Started by some ex-GW employees, they produced figures for two wargames "Fantasy Warlord" and "High Command". It seems the sci-fi game was never published. Some details on the Fantasy Warlord game can be found at Fantasy Warlord
It seems they produced figures for both games, some of which were sculpted by Bob Olley.
It is understood that when Folio Works went out of business, the rights to the figures went to a company called Mayhem Miniatures. Then they later went to a company called Kennington. Some, but not all, of the Folio Works stuff is still available from Kennington in their fantasy line. Kennington themselves seem to have no web presence, but the figures can be found a couple of places online, MBM Models and SHQ.
Interestingly, Alternative Armies also produced figures for the Fantasy Warlords game.
Many thanks to David Kirk and Jeff Bisset for their help with this section. If anyone has any additional information that would assist, please contact me.
Fantasy Warlords - Uruck (Hill Orcs)
Fantasy Warlords - Dwarfs
Thanks to Stunties for allowing me to use photos from Stunties excellent Dwarf site