He had made his fortune in speculating on oil stocks,[1] and had convinced investors to promote department stores and bring them under the management of a retail conglomerate.

[12] In 1929, as part of his fraudulent plan to raise the cash for his deal to purchase United Steel, Hatry forged £478,100 of shares in the Drapery Trust, but by September 1929 he had confessed to his crimes.

[13] In 1931, Lloyds Bank started proceedings to enforce recovery of £493,100 that was against mortgages of property due to concerns of fraudulent behaviour.

[27][28][29] The subsidiary continued to restructure by selling the Drages business to Great Universal Stores in 1937.

[30] In the 1970s it was decided to bring all the business under one brand, and so the stores of the Drapery Trust were either converted into Debenhams, or were closed.