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Quite soon after
opening their Turkish baths, the company became increasingly worried
about the difficulty of making them profitable. The company had lost
£150.1.5. in their first year (to September 1897) and £95.10.9 in
their second. Clearly the first set of Directors, all now replaced,
had overestimated the facilities required to meet their bathers'
needs.
During 1898 the Directors converted part of the men's hot and
cold baths (still leaving two) into a barber's shop which was
now let at 12/6 per week. And, at a cost of £245.3.2, they had
converted part of the women's baths into living rooms for the
Head Shampooer and his wife, which made a saving of 11/- per
week. In their Report submitted at the 3rd Annual Meeting of
the company, the Directors wrote, plaintively,
If the Shareholders
would only patronise the Baths themselves, and induce their friends
to do the same, there might be some hope of the undertaking paying;
unless some effort is made to increase the takings to more than £400
per annum, the concern cannot pay its way.
After the first year
the Preference shareholders waived their dividend. After the second
year they were asked to do so again and the company borrowed £500
from the bank.
When, towards the end
of the following financial year, things had not improved, the Board instructed
Archibald Gardener, the Company Secretary,
to approach the local Council with a view to their taking the baths over.
So on 29 August 1899, Gardener wrote to the Corporation in time for the
letter to be read to Members at their meeting on 6 September.
In the letter he
explained that the Turkish baths were built only four years earlier,
but that 'owing
to the lack of adequate support' the company would be compelled to
close them at the end of September, which coincided with the end of
their current financial year. He wrote:
…Before closing the doors, my directors desire me to offer the
institution as a going concern to the Corporation, in the hope that
they will keep the same open in the interests of the town. Since the
buildings were acquired the company has spent £500 in additions and
improvements, the subscribed capital of the company is £4,200, in
addition to which there is a mortgage debt of £1,200…
He even suggested that if the Corporation agreed to
negotiate a sale, the company would be willing to pay half the fee
of a baths expert for the purpose of arriving at a fair valuation of
the premises, which had about 94
years unexpired lease, at a ground rent of £15.
The Council decided to refer the matter to their
General Purposes Committee which,
after discussion, asked the Town Clerk to
write to other towns with Turkish Baths in order to help them with
their decision.
On 16 November, the Town Clerk reported that he had
received replies from Bolton,
Birmingham, Cardiff, Dewsbury,
Gloucester, Leeds, Leamington Spa, Sheffield, Southampton, Stafford
and Walsall. However, after these had been discussed, the committee
resolved that they 'cannot see their way to entertain the
proposal...'
| |
|
Profit/(Loss) extracted from Balance Sheets 1908-21 |
|
Year |
Profit
/ (Loss) |
|
1908 |
(£ 15. 6. 3) |
|
1909 |
£ 77.11. 2 |
|
1910 |
£ 29. 6. 7 |
|
1911 |
£119. 3. 4 |
|
1912 |
£172.14. 7 |
|
1913 |
£224.10. 3 |
|
1914 |
£276.19. 8 |
|
1915 |
£292.11. 6 |
|
1916 |
£296. 0. 2 |
|
1917 |
£296. 0. 2 |
|
1918 |
£296. 0. 2 |
|
1919 |
(£ 90. 2. 4) |
|
1920 |
(£ 77.18.11) |
|
1921 |
(£ 77.18.11) |
|
|
The company
continued running the baths themselves for a few more years
but some time around 1902 they decided to lease them to John
James Lewis, who had been their Baths Manager for the previous
four years.
In 1909 the company made a small profit of just under £80. But
although there was a loss the following year, things began to
improve until they were making profits of over £290 in each of
the three years 1916-18.
However, in
1919, just after
the end of World War I, attendance plummeted and there was a
loss in each of the three following years. The company decided
that the baths must close. |
PRO:
BT31 15529/45564
(All
information is taken from this file unless specifically footnoted)
1895
Memorandum of Association:
9 October
Capital: £5,000 divided into
5,000 shares of £1
Secretary: Archibald Gardener
Objects include: to acquire
land and premises at Ingles Road
Registered Office: 8a Cheriton
Gardens (Office of Secretary)
Agreement: between John Lacey
Davies, and the Company, to purchase his land for building a Turkish
Baths, for a consideration of £5,000 comprising £3,000 cash and
£2,000 by allotment of 1,000 Preference Shares numbered from 1 to
1,001.
Davies to be Managing Director of the
Company without fee for one year. Completed 25 November.
1896
Directors:
Booker, John Harrocks (Retired
merchant)
Davies, John Lacey (Retired civil
engineer)
Le Grice, Frederick Swaine (Colonel)
Tyson, William Joseph, MP
Architect: Andrew Bromley
Secretary: Archibald Gardener
(7 March)
1899
Directors:
Bromley, Andrew (Architect)
Hall, Frederic (Solicitor)
Ralph, Frederich (Restaurant & hotel
proprietor)
Warnpack, Charles Constant (Hotel
proprietor)
Secretary: Archibald Gardener
(18 January)
1901
Directors:
Bromley, Andrew (Architect)
Hall, Frederic (Solicitor)
Ralph, Frederich (Restaurant & hotel
proprietor)
Warnpack, Charles Constant (Hotel
proprietor)
Average number of shareholders: 45
1907
Directors:
Bromley, Andrew
Hall, Frederic
Ralph, Frederich
Warnpack, Charles Constant
1915
Directors:
Bromley, Andrew (Architect)
Hall, Frederic (Solicitor)
Ralph, Frederich (Restaurant & hotel
proprietor)
Warnpack, Charles Constant (Hotel
proprietor)
1921
Directors:
Hall, Frederic (Solicitor)
Ralph, Frederich (Restaurant & hotel
proprietor)
Warnpack, Charles Constant (Hotel
proprietor)
1923
Registered Office:
Bowerie Chambers (1
February)
Extraordinary Meeting for
winding up company
Liquidator: Frederic Hall
1924
Wound up:
29 April
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