Having been deprived of the opportunity to sell his machines to the newly formed Imperial Tobacco Company, which had a monopoly on the Bonsack machines, Yapp was able to negotiate a business arrangement with Baron in 1903. On 6 June 1903, Carreras became a public company with Yapp and Baron as directors and, under the leadership of Bernhard Baron, heralded the beginnings of defiant competition for the now powerful Imperial Tobacco Group and the new American invader, James Buchanan Duke, who was also capturing large slices of the British market with Ogden’s Guinea Gold, the first Virginia cigarette made in this country. The original Carreras prospectus was heavily criticised in the City press, but within a short time the shares were fully subscribed, particularly by members of the tobacco trade who were quick to realise the potential of the new venture. The Baron family had a reputation as good employers who treated their staff well. Bernhard Baron would walk amongst his employees daily, enquiring after their families, and his son, Louis, and his grandson, Maurice, also made regular visits to the factory floor. A tradition developed that on Bernhard's birthday, each December, all employees were given two weeks' wages and a cake to take home.