Sir Frank Platt
Sir Frank Platt (1890–1955) became a director in mid 1932, and managing director in 1933, his scheme to merge a further 44 companies, and 5 million spindles did not get bank backing. Platt spent the thirties fighting to save the struggling company. He supported the Cotton Spinning Act 1936 which allowed the buying up and destruction of surplus looms. He used his wartime post as Cotton Controller to continue to argue for further rationalisation.
In the 1944 Platt Report, he emphasised the labour productivity gap between the British and American mills, and argued that the United Kingdom should reorganise on their vertical model.
In October 1950 claimed fixed assets of £4,227,120 and current assets of £11 695 946. It had £4,058,526 in shares and had £683,010 in the profit and loss account.
Read more about this topic: Lancashire Cotton Corporation
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