Why did Robert Owen and his business partners buy the New Lanark mills?

Robert Owen and his new business partners bought out the original firm operating the New Lanark mills in 1813 because Owen was frustrated by the restrictions imposed by his previous partners.1

The original partners prioritized profit and wished to conduct business along traditional lines, which conflicted with the expenses incurred by Owen’s social and educational schemes. In contrast, the members of the new firm—which included the utilitarian philosopher Jeremy Bentham and the Quaker William Allen—were content with a 5 percent return on their capital and were willing to provide greater freedom for Owen’s philanthropy.1