Latest news with #SeventyNinthGroup
The Sun
22-05-2025
- Business
- The Sun
Iconic £250m holiday park's future thrown into doubt as parent firm COLLAPSES into administration
THE FUTURE of a holiday park and its £250 million development is in doubt after its parent firm collapsed into administration. Now, its owners are under investigation by the City of London Police who are examining the firm's finances. 4 4 4 Penrhos Coastal Park in Wales has long been a popular tourist destination. It was acquired by a Southport based company named Seventy Ninth Group, which is a holding company for a large group of businesses. However, the company has fallen into administration and is under investigation by the City of London Police. The holding company has allegedly been offering loan rate notes to investors with high interest return over a fixed period. Allegedly, investors would be approached by a third party who offered the opportunity for a fixed return of 12 per cent - if they invested £10,000. Another deal which involved a £25,000 investment with a fixed return of 15 per cent was also allegedly offered. Four people connected with the company have been arrested and released on bail. Now, the fate of Penhros Coastal Park and its £250 million development is at risk. The firm had planned to build 492 premium holiday lodges, a restaurant and leisure amenities as well as a spa, pool, gym and sports pitches. Seventy Ninth Group allegedly planned to forgo external funding and would develop the site using its own finances. The Sun tried to contact the Seventy Ninth Group via telephone but the lime didn't connect and, according to Google, the firm's site in Southport is permanently closed. A spokesperson for the Seventy Ninth Group had previously told the Echo: "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 City of London Police have refused to comment on the investigation, choosing to remain in a 'holding position'. A spokesperson for the force said: 'It's still an active investigation and so as such we wont be commenting on it.' Previously, another spokesperson for the City of London Police had 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." 4
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".
Khaleej Times
10-04-2025
- Business
- Khaleej Times
Worried UAE investors seek answers from UK asset firm under fraud investigation
Several UAE-based investors say they are in the dark about their funds after a UK-based asset management firm under investigation for suspected fraud, suspended payments and sent out an email citing a moratorium. A Dubai-based Indian investor told Khaleej Times he is part of a group of 10 individuals in the UAE who have stopped receiving payouts from the Seventy Ninth Group in recent weeks and are now exploring legal options. 'All of us received an email saying payments are being paused, but there is no clarity on how long this will last,' said the man, who claimed to have invested over Dh800,000. 'We are planning to take legal action to get our money back.' The Seventy Ninth Group, which entered the UAE market in 2022, is being investigated by the City of London Police in what authorities have called a 'suspected widespread fraud case' involving high-return investments tied to property-secured loan notes. The UK police said four people had been arrested and valuables, including cash and luxury items, were seized during raids at multiple locations in Merseyside last month. In a fresh statement sent to Khaleej Times on Wednesday, the Seventy Ninth Group said it had stopped accepting new funds through loan notes and had asked for a moratorium on payments to existing clients as it works with 'leading experts' to restructure the business. 'It is our strong intention to complete these projects,' the company said. 'We appreciate that this is a deeply unsettling time for both our colleagues and clients… These steps have been taken to ensure that the business survives and looks to deliver on its obligations.' But that has done little to reassure some investors in the UAE. RK, another investor who contacted Khaleej Times, said he was 'trapped in the crisis' and unable to get a clear response from the company's local office in Dubai. 'They just brush off the matter saying they are only a marketing agency and ask me to contact the UK office, which never responds.' It is unclear how many UAE investors have been affected or the total amount of money at stake. But the case has reignited concerns about investor protection when it comes to cross-border financial products marketed in the UAE. The Seventy Ninth Group had earlier denied any wrongdoing and said it was cooperating with investigators and had appointed independent forensic accountants for a comprehensive business review. The City of London Police has urged anyone who has been contacted by the group about investments to file a report through the Major Incident Public Portal as investigations continue. The four individuals arrested have been released on bail.
Khaleej Times
09-03-2025
- Business
- Khaleej Times
UK asset firm with operations in UAE under investigation for suspected fraud
A UK-based asset management company with operations in the UAE has come under scrutiny after its headquarters in the UK were raided as part of a major fraud investigation. The Seventy Ninth Group, which entered the UAE market in 2022, is being investigated by the City of London Police over a 'suspected widespread fraud case' involving investors being offered high returns on their loans. The police confirmed that four people had been arrested, with a 'large amount of cash", luxury watches, and jewellery seized during raids at five separate properties in Merseyside, a metropolitan county in North West England, which includes the city of Liverpool and surrounding areas. The force stated that the company offers investment opportunities by selling loan notes secured against properties, promising returns of between 12 and 15 per cent on loans starting at £10,000. The Seventy Ninth Group also operates in real estate, wealth management, and mining in Canada and Guinea. In response to the allegations, the company issued a statement to Khaleej Times, denying any wrongdoing. 'The Seventy Ninth Group categorically denies any wrongdoing following claims recently made public by the City of London Police,' the statement said. The company added that it is working closely with legal advisers and has appointed independent forensic accountants to conduct a comprehensive review of its business. '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 statement continued. The company reaffirmed its commitment to serving clients in the UK and globally. The case has sparked debate among business circles in the UAE, raising concerns over investor protection and regulatory oversight in cross-border financial dealings. Meanwhile, the City of London Police has urged anyone contacted by representatives of the Seventy Ninth Group regarding investments to report it via the Major Incident Public Portal. The four individuals arrested in connection with the case have been released on bail as inquiries continue.
BBC News
05-03-2025
- Business
- BBC News
Anglesey: Major fraud probe into planned holiday park owner
A major fraud investigation has been launched into an asset management company that recently bought a contentious holiday park Seventy Ninth Group purchased the planned site at Penrhos Coastal Park in Holyhead, Anglesey, in City of London Police said it was investigating a "suspected widespread fraud case" involving investors being offered high returns on their force said four people have been arrested as part of Operation Mold, with weapons, cash and luxury watches seized in raids in Merseyside. The Seventy Ninth Group describes itself as a real estate and wealth management company, with headquarters in Southport in addition to leisure sites such as Penrhos, it also has mining operations in Guinea and Canada. "The Seventy Ninth Group operates in real estate, claiming to specialise in the acquisition, management and development of lucrative assets," said the force in a statement."They offer investment opportunities selling loan notes secured against properties."Investors were offered returns of between 12% and 15% on loans starting at £10,000, police added."The Seventy Ninth Group tells investors that funds are used for real estate, wealth and aviation," added the group announced at the start of January it had purchased what was known as the Lands and Lakes development near Holyhead, as part of a £250m plan to build a holiday park with nearly 500 chalets and leisure to its website, it said the park would be completed by the summer of development was bitterly opposed by supporters of the coastal park, including a failed judicial review in October last year disputing the planning permission granted by the county council on Anglesey. On purchasing the site at the start of the year, Jake Webster, the managing director of the The Seventy Ninth Group, said it was looking forward to developing a "world-class holiday destination in collaboration with the local community".The firm also pledged to invest £1m in local schemes on the group has been approached by BBC Wales to comment on the on-going of London Police said it carried out searches at five separate properties in connection with the The Seventy Ninth Group, seizing a "large amount of cash, weapons, luxury watches and jewellery".Four people arrested have been released on bail as inquiries to the investigation, the council's chief executive Dylan Williams, said: "The allegations are a cause for great concern."We will not be making any further comment until the outcome of police investigations, or any related legal proceedings, have been concluded."The City of London Police has issued an appeal for anyone who has been contacted by investors from the The Seventy Ninth Group or who work for the company to contact them as part of the investigation.
