Name Harold Cottee | Role Businessman | |
Died December 7, 1973, Strathfield, Australia | ||
Harold Warnock Cottee OBE (22 August 1898 Lismore, NSW - 7th December 1973 Strathfield, NSW) was an Australian businessman and philanthropist who was instrumental in making Cottee's Ltd, a food and drinks company, which was one of the most successful companies in Australia at the time and which was eventually sold in 1966 for the highest price ever paid for an Australian company.
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Early life
Born in Lismore, NSW in 1898, Cottee was one of 11 children born to Spencer Milton Cottee and Eliza Ellen Cottee (née Dorrough) who were staunch Methodists.
Business career
It was Cottee’s father, Spencer Milton Cottee, who developed the drink Passiona upon which the business was based. In 1924 Cottee gave up the study of Law to marry an English nurse, Lois Spencer, who persuaded him to move to Sydney and try to make a success of the company registered by him and his father in 1927 (The Bulletin July 30, 1968). With three children, the couple worked day and night to make a success of the company and when funds became low they returned to Lismore to finance their return to Sydney. In February 1928 with no further capital from shareholder sales, the sales persons were sacked and the company minutes noted that "The wisest course for the directors and secretaries is to resign and for the company to stand in abeyance" (“ “ Cottee's A Family Favourite, Celebrating 75 Years, page 25). "It was the efforts of Spencer and his pragmatic son Harold Warnock that sustained the business during its first few years."
"While Spencer jumped from one venture to the next, his forward-thinking son Harold Warnock (HW) was curious like his father, but his curiosity was piqued more by people, particularly how their individual talents could be harnessed to ensure the success of his projects. He recognised that financial growth required perseverance and, ultimately it was HW who would transform the family's wonder drink into a wonder business." (“ “ Cottee's A Family Favourite, Celebrating 75 Years, page 20).
Their task was made more difficult when in 1929 the Wall Street Stock Market Crash lead to a recession in Australia when many businesses had to close down.
The company eventually started to make a profit and, recognising that financial growth depended on perseverance, Cottee transformed a family business into a wonder business. (“ “ Cottee's A Family Favourite, Celebrating 75 Years, page 20). The word Cottee’s on the labels of the products was reminiscent of his personal signature.
With the advent of World War II Cottee’s Passiona Pty Ltd was selected to produce food for the Armed Forces and the expansion of the company continued until in the 1950s when Cottee’s became a family name and was as famous for its jams, jellies, spreads and syrups as it was for Passiona and other soft drinks. Cottee always believed that people were willing to pay a little more for a quality product.
By 1958 the company had trebled its resources as well as maintaining a 15% dividend rate (Australian Financial Review July 10, 1958) and under the direction of Cottee, Cottee’s Ltd. developed into one of Australia’s major food and soft drink companies with interests in all states.(The Australian Financial Review April 5, 1968)
Harold Warnock Cottee was proud of his all Australian company and resisted attempts of interested overseas buyers, but eventually, when General Foods U.S. came with an extremely high offer, he felt the shareholders should make the decision. In 1966 Cottee’s was bought by General Foods U.S. for the sum of 6 million dollars the highest price paid for an Australian company up to that time. Cottee was installed as chairman of Cottee’s General Foods Ltd and he retired two years later. (Australian Financial Review April 5, 1968.)
Philanthropy
Throughout his life Cottee gave generously to the church and those organisations he felt were worthy. He particularly wanted to help disadvantaged children and young people. In 1961 Cottee introduced passionfruit growing to Fiji and after the sale of Cottee’s Ltd. he bought the business himself to ensure the people of Sigatoka could continue to produce a cash crop and develop their community. The Fijians rewarded him by presenting him with a whales tooth the highest honour bestowed in Fiji.
Also in 1961 Cottee started to establish an orchard in Renmark, South Australia on 500 acres of virgin land, a property 2.5 kilometres long and half a kilometre wide. Cottee piped water several kilometres from the Murray River and the property eventually became the largest citrus farm in the southern hemisphere, developed specifically as a donation to Wesley Mission. An example of his optimism and foresight Cottee knew that this venture would not generate a profit for seven years but did not live to see this happen. The Mission cited the donation of this orchard as the greatest bequest ever up to that time and which showed how a thoughtful bequest can lead to ongoing support. By 2007 needy children in Sydney had benefited by more than two million dollars from the sale of oranges and orange juice. Rev Gordon Moyes 8 August 2007 Australian Short Stories Rev Dr Gordon Moyes AC - Cottee Orchard 8 August 2007 SMH Cottee Estate to Children's Home June 14 1974
Cottee supported the Wesley Mission for years and helped finance Alan Walker’s ‘Mission to the Nation’, In 1980 Dalmars Children's Homes opened a teenage refuge in Ashfield, Sydney called ‘The Harold W. And Lois Cottee Lodge’ in recognition of the late Cottee and his wife.
Honours
On 12 June 1971 Harold Warnock Cottee, company director received an OBE (Order of the British Empire) for services to industry and community, and he was about to be knighted when he died in 1973.
Death
Cottee was survived by his wife Lois and his seven children; Jean Lois, Harold Spencer, Kenneth James, Rosemary, Pauline, Carole and Dianne.