Isaac Wolfson facts for kids
Sir Isaac Wolfson (born September 17, 1897 – died June 20, 1991) was a very successful Scottish businessman. He was also a kind person who gave away a lot of his money to help others. He led a big company called Great Universal Stores (G.U.S.) for many years. He also started the Wolfson Foundation to give money to good causes like education and health.
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Early Life and First Steps
Isaac Wolfson grew up in the Gorbals in Glasgow, Scotland. His father, Solomon Wolfson, was a Jewish cabinet maker who came from Poland. Isaac went to Queen's Park School in Glasgow.
He was very good at math. But his family didn't have enough money for him to become an accountant. So, he started working as a salesman for his father. His father made simple tables and chairs. Isaac was known as a brilliant salesman. He made many friends in business who worked with him for a long time.
In 1920, Isaac moved to London. There, he started his own business. He sold clocks, mirrors, and furniture covers. In 1926, he married Edith Specterman. Her father owned several movie theaters and helped Isaac with money when he was starting out.
Leading Great Universal Stores
In 1930, Isaac was showing his products at a trade fair. A director from Great Universal Stores (G.U.S.), George Rose, was impressed. He ordered 500 clocks from Isaac, which was a huge order for Isaac's small business. Soon after, Isaac became the main buyer for G.U.S. He kept his own business too.
G.U.S. was started in 1900. It was a mail order business, which means they sold things through catalogs and delivered them to people's homes. In 1931, the company faced serious problems. Its shares lost a lot of value. This was due to money troubles, a move from Manchester to London, a fire, and a tough economy.
Isaac Wolfson slowly bought shares from the company's founders. He used money lent by his father-in-law and a friend. In 1932, he became a joint leader of the company. By 1934, he was the only managing director. In just 18 months, Isaac made big changes. The company went from losing £55,000 in 1932 to making a profit of £330,000 the next year!
From 1934, Isaac started buying other companies. Many of these companies had lots of hire purchase debts and property. Hire purchase is like buying something on credit, paying it off over time. These purchases helped G.U.S. grow even more.
During World War II, Isaac continued to buy businesses. He believed that if Hitler won, his businesses wouldn't matter anyway. But if Hitler lost, the opportunities would be huge. In 1932, G.U.S. was worth £700,000. By 1948, it was worth £16 million! This amazing growth made G.U.S. a very powerful company.
By 1970, Isaac had sold his private business. He handed over control of G.U.S. to his son, Leonard Wolfson.
Other Business Ventures
Isaac Wolfson was very smart with money. He helped other businesses too. He once gave a large loan to a financier named James Goldsmith. He also supported a washing machine seller named John Bloom. However, Isaac later stopped his financial support for Bloom's company, which led to it closing down.
In 1954, Isaac was part of a group that won contracts for early television channels in England. But the group didn't have enough financial support, so it fell apart.
Giving Back: Religion and Charity
Isaac Wolfson was a very religious Jewish man. He followed the traditions of his family. He once said, "No man should have more than £100,000. The rest should go to charity." He gave huge amounts of money to many charities. After 1948, he also supported charities that helped Israel. In 1962, he became the president of the United Synagogue, a major Jewish organization.
In 1955, Wolfson started the Wolfson Foundation. This foundation helps improve education, health, and youth activities. It has supported many important projects. For example, it helped create Wolfson College, Oxford and Wolfson College, Cambridge. This made him the only non-religious person to have a college named after him at both Oxford and Cambridge universities. He also helped fund parts of other universities and libraries. The Wolfson family also supported two housing projects and a medical center in Israel.
Personal Life
Isaac Wolfson lived in Worcester until 1960, then moved to London. In 1962, he was given the title of Baronet by the Queen. This meant he became Sir Isaac Wolfson. In 1963, he was chosen as a Fellow of the Royal Society, which is a very high honor for scientists and important people. In 1971, he received the Freedom of the City of Glasgow, his hometown. He passed away in Israel in 1991, at the age of 93.
His wife, Edith Specterman, was also involved in charity work. She was a leader in the English Jewish Welfare Board. Isaac and Edith had one son, Leonard, who was born in 1927.
See also
- Wolfson family
