Ourhistory

The Clan Line

The founder, Sir Charles Cayzer, Bt, was Cornish by descent but raised in Poplar, within sight and sound of the bustling London docks, the son of a schoolteacher. Armed with a solid education, he set out for India, where he mastered the maritime trade. In 1878 he established Cayzer, Irvine & Co., launching its first vessel, the Clan Alpine; six more steamships quickly followed, and the Clan Line soon became a formidable presence in international shipping.

Having expanded the fleet to some 62 ships and become a leading figure in Great Britain’s mercantile shipping trade as well as a well‑respected politician, Sir Charles died in 1916.

The World Wars

Clan Line, under the leadership of the second generation of the Cayzer family, went on to form the largest cargo carrying fleet in the world. During the First and Second World Wars these ships played a crucial role in Britain’s maritime effort. The loss of both ships and personnel during this period was significant. Many accounts remain of the extraordinary bravery and sacrifices made by staff in service to their country and company, for which a debt of gratitude is never forgotten.

The Cayzer family look to the future

As the world economy evolved and traditional shipping entered a period of decline, the family once again looked to the future. The third generation assumed the helm and, through the newly formed British & Commonwealth Shipping Company, created following the 1956 merger of the Clan Line with Union-Castle, took the business public.

Diversification followed, beginning with aviation investments in Bristow Helicopters and British United Airways, which in time contributed to the development of British Caledonian, British Island Airways and Air UK.

Caledonia Investments lists

Initially incorporated in 1928 as Foreign Railways Investment Trust Ltd, the company was acquired by the Cayzer family in 1949 and renamed Caledonia Investments Limited in 1951, before becoming Caledonia Investments plc in 1982.

Caledonia was conceived as a long-term investment vehicle for the family’s capital, experience and expertise. It was admitted to the London Stock Exchange in 1960.

By the 1980s, British & Commonwealth had evolved from a purely shipping business -culminating in the sale of the last Clan Line vessels in 1981 – into a broader industrial, financial and services group, and in January 1984 it became one of the founding constituents of the FTSE 100 Index.

Black Monday

October 1987 proved an unforgettable month. Earlier that year, the Cayzer family had taken the decision to sell their controlling stake in British & Commonwealth, choosing to concentrate on building Caledonia into the company we know today. The sale completed on 15 October, the same night the Great Storm of 1987 struck the southern coast of Britain.

Just days later came “Black Monday”, when global markets fell sharply triggering a two‑week slide in which the UK equity market fell by 36 per cent. Fortunately, Caledonia and its shareholders entered the crisis holding cash rather than over-valued equity assets.

Caledonia becomes an investment trust

Global markets once again fell sharply as the downturn that began in 2000 continued into 2002 as UK investors endured another period of losses, with the stock market falling by around 20 per cent. The family responded by converting Caledonia into an investment trust in February 2003, creating the more investor‑friendly structure we know today.

Investing with purpose

With our deep investment expertise, we continue to combine the heritage and ethos of a family business with our patient approach to creating value from our investment portfolio.