Walter Powell Jeffreys, Sr. owned and operated the firm of Jeffreys, Davies and Co., from offices in Prices Street, Liverpool, for much of the mid 19th Century. Through the years members of the Jeffreys family worked for the firm including his brother, Rees Jeffreys, and Rees' son, John Henderson Jeffreys.
By January 1867 Walter, Sr. was ready for retirement and planned on returning to his home, Llandovery, S. Wales. He struck a deal with his nephew, John Henderson Jeffreys, to sell John the business. The solicitors drew up a contract and young John together with David Davies, became the new owners of Jeffreys, Davies and Co.
The contract called for the following payments to be made to Walter P. Jeffreys, the vendor -
1,500 pounds for the goodwill of the company, payable in 10 yearly installments of 150 pounds
6,040 pounds for the stock in trade of Jeffreys, Davies and Co.
The purchase and sale agreement also made arrangements for the cash in the till, presently amounting to 450 pounds and the good book debts of the business in the sum of 6,126 pounds. The liabilities of the company came to a total of 3,816 pounds.
The adjusted balance to be paid to Walter amounted to the sum of 6,490 pounds which was to be paid by the purchasers in graduated installments over 10 years.
