William Allen (banker) facts for kids

William Allen (1736–1792) was an English banker. He helped start the very first bank in Manchester. He was also the father of a son who would later become an important bishop.

William's Early Life

William Allen was the youngest of six brothers. His mother died when he was only six years old. His father then raised him. When his father passed away, William was the only child left. He inherited his father's home and property.

In 1760, William married Tomas Clowes' daughter. Five years later, in 1765, he bought a large house called Davyhulme Hall. This house was near Urmston, which is now part of Greater Manchester. Sadly, his first wife died a year later. In 1768, he married Ellen (Nellie) Livesey. Her father, John Livesey, owned a cotton mill in Blackburn. William and Ellen had a son, Joseph, in 1770. Joseph later became a bishop. Their daughter, Ellen, was born in 1774.

Starting a Bank

William Allen helped create the first bank in Manchester. It was called the Manchester Bank. Its full name was Byrom, Allen, Sedgwick, and Place. The bank opened on December 2, 1771. The other founders were Edward Byrom, Roger Sedgwick, and Edward Place.

Edward Place left the bank after a few months. He wanted to work on other businesses. Edward Byrom died in 1773, and Roger Sedgwick died in 1779. This meant William Allen became the only person in charge of the bank.

A Difficult Time

The bank had a customer named Livesey, Hargreaves and Company. William's wife, Ellen, was part of the Livesey family. William's bank lent a lot of money to this company. However, in 1788, the company ran into big financial trouble. It could not pay back its debts. The company owed a huge amount of money, about £1.5 million. This would be like millions of pounds today.

Just two days after this company failed, William's bank also collapsed. William Allen was declared bankrupt. This meant he had to sell his property to pay off his debts.

Later Years and Family

After losing his bank and property, William Allen and his family moved. They went to live with an old friend, Robert Wainwright Ashley. Their friend lived in a home called Park Place in Frodsham, Cheshire. William died there four years later, in 1792.

In 1794, William's daughter, Ellen, married Robert Wainwright Ashley's son, Daniel. Years later, in 1807, William's son, Joseph, married Robert's daughter, Margaret. Joseph had studied in Manchester and then at Trinity College, Cambridge. He became a vicar for two churches in London. In 1834, he was named Bishop of Bristol. Two years later, he became Bishop of Ely. He stayed there until he died in 1845. William's wife, Ellen, died in 1825.

William and Ellen Allen were both buried at St. Laurence's Church, Frodsham. There is a special wall monument inside the church to remember them.