In 1897 Elliot, Pearce’s Bank crashed spectacularly. Its collapse was unexpected, and investors included the Corporation, leading local businesses and individuals. The bankruptcy hearing exposed a world of financial laxity and risky speculative ventures. In addition to financial loss to many local residents, the fact that the Elliots continued to maintain a lavish lifestyle caused considerable ill feeling.
John Groves and Sons brewery bought their premises, which dated from the reign of George VI and added this fine building on the corner of St Thomas Street and Lower St. Alban Street
This splendid building lasted until 1966 when it was demolishedalong with the former bank premises, to be replaced by the somewhat stark, utilitarian Tesco stores. Its demolition was a loss to the street scene as it complemented the Post Office on the opposite corner of St. Alban Street, which dated from 1907 and which was extended in 1921/2.
