View source for Robert Holmes à Court

{{Short description|Australian businessman}}
{{more citations needed|date=October 2021}}
{{Use dmy dates|date=August 2023}}
{{Use Australian English|date=July 2011}}
{{Infobox person
| name         = Robert Holmes à Court
| image        = <!-- just the name, without the File: or Image: prefix or enclosing [[brackets]] -->
| alt          = 
| caption      = 
| birth_name   = Michael Robert Hamilton Holmes à Court
| birth_date   = {{birth date|df=y|1937|07|27}}
| birth_place  = [[Johannesburg]], [[Transvaal Province|Transvaal]], South Africa
| death_date   = {{Death date and age|df=y|1990|09|02|1937|07|27}}
| death_place  = [[Keysbrook, Western Australia]], Australia
| nationality  = Australian
| education    = [[University of Auckland]]<br />[[Massey Agricultural College]] ([[Bachelor of Science in Agriculture|BAgrSci]])<br />[[University of Western Australia]] ([[Bachelor of Laws|LLB]])
| occupation   = Lawyer, businessman
| years active = 1968–1990
| known_for    = Australia's first billionaire
| spouse       = {{marriage|[[Janet Holmes à Court|Janet Lee Ranford]]|1966}}
| children     = 4, including [[Peter Holmes à Court]], [[Paul Holmes à Court]], and [[Simon Holmes à Court]]
| footnotes    =<ref name=OzBio/><ref>
  {{cite news
  |newspaper=[[The New York Times]] |date=3 September 1990
|title=Robert Holmes a Court, 53, Dies; Australian Built Business Empire
  |author-link=Sheryl WuDunn  |first=Sheryl |last=WuDunn |access-date=31 December 2013
|url=https://www.nytimes.com/1990/09/03/obituaries/robert-holmes-a-court-53-dies-australian-built-business-empire.html}}</ref><ref>
  {{cite news
  |newspaper=The New York Times |title=Holmes a Court Left No Will
  |agency=[[Reuters]] |date=4 January 1991 |access-date=31 December 2013
|url=https://www.nytimes.com/1991/01/04/business/holmes-a-court-left-no-will.html}}</ref><ref>
  {{cite book
  |title= Robert Holmes à Court &#124; Australian entrepreneur &#124; Britannica|publisher=[[Encyclopædia Britannica]] |chapter=Robert Holmes à Court
  |access-date=31 December 2013
|chapter-url=http://www.britannica.com/EBchecked/topic/269527/Robert-Holmes-a-Court}}</ref><ref>
  {{cite book
  |editor1-last=Mosley |editor1-first=Charles
  |title=Burke's Peerage, Baronetage & Knightage in 3 volumes |edition=107th
  |location=[[Wilmington, Delaware]], U.S.A.
  |publisher=[[Burke's Peerage]] (Genealogical Books) Ltd |year=2003}} cited in
  {{cite web
  |title=Person Page 43942 |date=12 March 2012 |work=The Peerage
  |access-date=31 December 2013 |url=http://thepeerage.com/p43942.htm}}</ref>
}}

'''Michael Robert Hamilton Holmes à Court''' (27 July 1937 – 2 September 1990) was a South African-born Australian businessman who became Australia's first billionaire, before dying suddenly of heart failure in 1990 at the age of 53.

A great-great-grandson of [[William à Court-Holmes, 2nd Baron Heytesbury|William Holmes à Court, 2nd Baron Heytesbury]], and a grand-nephew of William Frederick Holmes à Court, 3rd [[Baron Heytesbury]], Holmes à Court was one of the world's most feared corporate raiders through the 1980s, having increased his properties single-handedly from virtually nothing to a diversified resources and media group with an estimated value immediately before the [[Black Monday (1987)|1987 stock market crash]] of about [[Australian dollar|A$]]2&nbsp;billion. Shareholders in the company enjoyed enormous investment growth. During 1984 Robert Holmes à Court's horse Black Knight won the [[Melbourne Cup]] with a time of 3 minutes 18.19 seconds.

Holmes à Court died [[Intestacy|intestate]], and his estate was to be divided one-third for his widow [[Janet Holmes à Court|Janet]] (née Ranford), and the remainder equally among their four children, who include [[Peter Holmes à Court|Peter]], [[Paul Holmes à Court|Paul]], and [[Simon Holmes à Court|Simon]].

==Early life==

Holmes à Court was born in [[Johannesburg]] but spent much of his early life in [[Southern Rhodesia]] (now [[Zimbabwe]]). He was educated at [[Cordwalles Preparatory School]] and [[Michaelhouse]] School in [[Natal Province|Natal]], South Africa. There he earned money selling his schoolmates photographs he had taken of them, and by driving them home in exchange for their travel allowances.<ref>{{cite news
  |title=International Report – Australia's Richest Strategist
  |author-link=Nicholas D. Kristof |first=Nicholas D. |last=Kristof |newspaper=The New York Times
  |date=18 May 1987 |access-date=31 December 2013
|url=https://www.nytimes.com/1987/05/18/business/international-report-australia-s-richest-strategist.html?pagewanted=all&src=pm}}</ref>

Holmes à Court studied forestry at the [[University of Auckland]] and [[Massey University]], where he graduated with a [[Bachelor of Science in Agriculture|Bachelor of Agricultural Science]] in 1962. He then moved to Perth, Western Australia in 1961 to study law at the [[University of Western Australia]], where he graduated with a [[Bachelor of Laws]] in 1965. He married science teacher [[Janet Holmes à Court|Janet Ranford]] on 18 May 1966. Holmes à Court was [[Bar admission#Australia|admitted to practise]] on 17 April 1968. He then worked as a barrister and solicitor. His law practice in Perth was sometimes in partnership with [[Nicholas Hasluck]].

==Business career ==

Holmes à Court entered the corporate stage by accident in 1970, when his law firm was asked to act as [[administrative receiver]] of a small publicly listed company, Western Australian Worsted & Woollen Mills (later [[Albany Woollen Mills]], also known as AWM or WA Wool). The company was the single largest employer in the regional city of [[Albany, Western Australia|Albany]]. In what he later described as his most challenging "takeover" — probably because it was his first —, he found a way to invest $500,000 in the ailing business, on the proviso that the state Minister for Industry, Sir [[Charles Court]], would persuade the [[Government of Western Australia]] to forgive the $500,000 in loans they had made.

The source of funds for his initial investment in WA Wool were never made clear, since the $75,000 deposit for the purchase price of WA Wool shares came from a bank account that he shared with the partners in his law firm at the time, and his partners asked for these funds to be repaid.<ref>{{cite book |title=Janet Holmes à Court |lccn=00340810 |author-link=Patricia Edgar |first=Patricia |last=Edgar |isbn=0-7322-5715-8 |location=Sydney |publisher=[[HarperCollins]] |year=1999}}</ref> Nevertheless, since Holmes à Court had no other apparent source of income at the time, a possibility is that his mother Ethnee financed his first foray into business, since she had stood to inherit from her mother Florence, who in turn had stood to inherit from her second husband H.R. Cumming, a wealthy Rhodesian landowner, businessman and colleague of [[Cecil Rhodes]]. Cumming had helped raise Ethnee during her childhood on his estate outside [[Gweru]]. As an adult and while living in Rhodesia and South Africa, Ethnee had also established and sold both a riding school and a game lodge in [[Chobe District|Chobe]], and eventually sold several properties that she owned as investments giving the funds to Robert to manage on her migration to Australia in 1967.<ref>{{cite book |title=Undaunted: An Autobiography <!-- |author-link=Ethnee Holmes a Court --> |first=Ethnee |last=Holmes à Court |publisher=[[Pan Macmillan]] Australia Pty, Limited |year=1998 |location=Sydney |lccn=99183130 |isbn=0-7329-0930-9}}, {{ISBN|978-0-7329-0930-7}}</ref>

After acquiring WA Wool, Holmes à Court made it more competitive by reducing production costs, mainly by installing the latest wool milling and weaving machinery. This was acquired on favourable terms from a leading Belgian equipment manufacturer, which was keen to enter the Australian market at that time. He now controlled a company listed on the [[Australian Stock Exchange]], and from there he began to gain control of a string of small businesses, including [[Westate Electrical Industries]].

==The Bell Group==

{{Infobox company
| name                = The Bell Group Ltd
| logo                = 
| type                = Public company
| traded_as           = BLL
| industry            = Transport, media, breweries,
| fate                = Defunct, bankruptcy
| predecessor         = [[Albany Woollen Mills|Western Australian Worsted & Woollen Mills]], [[Bell Brothers (Western Australia)|Bell Brothers]]
| successor           = Bond Corporation
| founded             = {{Start date|1973}}
| defunct             = {{End date|1988}}
| parent              = Bond Corporation (1988–1991)
| subsid              = 
| hq_location_city    = 
| hq_location_country = 
}}

In 1973, Holmes à Court's [[Albany Woollen Mills|AWM]] acquired [[Bell Brothers (Western Australia)|Bell Brothers]], a well-known West Australian transport and contracting group, for $9.6&nbsp;million, through a [[reverse takeover]]. Bell Brothers would ultimately become his flagship company as The Bell Group Ltd.

Bell Group acquired media interests including the ''[[Albany Advertiser]]'', the [[Katanning, Western Australia|Katanning]] weekly, the ''[[Great Southern Herald]]'', the ''[[Collie Mail]]'' and radio station 6VA. It also made unsuccessful bids for companies such as [[Griffin Coal]], Greenbushes Tin and Emu Wines. These bids, while unsuccessful, earned significant profits mainly by aggressive defences from owners resulting in inflated share prices held by the bidder.

In 1977, Holmes à Court's brother Simon disappeared in mysterious circumstances in Africa.<ref>{{cite web|url=http://www.abc.net.au/7.30/content/2005/s1300420.htm|title=Story of the other Holmes a Court brother <!-- |author-link=Tracy Bowden --> |first=Tracy |last=Bowden |access-date=28 October 2006| work=[[Australian Broadcasting Corporation]] – 7:30 Report}}</ref> His abandoned car was found more than 1,000&nbsp;km from his home and where he was last seen in [[Botswana]]. Author Geoff Elliott wrote a book about the disappearance.<ref>{{cite book |first=Geoff |last=Elliott |title=The Other Brother, The Search for Simon Holmes à Court |location=[[North Sydney, New South Wales|North Sydney]] |publisher=[[Allen & Unwin]] |year=2005 |isbn=1-74114-324-1}}</ref>

During 1979, Bell Group made an unsuccessful bid for Ansett Transport Industries but was defeated by [[Rupert Murdoch]] and roadfreight group [[Thomas Nationwide Transport|TNT]]. However, a profit of $11&nbsp;million was made by Bell for future bids.

Bell Group made an unsuccessful bid for ''[[The Times]]'' in 1980, and at the same time initiated a new Perth newspaper, the ''[[Western Mail (Western Australia)|Western Mail]]'', challenging the [[Herald & Weekly Times]] group which owned ''[[The West Australian]]''. By the end of 1980, Bell Group had accumulated cash reserves of $100&nbsp;million.

In 1981, it made a bid for [[Elders Limited|Elders Goldsbrough Mort]] for $120&nbsp;million bid and failed, but earned a profit of $16.5&nbsp;million on the deal.

During 1982, Bell Group took stakes in [[Rolls-Royce Holdings|Rolls-Royce]] and [[Portland cement]] and made an unsuccessful bid for [[The Herald and Weekly Times]] group. Later that year it acquired Perth television station [[TVW]]-7.

Bell Group subsequently acquired a [[SAS (TV station)|television station]] in [[Adelaide]] and a few small regional radio stations.

Unsuccessful bids were made for [[Carlton & United Breweries]] and [[Elders IXL]] but, as usual, Holmes à Court's strategic corporate planning let him walk away with a profit.

Bell Group acted as a "[[White knight (business)|white knight]]" in defeating a £1.9&nbsp;billion hostile bid from [[Lloyds Bank]] for its competitor [[Standard Chartered]] Bank.

As a result of boardroom coup during 1982 it acquired [[Lew Grade]]'s UK-based [[Associated Communications Corporation]] (ACC),
<ref name=OzBio>
  {{Cite Australian Dictionary of Biography
  |access-date=25 December 2010
  |id2=holmes-a-court-michael-robert-12647
  |title=Michael Robert Holmes à Court (1937–1990)
  |first=John |last=McIlwraith
  |volume=17 |year=2007}}
</ref>
<ref>
  {{cite news
  |newspaper=[[The Economist]] |date=17 December 1998
|title=Lord Grade of Elstree, showman, died on December 13th, aged 91
  |access-date=31 December 2013 |url=http://www.economist.com/node/180361
  |quote=...&nbsp;he felt betrayed when in 1982 he lost control of Associated Communications Corporation, the parent company of his television and other interests, to Robert Holmes à Court, an Australian. Lord Grade had felt so close to the Australian that he allowed him to buy 51% of the voting shares. Holmes à Court then deposed him in a boardroom coup and purged the company of all his staff, even, Lord Grade noted sadly, his tea lady. Later, he observed waspishly, "Robert died quite a young man, for all his millions."}}</ref> and then sold off ACC's stake in [[Central Independent Television]] and [[ATV Music publishing]] interests, including [[Northern Songs]], a company initiated by [[the Beatles]] to control copyright of their music. [[ATV Music Publishing]] was bought by [[Michael Jackson]], and as part of the deal, Holmes à Court persuaded Jackson to make a brief visit to Perth, to appear on [[TVW|Channel 7]]'s annual [[Channel Seven Perth Telethon|Telethon]].<ref name="ch7news">{{Cite web |url=https://www.youtube.com/watch?v=3htpIVyUtec |title=Michael Jackson's visit to Perth (Australia) in 1985 for Channel 7's Telethon  |format=Youtube video | work=25 June 2009 news report}}{{cbignore}}{{Dead Youtube links|date=February 2022}}</ref><ref>{{cite web |url=http://www.watoday.com.au/lifestyle/perths-love-affair-with-michael-jackson-20090626-czi2.html |title=Perth's love affair with Michael Jackson |date=26 June 2009 |first=Daile |last=Pepper |work=[[WAToday]]  |access-date=31 December 2013}}</ref>

In 1987, Bell Group purchased a stake in [[Hanson Australia|Pioneer Concrete]] and made a second unsuccessful bid for the Herald & Weekly Times group. The bid went to takeover competitor [[Rupert Murdoch]] for $1.8&nbsp;billion. Bell Group took ownership of ''[[The West Australian]]'', Perth's main daily newspaper.

===Australian Consolidated Investments===

{{Infobox company
| name        = Australian Consolidated Investments Pty Ltd
| former_name = Wigmores Limited (1938–1984)<br /> Bell Resources (1984–1990)
| type        = Private
| traded_as   = AUC (before delisted in 1999) 
| industry    = Mining
| fate        = Defunct<br />Bankruptcy
| founded     = {{Start date|1938|08|23}}
| defunct     = {{End date|2002}}
| parent      = 
}}

Australian Consolidated Investments, was previously known as Bell Resources between 1984 and 1990 and prior to that the company was known as Wigmores between 1938 and 1984.
 
In 1983, Bell Group bought Perth mining equipment company Wigmores, and was renamed Bell Resources Ltd.<ref group=note>The company Australian Consolidated Investments Pty Limited (Formerly known as Bell Resources Ltd and Wigmores Ltd) (ABN 23 008 670 924) described in this article has not traded under the name Bell Resources for almost 30 years and should not be confused with Bell Resources Limited (ABN 44 620 586 334).</ref> Through the ACC group, BRL gained control of [[Bass Strait]] oil and gas explorer, Weeks Petroleum which owned a 2.5% royalty share in the [[Esso]]-[[BHP]] consortium.

In 1985, BRL acquired 13% of U.S. mining company [[Asarco]] for $140&nbsp;million and made an unsuccessful bid for Perth utility Fremantle Gas & Coke. Also in 1985, BRL made its biggest and most daring bid to date for control of resources and steelmaking giant BHP, which was Australia's largest company. Before the deal was finalised the following year, [[Elders IXL]] took a 20% stake in BHP, for $2&nbsp;billion. In turn, BHP purchased $1&nbsp;billion of Elders preference shares. The deal later resulted in action against Elders executives, including chairman [[John Elliott (businessman)|John Elliott]] by the corporate regulator. BRL also spent [[United States dollar|US$]]800&nbsp;million, to acquire 9.6% of [[Texaco]] stock.

===Black Monday===

By the time of the [[Black Monday (1987)|October 1987 international stockmarket crash]], Bell Group had accumulated assets that were valuable but not generating revenue sufficient to cover debts. Holmes à Court's family company, [[Heytesbury Pty. Ltd.|Heytesbury Holdings]], at the time owned 43% of Bell Group, which in turn owned 40% of the cash rich Bell Resources. However, Bell Resources was not able to buy its parent, due to share raids being made on Bell Resources by [[Kerry Packer]], [[Adelaide Steamship Company]] (under John Spalvins) and IEL ([[Ron Brierley]]). [[Merrill Lynch]] withdrew its $1&nbsp;billion line of credit facility, meaning that the parent couldn't acquire its subsidiary and thereby access the money.

===Takeover by Bond Corporation and SGIC===

Holmes à Court initially disposed of some Perth properties before accepting a joint takeover by Bond Corporation and the [[Insurance Commission of Western Australia|State Government Insurance Commission]] (SGIC), in which both parties took a 19.9% stake in Bell Group. Holmes à Court retained 6% of Bell Group and received $340&nbsp;million from the sale. Bond Corp was subsequently forced to bid for other shares in Bell with the result that it ended up with a majority shareholding of 68% of Bell Group. Bond Corp then proceeded to strip $500&nbsp;million from Bell Resources in an effort to prop up its own debts. The [[asset stripping]] included transferring cash from Bell Resources Ltd for its own purposes (thus breaching the company code and ultimately sending its chairman [[Alan Bond (businessman)|Alan Bond]] to jail), transfer of ownership of newspaper holdings into Bond Media and disposal of certain assets including TVW-7.

During 1988, Holmes à Court concentrated on the rebuilding and expansion of his [[Heytesbury Pty Ltd|Heytesbury]] subsidiaries acquiring [[Really Useful Group#Really Useful Theatres|Stoll Moss Theatres]] in London, Sherwin Pastoral Co (owner of vast cattle stations in Northern Australia), and the [[Vasse Felix]] winery in Margaret River.

In 1989, [[Heytesbury Pty. Ltd.|Heytesbury]] bought the [[Victoria River Downs Station|Victoria River Downs]] and major Sherwin Pastoral Co cattle and pastoral stations. Holmes à Court also traded in [[Jaguar (car)|Jaguar]] stock, as well as [[Christie's]] and New Zealand media group [[Wilson & Horton]].

During 1990, Bell Resources was renamed Australian Consolidated Investments Limited.<ref>{{Cite web|url=http://www.delisted.com.au/company/bell-resources-limited|title=Bell Resources Limited &#124; deListed Australia}}</ref> Also Bond Corporation announced a record $980m loss and Elders IXL followed with an announcement of a $1.3&nbsp;billion loss. Bond Corporation entered a [[scheme of arrangement]] in 1991, with receivers taking charge of the Bell Group. In 2002, Australian Consolidated Investments was delisted from the ASX.<ref>{{Cite web|url=https://opencorporates.com/companies/au/008670924|title = Australian Consolidated Investments Pty Limited :: Australia :: OpenCorporates}}</ref><ref>Asic.gov.au Company Register, Australian Consolidated Investments Pty Limited, ABN 23 008 670 924, Document No.018320577 Notification Of Resolution Converting to a Proprietary Company (205B)lodged on 23 September 2002 & Document No.018320578 Application For Change Of Company Status Conversion Of Company From Public To Pty (206B)lodged on 23 September 2002</ref>

==Death==

A heavy smoker who suffered from diabetes, Holmes à Court died of heart failure in bed on the morning of 2 September 1990.<ref>[http://www.theaustralian.com.au/news/features/fatherland/story-e6frg8h6-1226681482832 The Australian: Peter Holmes à Court retraces the life of his enigmatic dad]</ref> Holmes à Court died [[Intestacy|intestate]] and his estate was to be divided one-third for his widow [[Janet Holmes à Court|Janet]] (née Ranford), and the remainder equally among their four children. Heytesbury Holdings continues as one of the largest private companies in Australia. Janet Holmes à Court managed [[Heytesbury Pty Ltd|Heytesbury]] from the time of her husband's death until 2005, when she retired. She was, at one time, Australia's richest woman. The couple's eldest son, Peter Holmes à Court, is now a major investor and entrepreneur in his own right, after divesting himself of his share of Heytesbury, reported as A$35&nbsp;million.<ref>{{cite news|newspaper=[[The Canberra Times]] (canberratimes.com.au)|title=Company Keen To Beef Up Industry|url=http://www.foodwinetravel.com.au/brunettedowns.html|access-date=26 May 2010|date=22 May 2002|url-status=dead|archive-url=https://web.archive.org/web/20091013045250/http://www.foodwinetravel.com.au/brunettedowns.html|archive-date=13 October 2009}}</ref> Peter Holmes à Court, along with [[Russell Crowe]], is the 75.8% owner of [[National Rugby League]] club [[South Sydney Rabbitohs]]. Another son, [[Paul Holmes à Court]], has since taken over as chief executive. Robert Holmes à Court's other children are [[Simon Holmes à Court|Simon]], who is an academic concerned with the environment and climate<ref>{{Cite web|title=Simon Holmes à Court |url=https://www.theguardian.com/profile/simon-holmes---court|access-date=13 October 2021|website=The Guardian|language=en}}</ref> and founder of climate fund [[Climate 200]], and Catherine (married, with four children). Holmes à Court's mother Ethnee died at the age of 98 in May 2014.<ref>[http://www.perthnow.com.au/news/western-australia/tributes-to-ethnee-holmes-a-court-following-her-death-aged-98/story-fnhocxo3-1226904552363?nk=1a9efe1ddf881bf818743de9c3af9dbc Perth Now: Tributes to Ethnee Holmes a Court following her death aged 98]</ref>

Robert and Janet Holmes à Court had 12 grandchildren by 2005, according to an interview with her.<ref>{{cite web
  |access-date=28 December 2018 |url=http://www.abc.net.au/tv/programs/landline/old-site/content/2005/s1450636.htm
  |first=Peter |last=Lewis |title=Producers await outcome of Pigeon Hole project
  |date=4 September 2005 |publisher=Australian Broadcasting Corporation
  |quote=I think it's pretty fundamental. We want to be in this industry in 100 years' time. We've been in it only for 20 years. We have lots of people who work for us who have been here 40, nearly 50 years. But I've got 12 grandchildren and I hope I would like to think that they are visiting these places and their offspring are visiting them way into the future, and if that's going to be the case, then we have to operate these places and manage them sustainably. }}</ref>

==Notes==

{{reflist|group=note}}

==References==

{{reflist}}

==Further reading==
*Edgar, Patricia (1999). ''Janet Holmes à Court''. Australia. HarperCollins. {{ISBN|0-7322-5715-8}}. ''The official biography of Robert Holmes à Court's wife''.
*[[Business Review Weekly]], 5 September 1986, p 47, 12 September 1986, p 55, 19 September 1986, p 17, 26 September 1986, p 51, 3 October 1986, p 47
*[[Australian Financial Review]], 3 September 1990, p 1
*[[The Australian]], 3 September 1990, p 1
*[[The West Australian]], 3 September 1990, p 1
*[[The Bulletin (Australian periodical)|The Bulletin]], 11 September 1990, p 166
*J. McIlwraith, 'Holmes à Court: The End of an Era', Australian Business, 12 September 1990, p 32
*Australian, 6–7 Apr 1991, 'Review', p 1.

{{WA Inc}}

{{Authority control}}

{{DEFAULTSORT:Holmes A Court, Robert}}
[[Category:1937 births]]
[[Category:1990 deaths]]
[[Category:Alumni of Michaelhouse]]
[[Category:Australian art collectors]]
[[Category:Australian billionaires]]
[[Category:Australian people of British descent]]
[[Category:Australian racehorse owners and breeders]]
[[Category:Corporate raiders]]
[[Category:Holmes à Court family]]
[[Category:Massey University alumni]]
[[Category:Businesspeople from Johannesburg]]
[[Category:Businesspeople from Perth, Western Australia]]
[[Category:South African emigrants to Australia]]
[[Category:University of Western Australia alumni]]