
During the 17th century trade in England developed at a rapid pace and new methods of finance were required. As the Usury Laws, which had forbidden the lending of money for interest, had been repealed in the previous century, banking was in a position to develop in England.
Goldsmiths had secure premises and had always been the storehouses for cash and valuables so they were in a unique position to evolve a system of banking. It was they who introduced paper money and cheques. They also started to lend their customers' money for interest.
Richard Hoare, the founder of the bank, began his working life apprenticed to a goldsmith. He was granted Freedom of the Goldsmith's Company on 5th July 1672. This date marks the foundation of Hoare's Bank. From ledgers and correspondence of the time, it can be seen that Richard Hoare was occupied in many of the banking activities practised today as well as trading as a goldsmith.
Famous customers of the 17th century: Catherine of Braganza (wife of Charles II); Samuel Pepys (diarist); Sir Godfrey Kneller (painter); John Dryden (poet) and Richard "Beau" Nash.
[edit] 18th Century
During the 18th century the bank prospered. Richard Hoare was knighted by Queen Anne, and became Lord Mayor of London in 1712.
After Richard's death, two of his sons continued the business but it was Richard's grandson, Henry, who was the most prominent member of the family during this century. Henry was a partner for nearly 60 years and attached great importance to the success of the bank. His nickname, "Henry The Magnificent", derived in part from his influence as a great patron of the Arts, but more particularly because he laid out the gardens at Stourhead in Wiltshire, an estate bought by his father. The gardens are world famous and it is said that Stourhead inspired Capability Brown, the renowned landscape gardener, to start his career.
By the beginning of the century, Messrs. Hoare had reduced their trade as goldsmiths and concentrated their energies on banking. Later on, printed cheques and passbooks (the forerunner of statements) were introduced.
Famous customers of the 18th century: Lord North (Prime Minister); David Garrick (actor); Thomas Chippendale & son (furniture makers), Thomas Gainsborough (painter) and Eton College.
[edit] 19th Century
The 19th century was a turbulent time for banks in England. Many of the 4,000 or so private banks disappeared and Hoares came perilously close to disaster. In the first half of the century Hoares maintained a steady business. In the second half the partners running the bank almost brought it down with unsuccessful speculation and poor management.
During the middle of the century there were two partners. Both were deeply religious men but with differing views. Henry was Low Church and Peter High Church. Owing to their differences they took it in turns to run the bank, each being in charge for a six month period. They rarely met. Their sons, who became partners, rebelled against their deeply religious upbringing and also proved to be financially unreliable so placing the future of the bank in peril.
In 1829 the premises at Fleet Street were rebuilt. The new banking house was designed to accommodate the business and a private house. It remains the Head Office of C. Hoare & Co.
Famous customers of the 19th century: Lord Byron (poet); Jane Austen (author); Lord Palmerston and The Earl of Liverpool (Prime Ministers).
[edit] 20th Century
A revival of fortunes for the bank took place in the 20th century with the early years seeing the credibility of the bank restored.
After the Great War, most of the remaining private banks were absorbed by the larger banks. Hoares took a decision not to merge and today is the sole survivor as an independent bank. The bank was a partnership until 1929 when the partners formed themselves into a private unlimited liability company in which they were the sole shareholders. The same structure continues today.
During the century the bank expanded considerably from about 20 staff to the present level of 220, opened a branch in the West End of London and also appointed its first female partner.
[edit] Location
C.Hoare and Co. has two branches, located at: 37 Fleet Street, London and 32 Lowndes Street, London.
[edit] Trivia
"My bankers are Hoares" is one of Jack Aubrey's favorite puns in several of the books from the series by Patrick O'Brian.
[edit] External links
- C. Hoare and Co. official website.
