John Holt Plc
Encyclopedia
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
n conglomerate
Conglomerate (company)
A conglomerate is a combination of two or more corporations engaged in entirely different businesses that fall under one corporate structure , usually involving a parent company and several subsidiaries. Often, a conglomerate is a multi-industry company...
. It has been an important participant in many areas of the economy. The Nigerian company is a subsidiary of John Holt & Co. (Liverpool) Ltd, a United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
company. A minority of the shares are traded on the Nigerian Stock Exchange.
Origins
The company traces its origins to 1862 when John HoltJohn Holt (businessman)
John Holt was an English merchant, who founded a shipping line operating between Liverpool and West Africa, and a number of businesses in Nigeria, which are now incorporated in John Holt plc....
, 20 years old at the time, with £27 in his pocket, sailed from Liverpool
Liverpool
Liverpool is a city and metropolitan borough of Merseyside, England, along the eastern side of the Mersey Estuary. It was founded as a borough in 1207 and was granted city status in 1880...
to take up an appointment as a shop assistant in a grocery store
Grocery store
A grocery store is a store that retails food. A grocer, the owner of a grocery store, stocks different kinds of foods from assorted places and cultures, and sells these "groceries" to customers. Large grocery stores that stock products other than food, such as clothing or household items, are...
in Fernando Po
Bioko
Bioko is an island 32 km off the west coast of Africa, specifically Cameroon, in the Gulf of Guinea. It is the northernmost part of Equatorial Guinea with a population of 124,000 and an area of . It is volcanic with its highest peak the Pico Basile at .-Geography:Bioko has a total area of...
(now Equatorial Guinea
Equatorial Guinea
Equatorial Guinea, officially the Republic of Equatorial Guinea where the capital Malabo is situated.Annobón is the southernmost island of Equatorial Guinea and is situated just south of the equator. Bioko island is the northernmost point of Equatorial Guinea. Between the two islands and to the...
). Five years later, he bought out his employer, and he was joined by his brother Jonathan. In 1868 Johnathan bought a schooner, which enabled the brothers to open more trading posts in West Africa. In 1874 the brothers opened an office in Liverpool. In 1881, John entered the palm oil
Palm oil
Palm oil, coconut oil and palm kernel oil are edible plant oils derived from the fruits of palm trees. Palm oil is extracted from the pulp of the fruit of the oil palm Elaeis guineensis; palm kernel oil is derived from the kernel of the oil palm and coconut oil is derived from the kernel of the...
trade.
In 1884 the brothers formed a partnership, John Holt and Company, to consolidate their business interests. Subsequently John entered into new partnerships, including a venture in Lagos
Lagos
Lagos is a port and the most populous conurbation in Nigeria. With a population of 7,937,932, it is currently the third most populous city in Africa after Cairo and Kinshasa, and currently estimated to be the second fastest growing city in Africa...
in Nigeria in 1887.
The Liverpool company
In 1897 the partnerships were absorbed into a new limited company, John Holt & Co. (Liverpool) Ltd. The company built up an extensive produce trade, in which palm oil, palm kernels, rubberRubber
Natural rubber, also called India rubber or caoutchouc, is an elastomer that was originally derived from latex, a milky colloid produced by some plants. The plants would be ‘tapped’, that is, an incision made into the bark of the tree and the sticky, milk colored latex sap collected and refined...
and cocoa were exported from Nigeria to England. Imports included textiles from Lancashire
Lancashire
Lancashire is a non-metropolitan county of historic origin in the North West of England. It takes its name from the city of Lancaster, and is sometimes known as the County of Lancaster. Although Lancaster is still considered to be the county town, Lancashire County Council is based in Preston...
and bicycles from Birmingham
Birmingham
Birmingham is a city and metropolitan borough in the West Midlands of England. It is the most populous British city outside the capital London, with a population of 1,036,900 , and lies at the heart of the West Midlands conurbation, the second most populous urban area in the United Kingdom with a...
. A fleet of ships operated a fortnightly service from Liverpool
Liverpool
Liverpool is a city and metropolitan borough of Merseyside, England, along the eastern side of the Mersey Estuary. It was founded as a borough in 1207 and was granted city status in 1880...
to West Africa
West Africa
West Africa or Western Africa is the westernmost region of the African continent. Geopolitically, the UN definition of Western Africa includes the following 16 countries and an area of approximately 5 million square km:-Flags of West Africa:...
and the Company also had its own fleet of river craft.
Apart from produce and merchandise, these river craft also carried cash. Where banks did not exist, John Holt had strong rooms. Even after banks were established, many Nigerians preferred to deposit their cash with John Holt.
In 1970 the company was taken over by Lonrho. In 2001, Lonrho sold the company to a management-led group of invesstors.
The Nigerian company
In 1961 the Liverpool company formed a locally incorporated subsidiary in Nigeria, John Holt Limited, to hold its Nigerian interests. It became a public company and was quoted on the Nigerian Stock Exchange in May 1974.The company today
The company's businesses in Nigeria include the assembly and distribution of power generators, leasing, distribution of fire-fighting equipment, logistics, boat building and fabrication of industrial and agricultural equipment.The parent company in Liverpool is involved in the procurement and finance of exports.
Further reading
- Decker, S. Return to Imperial Trade? John Holt & Co (Liverpool) Ltd. as a Contemporary Free-standing Company, 1945-2006 in The Empire in one city?: Liverpool's inconvenient imperial past Manchester University Press (2008) ISBN 978 0719078873