Thomas Coutts
Encyclopedia
Thomas Coutts was an Anglo
-Scottish
banker who was the founder of the banking house of Coutts & Co
.
He was the fourth son of John Coutts (1699–1751), who carried on business in Edinburgh
as a corn factor and negotiator of bills of exchange, and who in 1742 was elected lord provost of the city. The family was originally of Montrose, but about 1696 one of its members had settled at Edinburgh, where in due course Thomas received his education at the Royal High School
. Soon after the death of John Coutts the business was divided into two branches, one carried on in Edinburgh, the other in London.
The banking business in London was in the hands of James and Thomas Coutts, sons of John Coutts. From the death of his brother in 1778, Thomas, as surviving partner, became sole head of the firm; and under his direction the banking house rose to the highest distinction. His ambition was to establish his character as a man of business and to make a fortune; and he lived to succeed in this aim and long to enjoy his reputation and wealth. A gentleman in manners, hospitable and benevolent, he counted amongst his friends some of the literary men and the best actors of his day. Of the enormous wealth which came into his hands he made munificent use.
His private life was not without its romantic elements. Soon after his settlement in London he married Elizabeth Starkey, a young woman of humble origin, who was in attendance on the daughter of his brother James. They lived happily together, and had three daughters: Susan, married in 1796 to the 3rd earl of Guilford; Frances, married in 1800 to John, 1st Marquess of Bute; and Sophia, married in 1793 to Sir Francis Burdett
. Mrs Coutts died in 1815. Soon after, her husband married the popular actress, Harriot Mellon; to her he left the whole of his immense fortune. He died in London on 24 February 1822.
In 1827, his widow married the 9th duke of St Albans. She died ten years later, bequeathing her property to Angela, youngest daughter of Sir Francis Burdett, who then assumed the additional name and arms of Coutts. In 1871, this lady was created Baroness Burdett-Coutts.
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
-Scottish
Scotland
Scotland is a country that is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the...
banker who was the founder of the banking house of Coutts & Co
Coutts
Coutts & Co. is one of the UK's private banking houses, now wholly owned by the Royal Bank of Scotland . RBS acquired Coutts and all of its overseas subsidiaries when it bought NatWest. On 1 January 2008, Coutts' international businesses were renamed RBS Coutts, aligning them more closely with...
.
He was the fourth son of John Coutts (1699–1751), who carried on business in Edinburgh
Edinburgh
Edinburgh is the capital city of Scotland, the second largest city in Scotland, and the eighth most populous in the United Kingdom. The City of Edinburgh Council governs one of Scotland's 32 local government council areas. The council area includes urban Edinburgh and a rural area...
as a corn factor and negotiator of bills of exchange, and who in 1742 was elected lord provost of the city. The family was originally of Montrose, but about 1696 one of its members had settled at Edinburgh, where in due course Thomas received his education at the Royal High School
Royal High School (Edinburgh)
The Royal High School of Edinburgh is a co-educational state school administered by the City of Edinburgh Council. The school was founded in 1128 and is one of the oldest schools in Scotland, and has, throughout its history, been high achieving, consistently attaining well above average exam results...
. Soon after the death of John Coutts the business was divided into two branches, one carried on in Edinburgh, the other in London.
The banking business in London was in the hands of James and Thomas Coutts, sons of John Coutts. From the death of his brother in 1778, Thomas, as surviving partner, became sole head of the firm; and under his direction the banking house rose to the highest distinction. His ambition was to establish his character as a man of business and to make a fortune; and he lived to succeed in this aim and long to enjoy his reputation and wealth. A gentleman in manners, hospitable and benevolent, he counted amongst his friends some of the literary men and the best actors of his day. Of the enormous wealth which came into his hands he made munificent use.
His private life was not without its romantic elements. Soon after his settlement in London he married Elizabeth Starkey, a young woman of humble origin, who was in attendance on the daughter of his brother James. They lived happily together, and had three daughters: Susan, married in 1796 to the 3rd earl of Guilford; Frances, married in 1800 to John, 1st Marquess of Bute; and Sophia, married in 1793 to Sir Francis Burdett
Sir Francis Burdett, 5th Baronet
Sir Francis Burdett, 5th Baronet was an English reformist politician, the son of Francis Burdett and his wife Eleanor, daughter of William Jones of Ramsbury manor, Wiltshire, and grandson of Sir Robert Burdett, Bart...
. Mrs Coutts died in 1815. Soon after, her husband married the popular actress, Harriot Mellon; to her he left the whole of his immense fortune. He died in London on 24 February 1822.
In 1827, his widow married the 9th duke of St Albans. She died ten years later, bequeathing her property to Angela, youngest daughter of Sir Francis Burdett, who then assumed the additional name and arms of Coutts. In 1871, this lady was created Baroness Burdett-Coutts.