Bankruptcy and Reinvention

A Sudden Downfall (1853)

Despite their previous success, ‘R & A Milsted’ collapsed in March 1853 when Albert was declared bankrupt. The fallout was swift, with the bankruptcy courts in London taking charge of the case. By 20 May 1853, a certificate of bankruptcy was issued, and the business’s stock and assets were auctioned off:

“Selling the shop fittings, fixtures, gas fittings, counters, nest of shelves, glass cases, window slides and frames, shop stoves, kitchen range, fire grates, and other effects, the property of Mr. Milsted, bankrupt.”

The bankruptcy proceedings lasted several months, with creditors seeking their due payments while Albert attempted to navigate the legal and financial turmoil. Newspaper reports from the time describe public sales held at the Milsted premises in Cardiff, indicating the scale of the losses sustained by the business. The collapse of R & A Milsted not only impacted Albert personally but also affected his extended family, including his widowed mother Elizabeth, who had already suffered from the legal scandal earlier that year.

A Determined Reinvention (1853-1854)

Yet Albert was not one to remain defeated for long. Just months after his bankruptcy, in September 1853, he attempted a comeback by launching a new business in Gloucester:

HUDSON BAY HOUSE, 159 WESTGATE STREET, GLOUCESTER. A. MILSTED & CO., FURRIERS, BEG to apprise the Gentry and Inhabitants of Gloucester and its vicinities that they have OPENED the above PREMISES… This Establishment is not Opened for the Season only, but for permanency. (Gloucester Chronicle, 24 September 1853)

The wording of the advertisement suggested confidence, but was this optimism misplaced? Gloucester was a growing commercial hub at the time, thanks to its docks, canal trade, and increasing railway connectivity, making it an attractive location for a furrier to re-establish themselves. However, Albert’s reputation and financial stability had taken a major hit, and running a business under the shadow of bankruptcy would have been challenging.

Did Albert Succeed in Gloucester?

It remains unclear whether A. Milsted & Co. managed to establish itself permanently in Gloucester. Unlike the previous years in Cardiff and Swansea, newspaper advertisements and business records do not show long-term activity, suggesting the venture was short-lived. Furthermore, it is uncertain whether Margaret and Alice joined Albert in Gloucester, or if he relocated alone, leaving his unofficial second family behind.

By 1854, there are fewer mentions of Albert in the business records, raising the possibility that he had either abandoned the trade altogether or moved again in search of another opportunity. What is certain is that his once-prosperous furrier business had been reduced to a fleeting attempt at reinvention.