Isle of Thanet Gazette 24th November 1917
Margate Grocer’s Failure
The statement of affairs in the bankruptcy of John Stephen Sackett, of Albert House, Charlotte Square , Margate , Grocer, shows liabilities amounting to £1,535 and a deficiency of £1,318. The Official Receiver (Mr J O Morris) states in his observations:- “The debtor (aged forty-one) states that he commenced business on his own account as a grocer, in a small way, at No’s 45 and 47 Buckingham Road, Margate, fifteen years ago, with a free capital of £70, that subsequently (four years later) he purchased a similar business at 16 St John’s Road, Margate, for £200 of which sum he states £100 was borrowed but repaid within a few years. In 1912 he also opened another shop at 9 Cranbourne Place Margate. The debtor alleges that the before mentioned business was carried on successfully until the commencement of the war in August 1914, since which date, the receipts have fallen off very considerably. In addition, several of his employees joined HM Forces, with the result that three years ago he disposed of the stock etc at 45 and 47 Buckingham Road and about a year ago, for the same reason, he also sold the business at Cranbourne Place Margate.
The debtor also states that owing to scarcity of labour – in addition to trade at Margate being practically at a standstill – he closed the shop at 16 St John’s Road, about a month prior to the Receiving Order, and removed the whole of the stock there from a warehouse at Albert House Charlotte square, at which premises he appears to have also carried on a wholesale grocer’s business. The debtor admits that he became aware, about two years ago, of his involved financial position, but states that he continued to trade, hoping for an early termination of hostilities. He attributes his insolvency solely to the effects of the war (loss of trade, scarcity of labour and inability to obtain goods). He has been much pressed by creditors during the last twelve months.