Grace's Guide

British Industrial History

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Taylors and Lloyds

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of Birmingham

1765 The firm of Taylors and Lloyds opened as a private bank in Birmingham, in June 1765. It was founded by John Taylor (c.1711–1775), Sampson Lloyd and their two sons - Sampson Lloyd III and John Taylor junior. Taylor was a Unitarian and a cabinet maker, Lloyd a Quaker and iron founder. The bank they established was one of the first in Birmingham. It was essentially a town bank, with a strong manufacturing and mercantile customer base.

Taylors and Lloyds played a prominent role in financing trade and industry in Birmingham. The bank was particularly active in the manufacturing and engineering sectors.

1852 The Taylor family withdrew from the bank and the name of the bank was changed to Lloyds and Co

1865 New legislation, coupled with a need for increased capital, led Lloyds to convert from a private bank to a joint-stock company. Its name changed once again; it was now Lloyds Banking Company Limited.

The move was part of a general trend in banking, and provided Lloyds with a much broader financial base. Instead of being run by the firm’s three partners, the bank now had a board of directors. These included not only members of the Lloyd family, but other prominent local businessmen too. Among these was a young Joseph Chamberlain.

The conversion to joint-stock status resulted in an explosion of growth. More than 200 banks were taken over, directly and indirectly, in the next 50 years.

1880s Lloyds, already a powerful force in the Midlands, turned its attention to London.

1884 Absorbed the Lombard Street bank of Barnetts, Hoares and Co. This acquisition is of particular significance because it brought about the connection with the black horse.

Also see Lloyds Bank

See Also

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Sources of Information

  • [1] Lloyds history