Mr G W Price, Founder.

Formation of George William Price Ltd.

In the following year, Mr. F. R. Price left school and joined his father at Joseph Truman & Co. Limited. In 1908 they both left this Company and set up their own business, George William Price Limited of Nottingham, as a Finishing and Selling organisation for Leavers laces. They founded a firm which, in a comparatively short time, was to establish a world-wide reputation for its laces. By then Mr. G. W. Price had had over twenty years experience in the lace trade and with this backing the new company rapidly forged ahead to become one of the largest firms in the industry.

The new company commenced its trading activities at 11-13, Stoney Street, and later on it expanded to 15, Stoney Street which, at one time, had been a public house, and then to 17 and 19, Stoney Street. Shortly after it was formed, Mr. L. W. Hancock, who had been with Mr. Price at Joseph Truman’s, joined the company as a salesman. In this capacity he was to travel to most parts of the world, and in particular to Canada and the United States to which he made yearly trips. Mr. Hancock was appointed a Director of G. W. Price Limited in 1922, and before his retirement in 1957 he had crossed the Atlantic 110 times on the firm’s business.

George William Price Limited was incorporated in 1911, the first Chairman being Mr. G. W. Price, and the Directors Mr. F. R. Price, who is the present Chairman and Managing Director, Mr. Frank Haslam and Mr. T. Hopkinson. It continued to make remarkable progress until the outbreak of the First World War. Meanwhile, the sister company, The Shepshed Lace Manufacturing Company Limited, was also making rapid progress and in 1912 commenced to make Barmen lace machines as well as the finished product. Mr. Harold Price was an engineer of considerable ability and he had been able to make many improvements on the traditional Barmen machine, both in the method of construction and in the system of drafting. Very many of the latest German machines of today incorporate a number of his early patents. Upon the outbreak of war in 1914, the manufacturing plant of The Shepshed Lace Manufacturing Co. Ltd., was placed at the disposal of the Government, and the Engineering section was turned over to the manufacture of 18 lb. high explosive shells.

Early in 1916, Mr. Frank Haslam, one of the original directors of George William Price, Ltd., died, and Mr. W. Harold Price was elected a Director in his place. The following year, Mr. J. Nelson was also elected a Director.

Development Plans

Soon after the First World War ended, plans were made for development and expansion of both George William Price Ltd., and The Shepshed Lace Manufacturing Co. Ltd. One of the first developments was the launching of the latter as a public limited company with a capital of £100,000 and the election of Mr. F. R. Price to the Board of Directors. The influx of new capital allowed The Shepshed Lace Manufacturing Co. Ltd., to commence building Barmen lace machines on a large scale, and in order to assist overseas buyers it was decided to concentrate the offices, salerooms and warehousing at Loughborough. A warehouse was built for this purpose in Great Central Road and occupied in 1922. During the following five years these premises were extended so that it was possible to move the entire Shepshed Factory there. Other bays have recently been added, and the floor space now covers over 65,000 square feet.

Meanwhile, George William Price Ltd., decided to abandon its previous policy of selling for export largely through local Commission Houses, and go direct to all the principal markets of the world. Very great efforts were made in this direction with satisfactory results, and this enabled the Company to avoid much of the effects of the trade depression of the early 1920’s which had a particularly severe effect on the lace industry. Nonetheless, unemployment in the United Kingdom reduced the opportunity for selling in the home market, and balance of payment difficulties being experienced by traditional importing countries added greatly to the difficulties of exporting. It was at this time that Mr. L. N. Attewell and Mr. H. T. Barsby, both later to become Directors, joined the Company as salesmen. Both spent much of their service with the Company overseas and their work was of great value to the growth of the Company.

Improving Efficiency

Later it was recognised that it was essential to produce lace as economically and as efficiently as possible, and to this end a lace manufacturing plant was purchased in Long Eaton. Mr. F. R. Price was constantly finding ways and means of improving efficiency, and the spirit of progress which he engendered was largely responsible for the firm making progress during a very difficult period. One of the innovations which Mr. F. R. Price introduced was the first loudspeaker system to be employed in any British factory. When he was in Vienna in 1929 he saw a loudspeaker system for calling executives, who were out of their offices, for urgent telephone messages to customers, etc., in operation at the factory there. On his return to England he made enquiries of many electrical installation firms but was unable to obtain suitable equipment from them. Eventually he purchased a number of steel trumpets which had been used on battleships to issue firing orders. These were installed in the rooms of the Nottingham warehouse with very great success.

In December, 1933, the manufacturing firm of W. Parnham Smith Limited was incorporated as a subsidiary of George William Price, Limited, the first Directors being Mr. G. W. Price as Chairman, together with Mr. F. R. Price and Mr. J. Nelson. The Shepshed Lace Manufacturing Co. Ltd., continued its researches into methods of lace production and about the same time introduced the first perfect elastic lace ever to be made in the United Kingdom. As a demonstration of the effectiveness of this elastic lace, one piece was stretched to its limit a million times. At the end of the demonstration it was taken down and examined and found to he in perfect condition.

1935 was a memorable year in the history of George William Price, Ltd. It was in this year that Mr. G. W. Price celebrated his 70th birthday by holding a Dinner for all people in the lace industry over the age of seventy. 200 attended the Dinner which was presided over by Mr. F. R. Price. The oldest guest, Mr. Edward Smedley, aged ninety-three, presented Mr. G. W. Price with a walking stick, accompanied by the wish that he would live to use it for very many years to come. In the same year, Mr. L. N. Attewell was appointed a Director in recognition of the valuable services he had given to the Company in selling overseas.

Two years later, in 1937, the family suffered a severe loss in the sudden death of Mr. W. Harold Price, (who, with his father, was the founder of The Shepshed Lace Manufacturing Co. Ltd.) at the early age of fifty. His extraordinary inventive powers and his tireless enthusiasm for work had been largely responsible for the growth of their Company. On his death, the Managing Directorship of The Shepshed Lace Manufacturing Co. Ltd. was taken over by Mr. F. R. Price, and Mr. Eric B. Hancock, the brother of Mr. L. W. Hancock, was appointed General Manager.

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