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Business News Wales
a day ago
- Business
- Business News Wales
Anglesey Freeport Moves to Delivery Phase as Full Business Case is Approved
Anglesey Freeport is set to move into delivery phase as its full business case has been approved by the UK and Welsh Governments. The Freeport is a partnership between Stena Line and Isle of Anglesey County Council. The move follows the approval of the Freeport's Outline Business Case earlier in the year, which designated two major tax sites across the island. New businesses located within Anglesey Prosperity Zone and the Central Anglesey Tax Sites benefit from special tax reliefs and are designed to attract investment and boost economic growth across North Wales. With both business cases approved, all required approvals are now in place, with the Freeport able to transition to its delivery phase. The approval of the Full Business Case will shortly unlock £25 million in government seed capital, enabling the establishment of the Freeport as a business entity. Approval of the North Anglesey Tax Site is expected later this year. Anglesey Freeport will deliver upon the Welsh and UK Government's shared objectives around the broader Freeport Programme, including ensuring the Freeport operates as a hub for global trade, innovation and investment, supporting local talent and embracing new employment opportunities, particularly within low-carbon energy. Additionally, outline planning permission will shortly be determined for a proposed new technology park at Prosperity Parc, the former Anglesey Aluminium site which sits within the Anglesey Prosperity Zone. At its peak, the proposals are forecast to generate up to £578 million of growth in the local economy each year, the equivalent of a third of Anglesey's current economy, and create around 1,200 jobs. Ian Davies, Head of UK Port Authorities at Stena Line, said: 'We are delighted that Anglesey Freeport is now fully operational, following the approval of our full business case. This milestone is the culmination of all the work to date by Stena Line and the Isle of Anglesey County Council. We would like to thank UK and Welsh Government for their continued support in developing the Freeport and commitment to realising its vision. 'We will now deliver on the promise of the Freeport which is to attract investment, protect the Welsh language and culture, create thousands of new jobs and boost economic growth across North Wales.' Isle of Anglesey County Council Chief Executive, Dylan J. Williams added: 'The approval of the full business case is another significant step forward in delivering Anglesey Freeport and boosting the local economy. 'Together with Stena Line, we have invested a considerable amount of time and effort into this transformational opportunity. There are, we hope, exciting times ahead as our partnership creates a solid foundation to deliver significant investment and long-term economic benefits for the island and North Wales, helping address our local and regional needs. This investment will further help protect the Welsh language and maintain sustainable communities. 'Unlocking £25 million in government funding would allow us to make further progress in developing our three taxes sites – ensuring that Anglesey Freeport brings major new investment, jobs and supply chain opportunities.' Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans, said: 'Anglesey Freeport has the potential to supercharge economic growth and high-quality jobs creation in North Wales and it has taken another significant step towards accessing £25 million in seed capital to capitalise on this transformational opportunity. 'We continue to work hand-in-hand with the UK Government to drive economic prosperity across the region.'
North Wales Live
19-05-2025
- Business
- North Wales Live
Future of £250m North Wales holiday park unclear as firm enters administration
The fate of a £250m North Wales holiday park remains "unclear" after the company behind the plan fell into administration last month. The Seventy Ninth Group is currently being investigated by the City of London Police after it was believed to be offering loan notes to investors with high interest return over a fixed period. The police force announced it was probing the company earlier this year, with eight companies linked to the name having entered into administration and notices being filed on The Gazette official public record. The administrator for seven of the eight companies linked to The Seventy Ninth Group previously told the ECHO how The Seventy Ninth Group Limited is the holding company for a large and complex group of unregulated businesses which together describe itself as an asset manager, reports the ECHO. It operates across real estate, aviation, natural resources and wealth management. When the ECHO attempted to contact The Seventy Ninth Group, the phone line would not connect and the website is no longer available. Police confirmed the group, based on Wight Moss Way in Southport, operate in real estate, "claiming to specialise in the acquisition, management and development of lucrative assets". The company also offers investment opportunities selling loan notes secured against properties. In January this year, the Merseyside company was announced as the new owners of the consented development at Penrhos Coastal Park near Holyhead. Almost 500 luxury lodges have been earmarked for the 200-acre site. The site was set up for the community in 1971 by the former Anglesey Aluminium plant. The Seventy Ninth Group said earlier this year the first of the £12,000 lodges would be available by summer 2025. At the time, the Isle of Anglesey County Council welcomed the news and said it was looking forward to establishing a "long-term working relationship" with the company. However, following four arrests made by City of London Police in connection with the company and now the appointment of administrators, the council's chief executive declined to comment further on the future of the site. Anglesey Council's chief executive, Dylan J. Williams, told the ECHO: "The ownership and future of the Penrhos site remain unclear, so it would be inappropriate to comment further at this time." Outline planning permission for the development was agreed in 2016 and in October 2024, a legal challenge by local residents was rejected in the High Court before the landowner, Land and Lakes, sold the site to The Seventy Ninth Group two months later. The plans for the site, valued by the company at £250m, include 492 premium holiday lodges, a restaurant and leisure amenities, a swimming pool, spa, gym and sports pitches and outdoor tennis courts. The Seventy Ninth Group said it would not be seeking external funding and would be developing the site from its own financial resources. City of London Police said investors are contacted by 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 force said: "The Seventy Ninth Group tell investors that funds are used for real estate, wealth and aviation. Another area of business advertised under The Seventy Ninth Group is mining for natural resources in countries such as Canada and Guinea." Four people have been arrested in connection with the company. A large amount of cash, luxury watches and jewellery were found during searches of five separate properties, all of which have been seized. All people arrested have been released on bail and enquiries are ongoing. City of London Police said: "Anyone who has been contacted by investors from The Seventy Ninth Group, or working on behalf of The Seventy Ninth Group, should contact the City of London Police immediately." A spokesperson for The Seventy Ninth Group has previously told the ECHO in a statement: "The Seventy Ninth Group categorically denies any wrongdoing following claims recently made public by the City of London police. "Since the events of last week, we have been working diligently with our legal advisers to address the claims made as part of the investigation, while also providing information to business partners and other stakeholders. "The company has also appointed independent forensic accountants to conduct a comprehensive review of the business. The Seventy Ninth Group remains committed to servicing its clients in the UK and across the globe." The Seventy Ninth Group was also the headline sponsor of last year's 100th anniversary Southport Flower Show. The company's website previously explained how the board is comprised of "experienced industry leaders, two of whom have been honoured by members of The Royal Family, with decades of collective expertise across high-profile sectors".
