The business Jacobsen Welch & Company was founded in 1893 by Mr.Stanley Welch, born in London on 25th September 1872 and son of a butcher, and Mr. T.O. Jacobsen. They had a small factory and office at Ludgate Square, London and produced stationery on the ground floor and basement. Mr Jacobsen was able to secure business with large stores and trade dealers. The business then moved to Aldersgate Street and then Sydney Avenue around 1896. In 1898 the firm became a limited company and business was good. Unfortunately Mr. Welch fell ill with typhoid fever but recovered in Australia and New Zealand, taking with him a case of samples with which to do business.

In 1899 the Company acquired the whole of the undertaking of the British Envelope Co. Ltd. in Hyde. Frank Welch, Stanley's brother joined the firm in 1900 and was responsible for the London and Continental trades. In 1905 Stanley Welch was elected to Hyde Borough Council. It was decided to build a completely new factory and the warehouse of this venture was completed in 1910. This year also saw the introduction of Waldorf Club Notepaper which became one of the first to be nationally advertised.

The company became known as Newton Mill Ltd.

Jacobsen retired in 1929, but his partner Stanley Welch continued on as Managing Director until 1947 and Chairman until his death in 1950.

In 1959 Newton Mill Ltd became a subsidiary of the East Lancashire Paper Mill Company. In 1974 the company adopted the name of its best-selling brand, becoming Waldorf Stationery and Greeting Cards Ltd. The business moved to Oldham in 1987, when it became part of Hestair plc. Two years later it was bought by Fine Art Developments and eventually became part of Hunt & Broadhurst Ltd.