It is the oldest surviving mercantile firm in the country, with a recorded history dating back to the early 19th century, and is the first on the register of companies in Sri Lanka[1][2] Having begun operations as a merchant banker and then a produce broker, George Steuarts today includes businesses engaged in tea, exports, health, leisure, travel, real estate, telecommunications, shipping, insurance, solutions[clarification needed], recruitment and higher education.

Steuart was subsequently appointed "Master Attendant of the Roads of Colombo", a position which precluded him from continuing his commercial activities.

[6][7][8] 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.

[15] 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.

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.