Hirschel Industries

Abstract

Hirschel Industries Plc is the holding company in a group which operates in the furniture industry. The company’s shares are quoted on the London Stock Exchange (on the supplementary list) and according to the prices quoted, the equity of the company is valued at £9.4 million. The Hirschel family — the founders of the business — retain 18% of the voting shares and this has been sufficient to enable them to retain control. The Hirschels and/or their nominees are able to dominate the various boards of directors within the group. The business was started by Abraham Hirschel when he and his family fled from the political disturbances in Easter Europe in 1919. Using his considerable knowledge of and liking for timber he set up a timber import business in the Shoreditch area of London and served the local furniture trade. The fortunes of the business fluctuated greatly with the general trade cycles but there was a modest expansion over the years until Abe’s oldest grandson, Mark, took over as Chairman and Managing Director. Much of the success of the Hirschel enterprise has been due to Mark’s astuteness in taking over certain companies at opportune moments.