| Code | DS/UK/38 |
| Corporate Name | Slater Walker Ltd |
| Dates | 1965 - 1990 |
| Activity | Slater Walker Securities Ltd was the holding company for a number of property and investment companies. It was registered in 1935 as H Lotery and Co Ltd, the name being changed to Slater Walker and Co Ltd in 1964 and to Slater Walker Securities Ltd in 1975. The group also included a number of companies operating as financial advisors and investment bankers. Slater Walker Ltd was established in April 1965 as Slater Walker Acceptances Ltd, changing its name to Slater Walker Ltd in November 1965. The company operated as bankers to the Slater Walker group and had Authorised Bank status after gaining a 50% stake in Ralli Brothers (Bankers) Ltd when it bought Drages in 1968. A further 25% was bought from the Discount Bank (Overseas) in early 1969. On the 31st December 1969, Ralli Brothers Ltd was incorporated with Slater Walker Ltd.
Slater Walker Ltd largely retained the confidence of the banking community during the first stage of the secondary banking crisis. However, by the autumn of 1975 this was being lost - Jim Slater had failed in his attempt to merge with Hill Samuel, its interim results had not been wholly convincing, there was much criticism in the press, especially Private Eye, about ventures in the Far East and the group was known to be involved in property ventures which were causing loss to other banks. Mr Slater resigned and handed over the chairmanship to Sir James Goldsmith who, with the Bank's assistance, brought in banking and corporate finance directors from Rothschilds and Hambros and appointed Price Waterhouse and Peat, Marwick, Mitchell to investigate and report on the group's affairs.
Against this background the Bank was asked to provide liquidity support by means of a loan facility, eventually limited to £80 million given to Slater, Walker Ltd. Within weeks, however, the directors had returned to the Bank to say that in their view both the banking subsidiary and the group as a whole was insolvent and would have to go into liquidation unless its losses could be underwritten by a third party. The Bank eventually decided to provide support by guaranteeing Slater Walker Ltd's loan book, undertaking to make good capital losses of up to £40 million and underwriting interest receivable in return for 135% of any amounts called under the guarantee. This commitment was given because the Bank did not wish the improvement in confidence as a result of the Lifeboat (Control Committee) to be undermined by the failure of a group with a high public profile, or a loss of confidence in other sectors.
For the next two years the business of the group was gradually run down and it was eventually agreed that the Bank would acquire Slater Walker Ltd from Slater Walker Securities, which would continue trading as Britannia Arrow Holdings. These transactions were completed in September 1977 and the Bank continued to run down Slater Walker's business. Slater Walker Ltd was finally put into liquidation on the 31st January 1990.
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