Slater Walker
Encyclopedia
Slater Walker was a British
bank
that were in financial difficulties in the 1970s and shook the British
banking system at the time.
, a Tory MP, in 1964 as an authorized bank
. It went on to perform what became known as corporate raid
s on public companies.
At its peak the Company held deposits totalling £95m, managed £250m of funds and looked after 29,000 pensions.
. Following the takeover of the Company 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.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
that were in financial difficulties in the 1970s and shook the British
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
banking system at the time.
History
The Company was founded by Jim Slater and Peter WalkerPeter Walker, Baron Walker of Worcester
Peter Edward Walker, Baron Walker of Worcester, MBE, PC , was British politician. A member of the Conservative Party, he served in the Cabinet as the Environment Secretary , Trade and Industry Secretary , Agriculture Minister , Energy Secretary and Welsh Secretary...
, a Tory MP, in 1964 as an authorized bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
. It went on to perform what became known as corporate raid
Corporate raid
A corporate raid is an American English business term for buying a large interest in a corporation and then using voting rights to enact measures directed at increasing the share value...
s on public companies.
At its peak the Company held deposits totalling £95m, managed £250m of funds and looked after 29,000 pensions.
Demise of the business
In 1975 the Company got into financial difficulties. The problems with Slater Walker led to support by the Bank of EnglandBank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
. Following the takeover of the Company by the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
15 charges were brought against Slater for offences against the Companies Act
Companies Act
Companies Act is a stock short title used for legislation in the United Kingdom and South Africa relating to company law....
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.