Marks & Spencer
In 1894, Marks decided that if he was to expand the business further he would need a business partner. He initially approached Isaac Dewhirst, who decided against the offer but suggested that his cashier, Thomas Spencer, might be interested. Spencer decided that the £300 required for a half-share in the business would be a good investment.
The running of the business was split between Spencer, who managed the office and warehouse, and Marks, who continued to run the market stalls. Spencer had developed some important contacts while working for Isaac Dewhirst and these allowed him to get the best prices for goods by dealing directly with the manufacturers. Together, Spencer and Marks were able to open stores in Manchester, Birmingham, Liverpool, Middlesbrough, Sheffield, Bristol, Hull, Sunderland and Cardiff.
A new warehouse in Manchester was built in 1897. This store became the centre of a business empire that by then included thirty-six branches. New stores had been built in Bradford, Leicester, Northampton, Preston, and Swansea. London had a total of seven branches.
On 5 May 1897, Marks was naturalised as a British subject.
In 1903 Marks & Spencer became a limited company. Spencer's original £300 investment had grown to a value of £15,000, and he retired later that year. Michael Marks continued to develop the business until his death in 1907.
In the 1930s, long after Marks' death, his son Simon Marks later the 1st Baron Marks of Broughton laid the foundations for a long tradition. He introduced the 'St Michael' brand name in honour of his father, and it was in use until 2000.
Read more about this topic: Michael Marks
Famous quotes containing the words marks and/or spencer:
“Roll on, thou deep and dark blue Ocean,—roll!
Ten thousand fleets sweep over thee in vain;
Man marks the earth with ruin,—his control
Stops with the shore;”
—George Gordon Noel Byron (1788–1824)
“The ultimate result of shielding men from the effects of folly, is to fill the world with fools.”
—Herbert Spencer (1820–1903)