Falkland Islands Holdings
Encyclopedia
Falkland Islands Holdings plc or FIH is a British conglomerate which plays a key role in the economy of the Falkland Islands
through the Falklands Islands Company. Its other main businesses are the Portsmouth Harbour Ferry Company, which operates the Gosport Ferry
in the south of England, and a London-based art storage and transport company called Momart
.
The head office is in Bishop's Stortford
in England
.
(AIM) in London
since 13 January 2003. In July 2010, FIH's market value was around £36m. It made a pretax profit of £5.669m in the year ended 31 March 2010 on revenue of £29.224m. £3.3m came from the sale of shares in Falkland Oil and Gas in November 2009.
The company's key subsidiary, the Falkland Islands Company (FIC), was incorporated in 1851 and received its Royal Charter
on 10 January 1852. Established with an authorised capital of £100,000, its purpose was to engage in agricultural and general trading activities. It established shops and a shipping line, and by 1945 it owned 1.2 million acres (4,900 km²) in the Falklands and a flock of 300,000 sheep. It first listed on the London Stock Exchange
in 1962. In 1972, it was acquired by The Dundee Perth and London Shipping Company, and two further changes of ownership occurred before it became independent again as Falkland Islands Holdings in 1997.
FIH sold its agricultural holdings to the Falkland Islands Government in 1991.
In 2004 FIH diversified by acquiring minority stakes in Falkland Gold and Minerals Limited (FGML) and Falkland Oil and Gas Limited (FOGL), which were both established to exploit potential mineral developments in the Falklands. (It has since sold its stake in Falkland Gold and Minerals Limited for a profit of ₤0.5m.)
In 2004 FIH also bought the Portsmouth Harbour Ferry Company (PHFC) which operates the passenger ferry
across the mouth of Portsmouth Harbour
in England.
In 2008, FIH bought Momart, a UK company which handles and stores fine art and antiquities.
FIC accounts for about two-fifths of the parent company's turnover and income. It made operating profits of £1.38m in 2009-10 on revenues of £12.43m.
FIC's operations are small by the standards of a large country, but in the Falkland Islands, which have a population of around 3,000, they are crucial.
Portsmouth Harbour Ferry Company plc
(100% owned by FIH)
This company operates a ferry service between Portsmouth
and Gosport
, two large towns on the south coast of England which lie on adjacent peninsulas. It carries around 3.5m passengers a year. Underlying operating profit in 2009-2010 was £790,000
Momart
(100% owned by FIH)
Momart's clients include the Saatchi Gallery
, National Gallery
, Tate Modern
, Tate Britain
and Buckingham Palace
. The company received considerable media attention in 2004 when a fire spread to one of their warehouses from an adjacent unit, destroying the works in it, including works by Young British Artists
such as Tracey Emin
and Damien Hirst
, with the most notable work lost being Emin's 1995 piece Everyone I Have Ever Slept With 1963–1995.
For many years there has been speculation that the waters around the islands may contain large reserves of oil and gas. Falkland Oil and Gas is carrying out seismic surveys across thousands of square miles of seabed, mainly to the south and east of the islands.
FIH sold 3m shares, or a fifth of its holdings in FOGL, in November 2009 for £3.6m, making a profit after tax of £3.1m.
Falkland Islands
The Falkland Islands are an archipelago in the South Atlantic Ocean, located about from the coast of mainland South America. The archipelago consists of East Falkland, West Falkland and 776 lesser islands. The capital, Stanley, is on East Falkland...
through the Falklands Islands Company. Its other main businesses are the Portsmouth Harbour Ferry Company, which operates the Gosport Ferry
Gosport Ferry
The Gosport Ferry is a ferry service operating between Gosport pontoon and Portsmouth pontoon in Hampshire, southern England. It is currently operated by Gosport Ferry Ltd, a subsidiary of the Portsmouth Harbour Ferry Company plc, itself a wholly owned subsidiary of Falkland Islands Holdings,...
in the south of England, and a London-based art storage and transport company called Momart
Momart
Momart is a British company specialising in the storage, transportation, and installation of works of art. It has been owned by Falkland Islands Holdings since 5 March 2008....
.
The head office is in Bishop's Stortford
Bishop's Stortford
Bishop's Stortford is a historic market town and civil parish in the district of East Hertfordshire in the county of Hertfordshire in England. It is situated just west of the M11 motorway, on the county boundary with Essex and is the closest large town to London Stansted Airport and part of the...
in England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
.
Financial information
FIH shares have traded on the Alternative Investment MarketAlternative Investment Market
AIM is a sub-market of the London Stock Exchange, allowing smaller companies to float shares with a more flexible regulatory system than is applicable to the main market....
(AIM) in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
since 13 January 2003. In July 2010, FIH's market value was around £36m. It made a pretax profit of £5.669m in the year ended 31 March 2010 on revenue of £29.224m. £3.3m came from the sale of shares in Falkland Oil and Gas in November 2009.
History
Royal Charter
A royal charter is a formal document issued by a monarch as letters patent, granting a right or power to an individual or a body corporate. They were, and are still, used to establish significant organizations such as cities or universities. Charters should be distinguished from warrants and...
on 10 January 1852. Established with an authorised capital of £100,000, its purpose was to engage in agricultural and general trading activities. It established shops and a shipping line, and by 1945 it owned 1.2 million acres (4,900 km²) in the Falklands and a flock of 300,000 sheep. It first listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
in 1962. In 1972, it was acquired by The Dundee Perth and London Shipping Company, and two further changes of ownership occurred before it became independent again as Falkland Islands Holdings in 1997.
FIH sold its agricultural holdings to the Falkland Islands Government in 1991.
In 2004 FIH diversified by acquiring minority stakes in Falkland Gold and Minerals Limited (FGML) and Falkland Oil and Gas Limited (FOGL), which were both established to exploit potential mineral developments in the Falklands. (It has since sold its stake in Falkland Gold and Minerals Limited for a profit of ₤0.5m.)
In 2004 FIH also bought the Portsmouth Harbour Ferry Company (PHFC) which operates the passenger ferry
Gosport Ferry
The Gosport Ferry is a ferry service operating between Gosport pontoon and Portsmouth pontoon in Hampshire, southern England. It is currently operated by Gosport Ferry Ltd, a subsidiary of the Portsmouth Harbour Ferry Company plc, itself a wholly owned subsidiary of Falkland Islands Holdings,...
across the mouth of Portsmouth Harbour
Portsmouth Harbour
Portsmouth Harbour is a large natural harbour in Hampshire, England. Geographically it is a ria: formerly it was the valley of a stream flowing from Portsdown into the Solent River. The city of Portsmouth lies to the east on Portsea Island, and Gosport to the west on the mainland...
in England.
In 2008, FIH bought Momart, a UK company which handles and stores fine art and antiquities.
Businesses
Falkland Islands Company Limited (100% owned by FIH).FIC accounts for about two-fifths of the parent company's turnover and income. It made operating profits of £1.38m in 2009-10 on revenues of £12.43m.
FIC's operations are small by the standards of a large country, but in the Falkland Islands, which have a population of around 3,000, they are crucial.
- Retail & Distribution: several outlets in Stanley and Mount Pleasant including a supermarket (featuring supplies from WaitroseWaitroseWaitrose Limited is an upmarket chain of supermarkets in the United Kingdom and is the food division of the British retailer and worker co-operative the John Lewis Partnership. Its head office is in Bracknell, Berkshire, England...
), a gift shop, a home entertainment shop, a homecare centre, an office supplier, a building supplies company and a clothes shop. There is also a restaurant. This division accounts for about two-thirds of FIC's turnover. - Upland Goose Hotel: an 18 bedroom hotel which dates from the mid 19th century and was originally called the Eagle Inn.
- Darwin Shipping: the main shipping link between the Falkland Islands and the United Kingdom. FIC can also arrange coastal shipping and shipping to ChileChileChile ,officially the Republic of Chile , is a country in South America occupying a long, narrow coastal strip between the Andes mountains to the east and the Pacific Ocean to the west. It borders Peru to the north, Bolivia to the northeast, Argentina to the east, and the Drake Passage in the far...
, which is the nearest country to the Falklands excluding ArgentinaSovereignty of the Falkland IslandsSovereignty over the Falkland Islands is disputed between Argentina and the United Kingdom.The British claim to de jure sovereignty dates from 1690, and the United Kingdom has exercised de facto sovereignty over the archipelago almost constantly since 1833...
. - Port services: cargo handling, warehousing, refuelling and maintenance.
- Automotive agency: a Land RoverLand RoverLand Rover is a British car manufacturer with its headquarters in Gaydon, Warwickshire, United Kingdom which specialises in four-wheel-drive vehicles. It is owned by the Indian company Tata Motors, forming part of their Jaguar Land Rover group...
dealership, a CaterpillarCaterpillar Inc.Caterpillar Inc. , also known as "CAT", designs, manufactures, markets and sells machinery and engines and sells financial products and insurance to customers via a worldwide dealer network. Caterpillar is the world's largest manufacturer of construction and mining equipment, diesel and natural gas...
agency, and boat maintenance. - Property: FIC owns residential property for let, as well as commercial units and development land.
- Insurance: a general insurance agency and a Lloyd'sLloyd's of LondonLloyd's, also known as Lloyd's of London, is a British insurance and reinsurance market. It serves as a partially mutualised marketplace where multiple financial backers, underwriters, or members, whether individuals or corporations, come together to pool and spread risk...
agency.
Portsmouth Harbour Ferry Company plc
Gosport Ferry
The Gosport Ferry is a ferry service operating between Gosport pontoon and Portsmouth pontoon in Hampshire, southern England. It is currently operated by Gosport Ferry Ltd, a subsidiary of the Portsmouth Harbour Ferry Company plc, itself a wholly owned subsidiary of Falkland Islands Holdings,...
(100% owned by FIH)
This company operates a ferry service between Portsmouth
Portsmouth
Portsmouth is the second largest city in the ceremonial county of Hampshire on the south coast of England. Portsmouth is notable for being the United Kingdom's only island city; it is located mainly on Portsea Island...
and Gosport
Gosport
Gosport is a town, district and borough situated on the south coast of England, within the county of Hampshire. It has approximately 80,000 permanent residents with a further 5,000-10,000 during the summer months...
, two large towns on the south coast of England which lie on adjacent peninsulas. It carries around 3.5m passengers a year. Underlying operating profit in 2009-2010 was £790,000
Momart
Momart
Momart is a British company specialising in the storage, transportation, and installation of works of art. It has been owned by Falkland Islands Holdings since 5 March 2008....
(100% owned by FIH)
Momart's clients include the Saatchi Gallery
Saatchi Gallery
The Saatchi Gallery is a London gallery for contemporary art, opened by Charles Saatchi in 1985 in order to exhibit his collection to the public. It has occupied different premises, first in North London, then the South Bank by the River Thames and currently in Chelsea. Saatchi's collection, and...
, National Gallery
National Gallery, London
The National Gallery is an art museum on Trafalgar Square, London, United Kingdom. Founded in 1824, it houses a collection of over 2,300 paintings dating from the mid-13th century to 1900. The gallery is an exempt charity, and a non-departmental public body of the Department for Culture, Media...
, Tate Modern
Tate Modern
Tate Modern is a modern art gallery located in London, England. It is Britain's national gallery of international modern art and forms part of the Tate group . It is the most-visited modern art gallery in the world, with around 4.7 million visitors per year...
, Tate Britain
Tate Britain
Tate Britain is an art gallery situated on Millbank in London, and part of the Tate gallery network in Britain, with Tate Modern, Tate Liverpool and Tate St Ives. It is the oldest gallery in the network, opening in 1897. It houses a substantial collection of the works of J. M. W. Turner.-History:It...
and Buckingham Palace
Buckingham Palace
Buckingham Palace, in London, is the principal residence and office of the British monarch. Located in the City of Westminster, the palace is a setting for state occasions and royal hospitality...
. The company received considerable media attention in 2004 when a fire spread to one of their warehouses from an adjacent unit, destroying the works in it, including works by Young British Artists
Young British Artists
Young British Artists or YBAs is the name given to a loose group of visual artists who first began to exhibit together in London, in 1988...
such as Tracey Emin
Tracey Emin
Tracey Karima Emin RA is a British artist of English and Turkish Cypriot origin. She is part of the group known as Britartists or YBAs ....
and Damien Hirst
Damien Hirst
Damien Steven Hirst is an English artist, entrepreneur and art collector. He is the most prominent member of the group known as the Young British Artists , who dominated the art scene in Britain during the 1990s. He is internationally renowned, and is reportedly Britain's richest living artist,...
, with the most notable work lost being Emin's 1995 piece Everyone I Have Ever Slept With 1963–1995.
Investments
Falkland Oil and Gas Limited (8.2% owned by FIH)For many years there has been speculation that the waters around the islands may contain large reserves of oil and gas. Falkland Oil and Gas is carrying out seismic surveys across thousands of square miles of seabed, mainly to the south and east of the islands.
FIH sold 3m shares, or a fifth of its holdings in FOGL, in November 2009 for £3.6m, making a profit after tax of £3.1m.
External links
- Falkland Islands Holdings
- Falkland Islands Company
- Falkland Oil and Gas
- Gosport Ferry Limited - the ferry service operated by the Portsmouth Harbour Ferry Company
- Momart