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 some of the figures went to a company called Mayhem Miniatures. Mayhem Miniatures, along with Kennington, New Hope and SHQ were all bought out and the lines consolidated under the SHQ brand. The Uruck (Hill Orcs) and Ogres are still available from 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
Fantasy Warlords - Large Ogres
Fantasy Warlords - Ogre Badge
This was brought to my attention by Stephen Spreadbury who remembers buying the badge in the 1990s and who provided the photographs. It clearly resembles the FW9/1 Ogre Hero and could even have been taken from the same master. Whether the badge was a figure which someone converted and then sold or whether figures were converted to make another master from which the badges were made is not known.