The collapse of businesses during the 80s Thatcher recession


 

Over the first six months of 1980, a total of 3,160 firms called in the receivers. If you look at the list – as I’m doing now – there were loads of Midlands based medium sized manufacturers – especially in the automotive sector.

The toy industry was decimated in this period with Meccano closing down (makers of Dinky Toys); the failure of Dunbee-Combex-Marx (makers of Hornby trains, Scalextric cars and Sindy dolls) and huge redundancies at Lesney (maker of Matchbox toys).

Still, one area thrived – private receivers. Insolvency proceedings had been overseen by the government owned Official Receiver but Thatcher decided the City could do a far better job. And so through public policy, she helped build up the likes of Deloittes, Peat Marwick, Cork Gully and Coopers Lybrand. Many of these firms have since merged to create mega-accountancy operations.

Britain in decline
Britain in decline

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s