This year is the 225th anniversary of Letts. We are celebrating this extraordinary milestone with a series of articles (and events) – from the early years right up to today. The third article looks at the transition to the third and fourth generation of the family business – run by Charles Letts.
In the 1870’s Thomas Letts, who had now been joined in the publishing business by his son Charles, took advantage of recent changes in company law to convert the business to a limited liability company. At the same time new capital was introduced to help finance the expanding business, and non-family directors became involved.
This, and the more academic nature of Charles, led to tensions between the family and non-family directors which culminated in Charles leaving the company in 1881 to set up on his own and thus create the business which developed into the 21st century diary publishing business bearing his name.
Thus two competing brands of Letts diaries were published until 1945, when Charles Letts & Co Ltd re-acquired the copyright of the original business founded by John Letts.
To set up on his own was a brave step for a man of forty-two with a growing family, and the first years of developing his own business were an uphill struggle. Charles was a scholarly man, author of an excellent essay on Celebrated Diarists, and the business only developed slowly under his control. It was not until his two sons, Harry and Norman, joined him that real signs of growth and prosperity were apparent. Harry, in particular, displayed many of the characteristics of his grandfather, Thomas, and he was mainly responsible for developing the business from one publishing a few hundred thousand diaries per annum at the turn of the century to a circulation of 2.7 million at the time of his retirement in 1932.
The fluctuations in the fortunes of the business were not reflected in the product. If you compare a diary produced in the early part of the century with a similar model at its end, what is apparent is the slow pace of change, no doubt reflecting the gradual maturing of the product and a more stable and conservative society. Designs and formats developed almost imperceptibly, while the information alone became more detailed and comprehensive. Even prices remained stable, with the 1856 and 1894 editions of the same model retailing at an unchanged shilling.
One innovation which occurred in the 1860’s was the introduction of advertising in the diaries which, no doubt, allowed for a better value to be provided at the same price. It was not until the twentieth century that a certain dynamism becomes apparent in the product, reflecting underlying changes in demand which took the diary from a conventional but restricted market of a few hundred thousand to the mass consumer product of today.
In the last of our anniversary articles about the past history of the eponymous Letts diary family, we will look at the development of the Letts Diary business in the twentieth century and the gradual transition, by the Letts family, to the new, twenty first century Letts Group.