Administrator of 79th Group wrestles with ‘very complex business’
Joint administrators Jeremy Woodside and Tracey Pye from the Manchester office of business advisory firm, Quantuma, have said their priority over Southport headquartered The 79th Group, and other associated businesses, is to identify “the substantial range of assets” they believe the group has.
Last week, TheBusinessDesk.com reported that several companies within The 79th Group, which operated as an investment business, entered administration after a fraud investigation by the City of London Police resulted in four arrests and the seizure of cash, watches and jewellery.
The 79th Group Limited has operated as a holding company for a large and complex group of unregulated businesses which together, describes itself as an Asset Manager, operating across real estate, aviation, natural resources, and wealth management, specialising in investments, acquisitions, and financial management.
Jeremy Woodside, Managing Director, Quantuma
Quantuma managing director, Jeremy Woodside said: “This is a very complex business with operations, assets, investors and stakeholders across the UK, Europe, the Middle East and West Africa. We are collaborating with all stakeholders to understand the detail which sits behind these complexities.
“Our immediate priorities are to identify and secure the group’s substantial range of assets and assess the options available.”
The 79th Group also launched a private equity fund in 2022, registered in Gibraltar, which it described as part of the Webster Family portfolio of companies, “the Seventy Ninth Private Equity Fund (PEF) is authorised and regulated by the Gibraltar Financial Services Commission (GFSC),” it claimed.
In late February, City of London Police revealed that they were investigating The 79th Group over suspicions of “widespread fraud” whereby the group was believed to be offering loan notes to investors with a high interest return over a fixed period.
As well as Quantuma Advisory being appointed administrators to seven of the companies within the group, Gareth Latimer and Stephen Cave of Grant Thornton Belfast have been appointed joint administrators to one of the companies.
T&T Trustees Limited, various 79th Group entities and Land & Lakes (Anglesey) Limited have registered charges against one or more of the companies.
Specialist litigator Insolvency & Law (I&L), which provides insolvency and debt-related solutions for UK-based company directors, businesses owners, and individuals, is pursuing action. “We don’t wait for the scraps left after insolvency. We go after the parties who caused the harm,” the firm said.
