Richard Hoare (banker) and the Oldest Family-Owned Bank in England

Richard Hoare's family-owned bank has a long and storied history in England, with roots dating back to the 17th century.

The bank has been in continuous operation for over 350 years, making it the oldest family-owned bank in England.

Richard Hoare's bank has a reputation for being a trusted and respected institution, with a strong focus on customer service and community involvement.

One of the bank's most notable achievements is its ability to adapt to changing times, having survived numerous economic downturns and financial crises throughout its history.

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Richard Hoare was raised near Smithfield Market in London.

He was the only son of horse-dealer Henry Hoare, who died in 1699, and Cicely, who died in 1679.

Richard began his working life as an apprentice to the goldsmith Richard Moore on June 9, 1665, for a period of seven years.

This marked the foundation of C. Hoare & Co as a goldsmith's business at the sign of the Golden Bottle in Cheapside, London, on July 5, 1672, when he was granted the Freedom of the Worshipful Company of Goldsmiths.

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The 18th century was a prosperous time for the bank, with Richard Hoare being knighted by Queen Anne in 1702 and becoming Lord Mayor of London in 1712. His sons, Henry and Benjamin, continued the business after his death and were members of the Society for the Propagation of Christian Knowledge, which opened an account with Hoares in 1711.

Many of the bank's early clients were connected to the Society, including Lady Elizabeth Hastings, Mary Astell, and Joseph Smith. The bank introduced innovations such as printed cheques during this time.

The 19th century saw the bank's discretion being tested, as in 1825, William Christmas embezzled £1,000 from the bank to fund his affair with actress Louisa Chatterley.

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In the 17th century, the foundation of Hoare's Bank was marked by Sir Richard Hoare being granted the Freedom of the Goldsmiths' Company on 5 July 1672.

Richard established his business at the sign of the Golden Bottle in Cheapside, London, where signs were used to distinguish one business from another since street numbering was unknown at the time.

Goldsmiths played a unique role in safeguarding cash and valuables, which positioned them to evolve a system of banking. By 1677, some 58 goldsmiths kept "running cashes" and started to lend their customers' money for interest.

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In the 18th century, the Hoare bank prospered under the leadership of Richard Hoare's sons, Henry and Benjamin.

Richard Hoare was knighted by Queen Anne in 1702 and became Lord Mayor of London in 1712. This marked a significant milestone in the bank's history, cementing its position as a respected institution in the City of London.

Henry Hoare, also known as "The Magnificent", dominated the family business for nearly 60 years. His nickname was well-deserved, given his generosity as a patron of the arts and his lavish expenditure on Stourhead in Wiltshire.

The bank introduced many innovations during Henry Hoare's tenure, including printed cheques, which revolutionized the way people conducted transactions.

Here are some key facts about the Hoare bank in the 18th century:

Henry Hoare's leadership and innovations helped establish the Hoare bank as a major player in the City of London, and his legacy continued to shape the bank's trajectory for generations to come.

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In the 19th century, Hoares bank was known for its discretion, as seen in the case of William Christmas, who embezzled £1,000 to fund his affair with actress Louisa Chatterley in 1825.

This incident highlights the bank's willingness to keep its clients' personal lives private, even when it came to their financial indiscretions.

The bank's premises at Fleet Street were rebuilt in 1829 to accommodate both the business and a private house, reflecting the bank's growing reputation and influence.

Charles Hoare, the last senior partner to continue the practice of having the bank named after him, led the bank after the Bank Charter Act 1844, which led to the disappearance of many private banks.

The bank's fortunes began to decline under the management of Henry and Peter Richard, who took turns running the bank and proved to be financially unreliable, placing the bank's future in peril.

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C. Hoare & Co. was founded in 1672 by Richard Hoare, making it one of the oldest family-owned banks in the world.

Richard Hoare's great-great-grandson, also named Richard, was a key figure in the bank's history, serving as a director from 1782 to 1837.

The bank has been family-owned and operated for over 340 years, a testament to the enduring legacy of Richard Hoare's entrepreneurial spirit.

C. Hoare & Co. is still based in London, where it has been serving clients for centuries, a remarkable achievement in an industry known for its rapid changes and consolidations.

Richard Hoare's descendants have played a significant role in shaping the bank's history, with many serving as directors or managers over the years.

The bank's commitment to family ownership and values has allowed it to maintain a unique and personal approach to banking, one that is cherished by its clients and staff alike.

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