Benjamin Outram and Co
1790 Francis Beresford, solicitor to the Cromford Canal company, bought the freehold of Butterley Hall and its estate. He leased it on a moiety to the young Benjamin Outram until the latter had acquired enough capital for a fifty percent holding. This provided access to minerals and Outram built an ironworks.
1792 Beresford and Outram were joined by John Wright, the grandson of Ichabod Wright, a wealthy Nottingham banker, who married Beresford's eldest daughter, and William Jessop (1745–1814), principal engineer of the Cromford Canal, of which Outram was resident engineer; the four men together established Benjamin Outram and Co., with a nominal capital of £6000. Outram took up residence at Butterley Hall and was the only partner active in the management of the company, in which he was assisted by a younger brother, Joseph.
1793 the French Revolutionary Wars broke out and, by 1796, the blast furnace was producing nearly a thousand tons of pig iron a year.
1805 Benjamin Outram died; one of Jessop's sons, also William, took over. The company finally paid a dividend, having paid off its debts.
Sources of Information
- Biography of Benjamin Outram, ODNB
- London Gazette 14 March 1807