Slater Walker

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Slater Walker was a British bank that got into financial difficulties in the 1970s and shook the British banking system at the time.

History[edit]

The company was founded by Jim Slater and Peter Walker, a Tory MP, in 1964 as an authorised bank. It went on to perform what became known as corporate raids on public companies.

At its peak the company held deposits totalling £95m, managed £250m of funds and looked after 29,000 pensions.[1]

Demise of the business[edit]

By 1975 the company was in financial difficulties. The problems with Slater Walker led to support by the Bank of England.[2] Following the takeover of Slater Walker by the Bank of England, 15 charges were brought against Slater for offences against the Companies Act by the Department of Trade — the misuse of more than £4,000,000 of company funds in share deals. The case was thrown out in 1977. The business was subsequently renamed Britannia Arrow.[3] After the purchase of INVESCO and Montagu Investment Management, the company was renamed INVESCO MIM in 1990. (The MIM was later dropped). After a merger with AIM Investments, the company was renamed Amvescap.[4]

References[edit]

  1. ^ How Harold Wilson stepped in over Slater Walker debacle
  2. ^ The provision of financial assistance to Slater Walker Bank in 1975
  3. ^ "Slater Walker now Britannia". The Glasgow Herald. 1977-07-08. Retrieved 2014-10-08. 
  4. ^ Chernoff, Joel (1994-07-25). "INVESCO'S U.K. BUSINESS HIT HARD". Pensions & Investments. Retrieved 2014-10-08.