Slater Walker

Slater Walker

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

History

The Company was founded by Jim Slater and Peter Walker, a Tory MP, in 1964 as an authorized 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. [ [http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article573604.ece How Harold Wilson stepped in over Slater Walker debacle] ]

Demise of the business

In 1975 the Company got into financial difficulties. The problems with Slater Walker led to support by the Bank of England. [ [http://www.hm-treasury.gov.uk./about/information/foi_disclosures/2005/foi_slater_walker_2005.cfm The provision of financial assistance to Slater Walker Bank in 1975] ] 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.

References


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