The firm went bankrupt in 1788, with debts totalling £1.5 million (equivalent to £196 million in 2025).[4][5] It is thought that at the time they employed about 800 workers directly, and were providing "bread to 20,000 persons" (this would include direct employees, out-workers, and their dependants).[1] The firm's bank was Byrom, Allen, Sedgwick and Place of Manchester, which had been founded in 1771. By 1780 it was managed solely by William Allen, who made extensive loans to Livesey, Hargreaves and Company; Allen was related by marriage to the Liveseys. Two days after the firm was declared bankrupt, the bank collapsed, and Allen was also bankrupt.[6]