Praeds & Company (Fleet Street) Records

Archive Collection

Scope and Content

Records of Praeds & Company (Fleet Street) relating to the establishment and operation of the private firm and its amalgamation with Lloyds, including:

  • Establishment (1805-1888): partnership deeds;
  • Operation (1802-1890): partners’ and general ledgers, customers’ incidental papers, premises records;
  • Amalgamation (1890-1936): correspondence, amalgamation agreements, report on financial status of firm;
  • General (1658-1896): family papers, estate papers, records relating to properties other than bank premises.

Administrative / Biographical History

Foundation

Praeds & Co. was formed in London in 1802. Its principal partners were William Praed and John Eliot, 1st Earl of St Germains. The Praeds were already a prominent banking family in the West Country, having established The Cornish Bank in 1771.

The bank’s first premises, at 189 Fleet Street, were designed by the renowned architect, Sir John Soane.

Links to Cornwall

The bank's Cornish links proved invaluable in its infancy. Praeds & Co. acted as London agents for The Cornish Bank, as well as a number of other country banks in the south and south-west of England. Much of its early business came through the sale of securities. The majority of these purchasers were also listed as stockholders in The Cornish Bank. Customers ranged from miners to hatters, and bakers to gamekeepers.

Takeover

In the latter half of the 19th century, a significant part of the bank's business was under threat. It had long acted as London agent to country banks, but many of these were now employing the larger joint-stock banks instead. Praeds found it increasingly difficult to compete. In 1891, it accepted a purchase offer from Lloyds. Charles Praed, the principal partner at the time, sat on the board of Lloyds until his death in 1895.

Conditions Governing Access

Access is by appointment only, and at the discretion of the Archivist. Please e-mail archives@lloydsbanking.com for further information.

Other Finding Aids

Item level catalogue available - please e-mail archives@lloydsbanking.com for further details.

Geographical Names