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Home > Beyond Scotland > Wales and vicinity > Dee Oil Co. Ltd (1888)

Dee Oil Co. Ltd (1888)

Constitution Limited company
Company number 26894
Share capital £100,000
Date of Incorporation 31st May 1888
Date of Dissolution reciever appointed February 1891
Registered Office 38, Leadenhall Street, London
Property Dee Oil and Candle Works
Offices in London, Liverpool, Manchester,Barrow-in-Furnace, Hull, Newcastle-on-Tyne, and Paris

A substantial limited company promoted to carry forward the interests of the Dee Oil Company, an established firm of oil refiners, operated as a copartnership. The Dee Oil Co. Ltd. failed in 1891 leading to an investigation of the firms affairs and high profile court case that revealed that the state of the business had not been fairly represented in the prospectus for the limited company. The firm was operated by the reciever for more than two years before a new limited company was established to take over its interests, which was also titled the Dee Oil Co. Ltd.

 

Prospectus of the Dee Oil Company Limited

The SUBSCRIPTION LIST will OPEN on SATURDAY, the 2nd June, and will CLOSE on or before THURSDAY, the 7th June, 1888.

THE DEE OIL COMPANY LIMITED (Incorporated under the Companies Acts of 1862 to 1886.) Share Capital £100,000, in 20,000 Shares of £5 each. Debenture Stock £50,000, bearing Interest at 6 per cent.

PARRS' BANKING COMPANY (Limited), of Warrington, Chester, Liverpool, &c., and their London Agents, Messrs. GLYN, MILLS, CURRIE, and CO., 67, Lombard-street, E.C., are authorized to receive Applications for the Capital under mentioned. The Vendor accepts 6,600 fully-paid Shares (£33,000) as part of the purchase money, and the remaining 13,400 (£67,000) are now offered for Public Subscription, at par, payable- £1 per Share on Application, £2 per Share on Allotment. £2 per Share on the 10th of July, 1888. The Debenture Stock will be secured as a First Charge upon the entire property of the Company. It will be represented by Certificates registered in the Company's books, and will be transferable in any multiple of £10. Interest will run from 1st June, 1888, and will be payable half-yearly, on 1st December and 1st June. The Stock is redeemable at the opinion of the company after 5years at 5 percent. Premium at 6 months' notice, and is now offered for Public Subscription, at par, payable 5 per cent. on Application and 95 percent on Allotment.

DIRECTORS

BANKERS

SOLICITORS.

AUDITORS

SECRETARY AND LONDON MANAGER

PROSPECTUS.

This Company has been formed to acquire as a going Concern the business carried on for many years by the Dee Oil Company, at Saltney, near Chester, with offices in London, Liverpool, Manchester, Barrow -in-Furness, Hull, Cardiff, Newcastle on-Tyne, and Paris R. J.E. Edwards, J.P., City treasurer of Chester (of the firm of J.E. Edwards, son and company, Accountants), has inspected the bocks and accounts of the Company, and reported, the net profits for the past ten years, 1878 to 1887, after making ample allowances for depreciation of plant &c., have amounted to £171,550, or a yearly average of £17,155; and it is anticipated from the orders now in hand that sales this year will be more than maintain this average, and the profits increased by a corresponding degree. Which, it will be seen is equal to a 14 percent dividend on the Share Capital of the new company after providing for Debenture interest.

The business was established in 1869 and has so increased that now the works, yards, and premises cover an area of over thirty acres of land at Saltney, near Chester . The works are well found with all modern plant and appliances for manufacture of Lubricating and other oils, refined wax, candles, &c. and will admit of extensions being made economically to meet all possible requirements for an increasing business. The plant includes eight Store Tanks, of a capacity of 72 tons each for Crude and refined oils, four benches of Stills, Refineries, and very large Ammonia Freezing Engines – in fact, every improved appliance for carrying on one of the largest mineral oil trades in England. The property is bounded on the north by the river Dee, and to the south by the London and North Western Railway. Sidings from this railway and the Great Western run into the works. Labour is cheap and abundant.

A new method of employing Iodine for antiseptic purposes has been brought out and perfected by the Company, and a steady trade has been inaugurated in the Disinfectant Candles thus produced, with very promise of increasing sales at remunerative prices is confidently anticipated that these articles, once they become more widely known, still command an extensive sale, the demand at present, without special advertising, being such as to justify the existing plant being doubled. Mr. William Clarke Deeley, senior and acting partner of the Dee Oil Company, has consented to remain as managing director of this Company for a period of not less than five years, and has agreed not to engage or be interested in the same business at any time hereafter within one hundred miles of Saltney.

The remaining partner, Mr. John Thompson, of Boughton Hall, Chester, retires from the business, but will take a large share interest in the new Company. The services of the present staff and agents at home and abroad will be retained, by which arrangement experienced management secured, and the Company; acquires this undertaking in active operation. The business will be taken over as from 1st June 1888, and the accounts will be made up annually.

To show the high-class nature of the Company's manufactures, it may be stated that among their customers are the following:

The property at Saltney, exclusive of the goodwill and the fixtures and trade fittings at the various depots, has been valued by the eminent firm of Messrs Churton, Elphick & Co of Chester at £101,148 9s. In their report their The consideration to be paid for the works at Saltney, and the offices and warehouses situated at London, Manchester, Liverpool, Barrow-in-Furness, Hull, Cardiff, Newcastle-on-Tyne, and Paris, including freeholds, machinery, plant, tools, fixtures, patent rights, trade marks, secret processes, and goodwill, is £82,000 in cash and £33,000 in fully paid-up Shares, or in such other proportions that may be agreed between the Vendor and the Directors. This will leave for working capital, stock and for the purpose of extending the business of the Company, £35,000

The Company will not take over the liabilities of the business nor book debts, but will collect the later in the ordinary course of business free of charge, and account therefore to the Vendor. The Stock-in-trade, which the vendor undertakes shall be ordinary saleable stock that will be taken over at trade values. An early application for a Stock Exchange quotation will be made. A draft Contract, embodying the above arrangements, has been entered into between William Deeley of the one part and the Company the other part. Prospectuses and forms of application can be obtained from the offices of the Company, or from or Bankers, Brokers, Solicitors, or Auditors.

Pall Mall Gazette; 2nd June 1888

 

References

THE DEE OIL COMPANY. Under the winding up this company a summary of the accounts has been issued by the Official Receiver, that the company was incorporated on May 31st 1888, with a share capital of £100,000 and debenture stock for £50,000. for the purpose of acquiring as a going concern the business carried on for many years the style of the Dee Oil Company. The purchase money. as stated in the prospectus, was £32,000 and £33,000 fully paid-up shares. The unsecured liabilities are returned at £3,763, and loans of £51,462 on debenture bonds secured on the assets of company, there being no assets to meet the unsecured liabilities. As regards contributories, the deficiency is put down at £103,768.

Manchester Courier and Lancashire General Advertiser, 26th August 1891

 

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