George Steuart Group

The Company traces its origins to Captain James Steuart (1790-1870), a British sea captain, who sailed the southern seas in the early 1800s and settled in Ceylon in 1818. Seeing the commercial potential of the island, Captain Steuart set himself up as merchant and banker. Steuart was subsequently appointed "Master Attendant of the Roads of Colombo", a position which precluded him from continuing his commercial activities.{{cite book|title=Seaports of India and Ceylon: Historical and Descriptive, Commercial and Industrial, Facts, Figures, & Resources|first=Allister|last=MacMillan|publisher=W. H. & L. Collingridge|date=1928|page=470|isbn=9788120619951}}{{cite book|title=Ceylon Under the British|author=Mendis, G. C.|publisher=Asian Educational Services|date=1952|page=82|isbn=9788120619302}} As a result, he invited his younger brother George (1808-1896),{{cite book|title=19th century newspaper engravings of Ceylon-Sri Lanka: accompanied by original texts with notes and comments|author=De Silva, Rajpal Kumar|publisher=Serendib Publications|date=1998|page=164|isbn=9780951071021}} to take over the business, which in 1835 resulted in the establishment of George Steuart and Company.{{cite web |url=http://www.rootsweb.ancestry.com/~lkawgw/gen1267.html |title=Sri Lanka Anglo-Burgher Genealog |publisher=rootsweb.ancestry.com |access-date=4 August 2014}}{{cite news|url=http://archives.dailynews.lk/2010/09/29/bus50.asp|title=George Steuarts marks 175 years|newspaper=Daily News|date=29 September 2010|access-date=22 October 2017}}{{cite book|title=Ceylon and Her People, Volume 3|publisher=Ceylon Printers Limited (Lake House Investments)|first=N. E.|last=Weerasooria|page=84}}

In the late 1830s and early 1840s Ceylon became a major producer of coffee and the company became a large scale exporter of the commodity. In 1863 John Lewis Gordon took over the company.{{cite book|title=The Scottish Experience in Asia: c.1700 to the Present: Settlers and Sojourners|editor1=Devine, T. M|editor2=McCarthy, Angela |editor2-link=Angela McCarthy|publisher=Springer|date=2016|page=177|isbn=9783319430744}} From 1869 Ceylon's coffee industry was decimated by coffee rust that afflicted its plantations; George Steuart was amongst the pioneers that converted their export interests to tea, supporting an industry that would soon become synonymous with Ceylon.{{cite book|title=A Hundred Years of Ceylon Tea: 1867-1967|author=Forrest, Denys Mostyn|publisher=Chatto & Windus|date=1967|pages=131–132}}{{cite book|title=The Story of Tea|author=Paul, E. Jaiwant|publisher=Roli Books Private Limited|date=2005|isbn=9789351940388}}{{cite book|title=Centenary Volume of the Colombo Municipal Council: 1865-1965|first=H. A. J.|last=Hulugalle|publisher=Colombo Municipal Council|date=1965|page=135}}

File:Portrait_of_George_Steuart.jpg

File:James_Steuart_Portrait.jpg

The descendants of the Steuart Brothers incorporated George Steuart & Co in 1954,{{cite journal|title=Report of the Commission of Inquiry on the Agency Houses and Banking Firms|publisher=Parliament of Sri Lanka|date=1975|page=19}} building a high-rise office building "Steuart House" at 14 Queen Street, Colombo fort, which became the company headquarters.{{cite book|title=Twentieth Century Impressions of Ceylon: Its History, People, Commerce, Industries, and Resources|editor=Wright, Arnold|publisher=Asian Educational Services|date=1907|page=454|isbn=9788120613355}}

In 1975, the Sri Lankan government launched a nationalisation programme of privately held tea plantations; which led to the take-over of 90% of the group's holdings, the largest acreage of tea plantations at the time.{{cite book|title=Ceylon Tea: The Trade That Mada A Nation|author=Roberts, Michael|date=2017|publisher=Colombo Tea Traders' Association}} As a result, the company proceeded on a path of diversification, expanding into textile production, automotive spare parts, gem exports, telecommunications and jewellery manufacturing, thereby reducing its exposure to any single industry.{{cite news|archive-url=https://archive.today/20140811204407/http://www.sundaytimes.lk/100228/BusinessTimes/bt15.html |url=http://www.sundaytimes.lk/100228/BusinessTimes/bt15.html |title=George Steuarts: Lanka's oldest business looking to the future |newspaper=Sunday Times |date=28 September 2010 |archive-date=11 August 2014 |url-status=live |access-date=1 October 2016 }} Over the next few decades, the Group expanded its footprint in several industries; as of 2014, major subsidiaries of George Steuarts included GS Health, GS Teas, GS Travel, GS Aviation, GS Finance, GS Solutions, GS Optimize, GS Insurance Brokers and GS Recruitment.

In September 2011 Nimal Perera and Dilith Jayaweera, through his investment company, Divasa Equity Ltd., acquired over 40% of George Steuarts, in a deal worth approximately Rs 1 billion. Divasa subsequently in October increased their stake in the company to a controlling 51% and Perera's holdings increased to 30%.{{cite news|url=http://www.ft.lk/2011/09/12/dilith-nimal-strike-it-big/|title=Dilith, Nimal strike it big!|newspaper=Daily Financial Times|date=12 September 2011|access-date=4 August 2014|archive-url=https://web.archive.org/web/20140222142858/http://www.ft.lk/2011/09/12/dilith-nimal-strike-it-big/|archive-date=22 February 2014|url-status=dead}}

A few months later, Nimal Perera exited George Steuarts, selling his stake to Jayaweera's Divasa Equity.

{{Reflist}}

• {{cite book|title=George Steuart & Co. Ltd., 1952-1973: a Personal Odyssey|author=Peires, Tony|publisher=Wasala Publications|date=2003|isbn=9789558333020}}
• {{cite book|title=The George Steuart Story|first=Manel|last=Abhayaratne|date=1985|place=Colombo}}
• {{cite book|title=Recollections Personal and Official of James Steuart, 1817-1866: With a Short History of the Firm of George Steuart & Co., Colombo, 1835-1935|author1=James Steuart|author2=Villiers, Thomas Lister|author3=John, Reginald|date=1935}}

Category:Companies established in 1835

Category:Holding companies of Sri Lanka

Category:1835 establishments in Ceylon