Seventy Ninth Group companies placed into administration
A number of companies associated with the Southport business have entered administration as a City of London Police investigation continues.
In notices posted on The Gazette this week, notice has been given of eight vehicles being placed into administration, seven of them with Quantuma Advisory in Manchester, and one with Grant Thornton in Belfast.
These companies are:
- 79th Luxury Living Ltd
- Seventy Ninth Aviation Ltd
- The 79th Grp Ltd
- Seventy Ninth UK Ltd
- 79th Luxury Living One Ltd
- 79th Leisure Two Management Ltd
- 79th Leisure Two Development Ltd
- 79th Luxury Living Six Ltd.
Grant Thornton is dealing with the last of these. The top seven vehicles are now in the hands of Quantuma Advisory, with Jeremy Woodside and Tracey Pye acting as joint administrators.
As described by the company itself on LinkedIn, “The Seventy Ninth Group, also known as The 79th Group, is an award-winning asset management company headquartered in the United Kingdom.
“It holds a unique and advantageous position in both the real estate and natural resource sectors, specialising in the acquisition, management and development of desirable assets.
“A family-owned business, the Seventy Ninth Group is chaired by David Webster and his sons, Jake and Curtis, along with an experienced board of directors with a banking & compliance background. The Seventy Ninth Group is renowned for its strong family values of loyalty, honesty, and reliability, and is respected by its clients globally. ” The business last posted a month ago.
In January this year, the firm announced the completion of a deal for consented land at Penrhos Coastal Park in Anglesey, talking of a £250m, 500-lodge holiday park, a potential development welcomed by the county council.
However by 28 February, City of London Police had posted an appeal online for potential victims of investment fraud linked to the group to come forward.
This notice read: “The City of London Police is investigating a suspected widespread fraud case where a company named the 79th Group is believed to be offering loan notes to investors with a high interest return over a fixed period.
“The 79th Group operate in real estate claiming to specialise in the acquisition, management and development of lucrative assets. They offer investment opportunities selling loan notes secured against properties.
“Investors are contacted by various third-party introducers offering the opportunity to invest with fixed returns between 12% for a minimum £10,000 investment and 15% for a minimum £25,000 investment.
“The 79th Group tell investors that funds are used for real estate, wealth and aviation. Another area of business advertised under the 79th Group is mining for natural resources in countries such as Canada and Guinea.
“So far, four people have been arrested in connection with 79th Group. A large amount of cash, luxury watches and jewellery were found during searches of properties, all of which were seized.
“All people arrested have been released on bail and enquiries are ongoing.”
The force said that anyone who has been contacted by investors from the 79th Group, or working on behalf of the 79th Group, should contact the City of London Police immediately.
Quantuma declined to comment, while the police told Place that its investigation is ongoing. An email to Seventy Ninth Group bounced back.
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