West Midlands leads the way for longest established family businesses

THE West Midlands is home to three of the UK’s longest surviving family businesses, a new study has shown.

Birmingham-based medals and regalia manufacturer Toye, Kenning & Spencer is the region’s oldest. The Jewellery Quarter business first started up in 1685 and has manufactured military and civilian accoutrements ever since.

It is an approved Ministry of Defence supplier while it also supplies specialist ribbon to military organisations in the United States, Canada and Australia.

It is sole supplier of medals such as the CBE, OBE and MBE and during the coronations of King George VI and Queen Elizabeth in 1937 the velvet cushions on which the Royal Crowns were carried into Westminster Abbey were made by Toye. It also made the train of the dress that Queen Elizabeth II wore when she was crowned in 1952.

The company is sixth in the list of the top 10 oldest family businesses in the UK, according to a study by the Institute for Family Business.

In addition to Toye’s the list also contains two other firms from the region – Lye-based property and manufacturing firm Folkes Group, which can trace its origins back to 1697, and Birmingham’s Salts Healthcare, which opened in 1701.

The IFB, which lobbies for the family business sector, conducted the study to mark its 10th anniversary.

The oldest continuously trading family business in the UK is RJ Balson and Son, a butcher from Bridport, Dorset, which has sold sausages and bacon since 1535, when Henry VIII was monarch.

Grant Gordon, IFB director general, said: “These trading companies, run by the same families for up to 15 generations, really demonstrate the longevity of family businesses and the stability they bring to the UK economy – especially important during times of economic difficulty.

“Their stories are intertwined with the history of Britain and many are still based in the same communities they have always served. They have also shown the qualities that all progressive family firms require good stewardship and entrepreneurial spirit.”

The Folkes Group began by making chain mail and swords. Now, in addition to making real estate investments, the firm produces specialised cargo handling equipment, large crankshafts, roofing materials and other products. It is currently run by Constantine Folkes, who became the youngest chairman of a listed plc in 1981, at the age of 28. He is the ninth generation of the family to run the business.

Folkes holding is now one of the largest private companies in the West Midlands and although the group has long since focussed on property development and investment, its origins lie in engineering – it continues to own Somers Forge, one of the largest open die forges in Europe.

Salts Healthcare was founded by brothers John and William Salt, both locksmiths in Wolverhampton. The firm was established as a surgeons’ instrument maker and cutler by the time of John Salt’s death in 1755. Today, the business is in its 10th generation and manufactures and supplies health care products with an international reputation.   

The 10 Oldest UK Family Businesses

1.    R J Balson and son – 1535                 (butcher)
2.    R Durtnell & Sons Ltd – 1591             (construction)
3.    C. Hoare & Co. – 1672                         (bank)
4.    Morning Foods – 1675                         (miller)
5.    James Lock & Co. Ltd – 1676             (hatter)
6.    Toye, Kenning & Spencer – 1685       (medals & regalia)
7.    Folkes Group – 1697                            (property & manufacture)
8.    Berry Bros. & Rudd Ltd. – 1698          (wine merchants)
9.    Salts Healthcare – 1701                       (healthcare products)
10.    Aspall Cyder – 1728                            (cider makers)