Reginald Varley’s suggestion to potentially sell the business in 1925 was promptly shouted down by his brothers and fellow directors, Ambrose and Clement.
On May 9, 1925, after consultation with the fellow two Varley sisters in England, Hilda and Myra, the shareholders decided to keep the Company in the engineering industry and instate Ambrose as the new chairman. James Colgan and Clement Varley were also moved into the roles of Manager and Assistant Manager, respectively. The trio hoped to turn the tides and restore the Company to a profitable firm.
At the Annual General Meeting in February 1926, however, G.H. Varley announced a loss of £287. Once again discussions of a Company sale erupted, however the directors instead decided to organise a bank overdraft to purchase new machinery. Soon after, following bank approval, a new lathe and punch shearing machine were bought, along with a second-hand Dodge car, for £255.
This was a major gamble by the new management team, and only time would tell if the new purchases would help restore Varley to its triumphs of yesteryear…
Stay tuned for more of the incredible Varley Story.