The decline of the coal and steel industries had a profound impact on many of the estates we managed across Wales and Ireland. Estates like Saltmead, Cascade, Cefn, and JC Clay were particularly affected, especially those reliant on ground rent income from terraced miners’ houses in the Valleys. The introduction of the Leasehold Reform Act in 1967, which allowed leaseholders to purchase their freeholds at discounted rates, further eroded this income - often the estates’ only source of revenue.
Recognising the need to adapt, the firm began to diversify. We shifted focus away from smaller estates without significant agricultural or commercial holdings and strengthened relationships with larger estates such as Plymouth, Dunraven, Fonmon, Priory, Cawdor, Merthyr Mawr, and Hean Castle - many of whom remain valued Cooke & Arkwright clients today.
To support this evolution, the Partners acquired businesses in Rating (Hugh Rogers and Nichol), Estate Agency (H. Stuart Davies, Ken Thomas & Co.), and niche land agencies in West Wales (Blois Brooke and JR Bennion & Co.). Our building surveying team also expanded rapidly.
At the time, a few younger Partners were beginning to explore commercial property, often in response to clients diversifying their own investments. One such client was George Williams, owner of the Christie Tyler furniture empire, with factories across south Wales and beyond. Another was Hymac, the excavator manufacturer based in Pontlottyn, with depots stretching from Exeter to Elgin. I was fortunate to manage their property portfolios.
In 1974, Robert Knight and Walter Davies decided to establish a dedicated Commercial Department. When I expressed my support for the idea, Robert replied, “Good… because you’re going to run it!” And so, the department was born. We brought in retail specialist David Evans to cover areas of the market I didn’t (and still don’t!) fully understand.
The firm continued to grow, opening offices in Swansea, Newport, Pembroke, Tenby, and even London. In 1988, Lloyds Bank (Black Horse Agencies) approached us with an offer to acquire the firm, part of a wider trend of banks and insurers buying property businesses. After lengthy negotiations led by Robert Knight, Julian Golunski and myself, the deal was done. At the time, we had 14 offices and around 150 staff.
However, the partnership didn’t last. Lloyds struggled to grasp the nuances of the non-residential property market, and the early 1990s recession hit hard. Eventually, they agreed to sell the firm back to the Directors - later dubbed 'The Magnificent Seven.'
What you see today is the legacy of that buy-back. Advances in technology and changing client needs have allowed us to streamline operations while maintaining strong relationships. Some of our former offices continue under new names - like Arkwright Owens in Hereford and BP2 in Swansea (formerly Cooke & Poolman) - and we remain in touch with many of our former colleagues and their families.
Over the past 53 years, Cooke & Arkwright has consistently demonstrated its ability to adapt, innovate and lead. Through economic cycles, banking crises, and even a global pandemic, the firm has remained resilient - thanks to strong leadership, teamwork, excellence and the loyalty of our staff. I hope to continue contributing for as long as I’m needed (and can find a parking space!).
Here’s to the next 125 years, and to those who will one day surpass the milestones Julian and I have set.