Page 9 - Stakis A Case Study
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leasing. There was, temporarily, a separate division for
leasing. Additionally, from the late 1970s an interest had
developed in insurance activities, eventually concentrated
in Grosvenor Insurance Company Limited, Bermuda. In
1985 a 51 per cent stake was acquired in Mannin
International Holdings Limited, an Isle of Man Banking
company. In due course these various activities came under
the umbrella of a Finance Division. Prior to this
development the company had disposed of its Wines and
Spirits Division.
By 1986 the company had a divisional structure with new
divisions being created to suit the growing areas of business
while others were disposed of or merged as necessary. In
that year there were four divisions:
HOTELS AND INNS;
CASINOS;
PROPERTY; AND
FINANCE.
The divisions were not separate legal entities except for
banking and insurance purposes and the company was one
unit for taxation. Profit plans and all borrowing were
determined at head office level, which to some extent acted
as a treasury for the divisions. In other respects the
