Washington H. Soul Pattinson

Caleb Soul and his son Washington opened their first pharmacy at 177 Pitt Street, Sydney, in 1872 trading as "Washington H. Soul and Co." In 1873 the business moved to larger premises at 158–160 Pitt Street where it remained until the building burnt down in 1886. Caleb Soul re-built the present building, which was first called the Phoenix building. A phoenix was placed on top of the front facade, being the phoenix rising from the ashes. This remained the company's head office and flagship Soul Pattinson store until 2018, when the store closed.

Lewy Pattinson emigrated to Australia in 1881 after hearing of Soul's success and became good friends with him. While Lewi opened his first pharmacy in Balmain in 1886, the two were never in direct competition in business. Lewy Pattinson used to ride around his shops each morning, arriving at his head office about lunchtime, and in those days used to tether his horse outside his buildings. One day in the 1890s, on arriving at his head office, he found the whole block had been boarded up. There had been an outbreak of bubonic plague in Sydney. Washington Soul, Caleb’s son, was waiting for Lewy and said “Mr Pattinson, I have taken the liberty of moving your head office to our head office at 160 Pitt Street, Sydney. Please continue to use it until you are allowed back into your own premises”.

Lewy moved into 160 Pitt Street, and soon the men began expanding their businesses. The pharmacy on the ground floor soon included a large soda fountain and milk bar, the first in Australia and modelled on American drug stores. They also opened a separate Ladies Department under the control of a trained nurse, another first in Australia and an immediate success. The milk bar and soda fountain soon became one of the social scenes of Sydney.

Listing in 1903 Some years later in the early 1900s, Washington Soul approached his old friend, Lewy Pattinson, and asked if Pattinson & Co. would buy him out. Lewy Pattinson agreed and after discussion with his partners, Pattinson and Co. bought out Washington H. Soul and Co., effective 1st April 1902, and the entity became 'Washington H. Soul Pattinson and Company Limited", named out of respect for Pattinson's friend.

The first public offering of shares was in December 1902 and Washington H. Soul Pattinson and Company Limited was listed on the Sydney Stock Exchange, now the Australian Stock Exchange on 21 January 1903. The head office of Washington H. Soul Pattinson has remained at 160 Pitt Street, Sydney from that day.

Dealing with Competition Unable to expand rapidly due to legislation changes, Washington H. Soul Pattinson instead pursued its policy of store improvements and promoting new lines. Cosmetics were a major focus of the 1940s and 1950s. 160 Pitt Street featured a large cosmetic counter with prestigious brands such as Max Factor, Revlon and Helena Rubinstein. The head office store and other pharmacies remained virtually exclusive retailers of cosmetic brands until the 1950s when the major department stores began to set up cosmetic counters. As department stores took away cosmetic business from Washington H. Soul Pattinson, supermarkets were also beginning to encroach more and more on the traditional domain of pharmacies, moving a significant amount of traditional pharmaceutical stock into their big box format. Fred Pattinson and the Washington H. Soul Pattinson Board needed to devise a way to maintain and build on their success; the concept of agencies (pharmacy outlets) emerged and they were allowed to use the company’s name and tap into their vast wholesaling network in return for purchasing all their supplies from the company. The agency system allowed Washington H. Soul Pattinson to extend further into Queensland, Victoria, Tasmania and Western Australia. The agency roll out soon led to international sales and within a few years the group were selling a range of pharmaceuticals into Singapore, Malaysia, PNG and the Pacific. This offshore expansion also led to the beginning of diversification for Washington H. Soul Pattinson. Large investments were made into Western Mining, Peko Wallsend, BHP, Australian Oil and Gas, Brambles, Deposit and Investment Co and National Bank. The other significant share purchase made was the 25% acquisition of Brickworks Limited, the largest brick maker in the country. An investment house was born and its head office was here at 160 Pitt Street. Post this agency roll out, Chair at the time, Jim Millner had to fight even harder to undercut the supermarkets and chain stores. Using wire baskets placed at the front of 160 Pitt Street, two or three "specials" were sold at the lowest prices available to the public. This technique was very successful and after a short downturn in profit, the Company’s business once again became highly profitable.

Adapting to Change By the end of the 1970s, Washington H. Soul Pattinson had more than 200 pharmacy outlets, all run out of the head office at 160 Pitt Street, Sydney. They had expanded Soul’s own brand products to include a range of grocery products and traditional corner shop staples such as dishwashing liquid, honey, sunflower oil, skim milk and confectionery. The company also introduced health and fitness departments into many stores and saw considerable increases in this category driving significant profits to the group. Further diversification took place in the 1970s with the acquisition of 50% of New Hope Collieries. One of the most outstanding success stories for the Washington H. Soul Pattinson chemist chain was the development of Soulcolor. A deal with Hanimex to do all the developing and printing for Souls. At its peak, the development of film accounted for approximately 10% of Washington H Soul’s total retail business. In 1994, pharmacies within the Washington H. Soul Pattinson group totalled 300, and still they were run out of the head office at 160 Pitt Street. During this time, vehicular access along Pitt Street between King Street and Market Street ceased and the area was closed off to traffic. Pitt Street Mall developed and was soon one of Australia's busiest and most cosmopolitan shopping precincts.

Reinvesting for the Future In 2003, 160 Pitt Street undertook a significant face-lift. A complete refurbishment. The building was old and tired and like all good investments, needed capital spent on it to ensure it would continue to deliver returns long into the future. The head office moved to Bligh Street during these renovations. This, however, did not stop the company continuing with its investments and investing for the future. During this one year alone, the small number of staff at Washington H. Soul Pattinson listed New Hope Corporation and BKI Investment Company, having only listed SP Telemedia in 2001. Pitt Capital Partners was also established.

Development of Pitt Street Mall in 2010 saw some further capital spent on the facade of the building. In 2011, Pitt Street Real Estate was created. In 2016, Contact Asset Management was established and URB Investments was listed in 2017. All businesses calling 160 Pitt Street home.

However, as investments and management companies flourished, the headquarters were still located on one of the 10 most expensive retail strips by rent per capita in the world. It was becoming increasingly difficult in this day and age to compete as a pharmacy in this environment. Retailing in pharmaceuticals along this precinct was proving very challenging.

In 2018 an offer was made to the company for the sale of the building. It was a very good offer and the decision was made by the Board to sell the building. As a result, the Soul Pattison chemist on Pitt Street Mall would close its doors after 145 years of trading in pharmaceuticals, in July 2019.

But when one door closes, others open, so the headquarters of Washington H Soul Pattinson and group of companies moved on to their new offices at 151 Clarence St, settling in to a very spacious, modern and beautiful new space that facilitates sustainability, collaboration and mobility.

Companies, Employees and Families As has been well documented, Washington H. Soul Pattinson is the second oldest publicly listed company on the ASX. As a company, it is one of only a few that has been successfully managed by the same family from the outset. Lewy Pattinson, Fred Pattinson, Jim Millner and current Chairman, Rob Millner. This has been a great strength of the group over many years. They’ve always invested alongside their shareholders and been well aligned when making long term investment decisions. The family’s leadership has been grounded in successive members who value the deep history of the company, yet are able to adapt to changing times and economic conditions. There has now been five generations of the Pattinson family serve this company.

The company's principal activities are diverse, spanning the following concerns:

• ownership of shares and properties,
• coal mining,
• bulk handling,
• commercial television licensee and operator,
• program and television production,
• telecommunications carrier,
• retailing of pharmaceutical products,
• manufacture, processing and marketing of seasonings, essences, food colours, perfumes and aromatic chemicals,
• fruit juices,
• reconstitution of polyethylene film.

WHSP's main subsidiaries and associated investments include:[7]

• Ampcontrol (43.3%)
• Apex Healthcare (30.3%)
• Australian Pharmaceutical Industries (19.3%)
• BKI Investment Company (8.6%)
• Brickworks Limited (43.9%)
• Clover Corporation (22.6%)
• Milton Corporation (3.8%)
• New Hope Coal (50.0%)
• Pitt Capital Partners (100%)
• Round Oak Minerals (100%)
• TPG Telecom (25.3%)
• TPI Enterprises (19.9%)

WHSP also operates nine pharmacies in Sydney, including two in the CBD and seven in the Sydney metropolitan area.

• 1903–1905 Lewy Pattinson
• 1906–1929 Sir Thomas Hughes
• ?
• 1957–1969 William Frederick Pattinson
• 1969–1999 Jim Millner
• 1999–present Robert Millner

• Washington H. Soul Pattinson