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.