Drapery Trust
Drapery Trust was formed in 1925 by Clarence Hatry, a notorious British Financier. He had made his fortune in specultating on oil stocks,[1] and had convinced investors to promote department stores and bring them under the management of a retail conglomerate.[2]
The business grew with a number of acquisitions –
- Bon Marche (Gloucester)
- Swan & Edgar (Piccadilly Circus) 1927
- Bobby & Co.(Margate, Cliftonville, Folkestone, Eastbourne, Bournemouth, Exeter, Southport, Leamington Spa, Torquay) 1927
- Marshalls Ltd;
- Kennards (Croydon, Staines) 1926
- Drages Furniture Store (High Holborn, Birmingham, Manchester) 1928
In 1927, the board were approached with by Debenhams, and in 1928 were purchased by Debenhams subsidiary Debenhams Securities Ltd. Clarence Hatry made a fortune from the sale.
The business was kept as a separate subsidiary from the main Debenhams group, but with board members of Debenhams joining the board of the trust.[3] At the time it was reported that Drapery Trust controlled 60 stores of department and specialist kind.[4] The Drages business was sold in 1937 to Great Universal Stores.[5]
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.[6]
References
- ↑ Lord of Finance by Liaquat Ahamed
- ↑ "Mr. Clarence Hatry has been prominent in London for some". The Spectator Archive. Retrieved 31 October 2014.
- ↑ Dundee Courier 23/11/1927
- ↑ Pittsburgh Post Gazaette 13/3/1928
- ↑ "Drages Ltd". Retrieved 11 Dec 2014.
- ↑ Nicky Findley. "Debenhams store to get makeover". Bournemouth Echo. Retrieved 31 October 2014.