The former cinema building was earmarked for 25 to 30 apartments in 2020 by the multi-million pound company
A historic Merseyside cinema is one of three properties to be sold after a multi-million-pound company at the centre of a police probe entered administration earlier this year. Southport-based Seventy Ninth Group has seen 19 companies linked to the name file for administration with The Gazette in recent months as City of London Police continue it investigation into the group.
The Seventy Ninth Group became the subject of an extensive police investigation earlier this year, with four arrests being made by City of London Police, after it was believed to be offering loan notes to investors with high interest return over a fixed period.
The administrator representing the majority of the companies which have filed for administration with the official public record 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.
14 of the 19 companies to enter into administration have appointed administrators Quantuma, with a spokesperson for the firm previously telling the ECHO how the company had discussions with 100 employees about redundancy prior to the administration, with 70 people being laid off. When the administrators were appointed, they said “there was a lack of clarity in the company records over which staff had been retained by the company, and which had been made redundant”.
Now, Quantuma has instructed Landwood Group to manage the sale of three of the failed asset manager’s properties.
The Gaumont Cinema building in Birkenhead is one of the three properties to have been placed in the hands of the company after the Seventy Ninth Group bought the premises in 2020 before applying for planning permission to transform the building into 25-30 apartments.
It’s believed the three storey art deco building was built in the 1930s and opened as The Gaumont Cinema in 1938 before closing in the 1960s. It has been used for a variety of purposes but has since fallen into disrepair, most recently being a furniture shop.
The cinema was previously listed with a guide price of £150,000 before being sold.
Two other properties include a detached two-storey office building on Birchwood Boulevard in Birchwood and the Fairnington Centre in Hexham, Northumberland – a large former workhouse.
James Ashworth, partner and head of agency at Landwood Group, said: “These three very different properties all have their own unique characteristics and their own USPs.
“While we have already found a buyer for the Wirral site, we are confident that each of them will find buyers who will be able to take them forward, develop as appropriate and bring them back into occupation.
“We are specialists in this field and we offer a coordinated approach offering the administrators the expertise of our Recovery, Valuation and Agency teams. We hope to secure the best prices we can in the current market and all three properties should generate plenty of interest.”
The ECHO has previously published concerns from employees who have been made redundant, with some saying they were having to sell their cars as they are yet to receive money from the company.
Police confirmed the group, based on Wight Moss Way in Southport, operated 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.
The ECHO reported in May how plans for a £250m holiday park in Anglesey had been thrown into doubt following the company’s administration. 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, North Wales Live has previously reported.
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.”
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.”
To learn more about these properties or Landwood Groups other listings visit: https://landwoodgroup.com.
