Welcome to our Q4 newsletter
We Establish More, Together
Leading up to this point, we have achieved great success running Luxury Living and Lusso Tesoro as separate entities online. Recently, we decided to move forward and bring both of these companies under the umbrella of our family brand, The 79th Group.
Collective expertise has always been at the heart of our brand, we’re a family business first and foremost and we keep those values at the core of everything we do.
We look forward to accelerating the success of both businesses under The 79th Group brand.
Lusso Tesoro Exchanges On Our Second Goldmine
At The 79th Group, it has been a fruitful few months for our business, with many new acquisitions and partnerships. Some of the most exciting news that we’re delighted to share with you is of our latest achievement, Lusso Tesoro Holdings Ltd. securing our second gold mine in West Africa. We’re sure you will agree that this is a hugely exciting step for both the company and our investors.
The mine is located in northeastern Guinea, across the Siguiri and Kouroussa districts, previous mining surveys have indicated gold resources in excess of $200 million USD. This is an outstanding figure, which has been estimated directly from samples and reports conducted by expert mining specialists SRK.
To protect us, the company, and our investors during the transaction, alongside several layers of compliance, we partnered up with the top globally recognised law firms, who have a track record of excellence. Ernst & Young and expert mining lawyers FieldFisher, with offices in London and Paris, are ideally placed for working with our French speaking compatriots in Guinea.
International mining and exploration specialists, SRK Consulting and SRK Exploration, will be managing the sites as our partner and are due to start work on site just after Christmas 2020.
To acquire a project of this size during the economic crisis is a huge statement for the company and what we are going to achieve. The pandemic has revealed gold to be the most reliable asset during times of economic uncertainty. This commodity means safety and security to us, and we hope you see it the same way.
The 79th Group’s Recruitment Drive During the Covid Crisis
It’s been an exciting time for The 79th Group UK team recently as we’ve experienced tremendous growth across all branches of our business. Due to this, we were delighted to have expanded our UK office and offer a number of new job roles.
We’ve increased our workforce by over double, investing in areas including legal and compliance, marketing and social media, and office management. At a time where many businesses have been forced to let people go, we felt incredibly privileged to be in the position to offer these roles and increase the team by the size we have.
The north of England has been hit particularly hard by the Covid crisis, and it gave us tremendous pride that the new team members we have taken on had been facing redundancy and furlough, are now working full time at The 79th Group.
The 79th Group now have our own in-house legal team, headed up by our Head of Legal, Sarah Carr. Sarah is a qualified solicitor and an entrepreneur at heart, having run her own business before it was hit by Covid.
“The closure of non essential shops in March resulted in me losing my retail premises in Liverpool. However as one door closes another opens. I was attracted to the job at 79th Group knowing that it is family owned/managed. From personal experience this means that there is a real drive and commitment to see the business flourish. The group’s plans moving forward are very exciting, offering some interesting legal projects!”
Sarah’s extensive legal knowledge and entrepreneurial streak make her an asset to the team. She will be supported by our new Compliance Manager, who will be starting in the new year.
Liam Comer, our new Marketing Manager returned to the UK from Singapore in May after a job offer fell through due to Covid, and was actively seeking work. He heads up the marketing team, bringing significant experience from 8 years working in similar roles in Asia, and a passion for marketing and data.
He said: “I am really excited to join the group, particularly due to its focus on compliance, security and attention to detail given to each of its projects, from its gold mining business – Lusso Tesoro – to its property portfolio. I am looking forward to engaging the latest technologies to raise the company’s profile amongst investors, the business community, partners, stakeholders and the media.”
Elena was working in business administration and personal assistant (PA) roles prior to lockdown but had been furloughed for several months before joining The 79th Group as our new PA/Office Manager.
She said: “I am grateful for the extra time it gave me to spend with my family – my husband Sam, son Charlie and our English Bulldog Lola, but now I am ready and excited to get back to work. The jobs market is incredibly tough now, I know a number of people who are struggling to find employment after losing their jobs, so I am very grateful and excited to be part of a fast growing company.”
We have also taken on a number of consultants working on a freelance basis, in social media, graphic design and web development, to facilitate our growth.
The whole team is composed of experts who are all working with the specific goal of accelerating the success of our brand and products. One team, going above and beyond to achieve one goal.
“We are pleased to be able to support Liverpool’s/the North’s economy at this challenging time and are delighted to welcome Sarah, Liam and Elena to the team. We are operating in extraordinary times. However, we’re confident that if we continue to provide the property solutions in highest demand, we can develop our business and play a part in boosting micro economies through recruitment and training opportunities.” A few words from the Chairman.
The 79th Group Welcomes Andy Cole CBE on Board as Non-Executive Director
At The 79th Group, compliance is at the forefront of everything that we do in our business. The importance of this has been highlighted even further since delving into the mining industry, tackling major issues such as anti-corruption and anti-slavery.
Compliance is the key to minimizing risk and maximising reliability, for both our investors and ourselves. Our focus in this sector has played a vital part in creating a successful investments platform for our clients.
When The 79th Group started, we knew that compliance was something that we were going to heavily invest in from the start. It is what we pride ourselves on that makes us stand out from our competitors. The Chairman and his son’s reinvest their own family money and assets into the group, so it is in our best interest to ensure that we are operating securely at all times.
We have secured the company by investing in the team, and recently welcomed Andy Cole on board as a non-executive director.
Andy spent 40 years in public service and was most recently a senior member of HMRC. He was awarded a CBE for his services tackling offshore tax evasion and avoidance, which he was recognised for on the Queen’s 2011 New Year’s Honours list. It’s outstanding for the company to have somebody of Andy’s calibre and experience on board with us.
During his career, Andy has tackled some of the largest and complex fraud and avoidance cases by corporates, High Net Worth Individuals, offshore entities, and organised criminal gangs.
As Senior Director of Special Investigations at HMRC, Andy was accountable for the deployment and delivery of approximately 3,000 investigation specialists, technicians, accountants, and insolvency experts in stopping tax evasion and non-compliance. His leadership recovered approximately £3.5 billion in unpaid duties to the Exchequer and regularised assets in the region of £15 billion.
Being strategically sat on the board, allows Andy’s extensive experience to be drawn down throughout the entire group. Advising on tax, compliance, and legislation across the property business, gold mining business and all future ventures. Our investors and partners can be entirely confident our policies and strategies are protected with continuous vigilance by the highest level of compliance.
79th Luxury Living Committed to Regeneration in Merseyside
Our Chairman, Dave, has achieved extensive success during his past career in property development which spanned over 30 years and was primarily focussed in the Liverpool area. At The 79th Group, we have been committed to the regeneration of Merseyside and recently exchanged contacts on an exciting new venture in the Birkenhead area.
The 79th Luxury Living team has completed acquisition of a historic cinema site on the Wirral Peninsula in Birkenhead, local landmark The Gaumont. We’re delighted at the opportunity to acquire and convert this piece of Birkenhead history into homes for local residents.
The Gaumont opened its doors in 1938 and delighted movie goers for 26 years before showing its last film in 1964. Since then, the building continued to be a community hub, being repurposed as a bingo hall, a roller rink and most recently a furniture shop.
We’re committed to maintaining the multi-use development bringing income into the local community, with sitting commercial tenants in both retail and telecommunications using The Gaumont building as their hub, with the redeveloped flats starting from the first floor of the building and above.
We also acquired the land adjacent to the building. This additional plot will be used to create much needed parking and additional facilities for residents, improving parking congestion issues in the area for the local community and businesses.
Working with our chosen architect and planning consultant, Philip Seddon Associates, we aim to rekindle the local housing market with some very much needed living spaces.
Together, we’re developing a design which will honour the original characteristics of the building while catering to the increasing demand for affordable homes in the area.
At 79th Group, we are passionate in playing our leading part in helping to rejuvenate Birkenhead, and proud to be part of the wider regeneration projects happening across Wirral and Liverpool. We look forward to bringing you more good news on additional local developments in our next quarterly round up!
News From The Chairman
Even more inspiring news – following on with the theme of the screen! A leading UK production company recently came across our story and were captivated by the Webster family and The 79th Group way of working. Excitingly, they have approached us to film a fly on the wall style documentary following Dave, Jake, and Curtis on their trips over to West Africa and how they operate 79th headquarters.
We’re proud to stand out from the crowd due to our work on the ground in Guinea as a family, actually mining ourselves and throwing ourselves into the entire process of excavating gold, getting to know the indigeous community and sharing our profits with them to improve their community facilities, employment opportunities and quality of life. We know that we’re not your standard asset management company – but it’s great to know that others recognise this in us too, and we’re very excited to see where this next opportunity might take us.
Our Trip To Guinea With SRK Consulting
During September, there was a successful trip to West Africa to celebrate. Our Chairman Dave was joined over there by the Chairman of SRK Consulting, Bill Kellaway. SRK Consulting have 45 years of experience in providing advice, consultancy and independent assurance to mining companies. Due to their excellent track record and global recognition, they were the only choice when deciding upon our advisers for Lusso Tesoro. The visit was extremely rewarding, as it concluded with the progression of our second mine purchase, alongside the identification and exclusivity on a further two mine purchases, which will proceed subject to extensive Due Diligence being conducted by SRK.
We really are in a unique position on the ground in Guinea with our 7 year footprint, which was echoed by Bill Kellway, who attended all meetings with Dave. We look forward to the exciting times ahead for our Company, family, investors and our strategic partners.
Our Latest Projects
79th Luxury Living continues to go from strength to strength, being presented with distressed opportunities on a regular basis, which is fantastic news in the latter quarter of the year when many businesses find themselves winding down.
Our in house team of experts assess each opportunity, producing detailed financial appraisals and robust research of the area and the potential exit strategy, prior to the Company engaging into exclusivity agreements so further Due Diligence can be carried out.
We have two new projects of specific interest and progression to focus on; two apartment blocks in Manchester, and in the Newcastle upon Tyne area. The total combined GDV of these projects is in excess of £16 million.
Our proposed project in the popular Salford area of Manchester is circa 40 apartments, within walking distance of the vibrant City Centre and superb transport links to further afield. There remains a high demand for quality apartments in this area from young professionals seeking homes with all amenities on their doorstep in a city brimming with culture.
We will also shortly be exchanging contracts on a luxury development in the North East of England. A hugely exciting project, compromising the refurbishment of a historic building with new build elements including communal courtyard and private patios and balconies, with an unprecedented demand in these apartments already.
More positive news on our signature luxury development in Kirklake Road, an exclusive area in the town of Formby, will commence on site early next year following positive feedback from the Planning Department on our final phase of planning application.
We have further enhanced these three luxury properties with a basement, which will house a gym and sauna. These features are in addition to the home cinema already planned in these large detached prestigious homes, which are being designed with Premier League footballers in mind, with this desirable pocket of Merseyside already homing many current and past Liverpool players.
Giving The Gift of Time This Christmas
This year, it felt more important than ever for us to give something back. We have chosen to support Claire House Children’s Hospice this Christmas, who are local to us and based not far from our UK headquarters.
The amazing team at Claire House provide invaluable medical care and support to seriously and terminally ill children and their families. They help the children live life to the full by creating wonderful experiences, and bring a sense of normality back to family life. They aim to make families smile again when life couldn’t get tougher, and were understandably hit hard by Covid 19 and the restrictions that came along with it.
The team at The 79th UK HQ put on our santa hats and wrapped up sacks full of fun, sensory gifts and games for the children to enjoy, along with a donation to the House to sponsor a nurse for 40 hours over the festive period when extra staffing is vital for the children, their families and also the team at Claire House.
Dave, Jake and Curtis headed over to Claire House for a socially distanced present run during Christmas week to spread some Yuletide cheer.
The 79th Group Sponsors Southport FC
As a family, the Websters have a long history in football, with our Chairman Dave’s father playing professionally for Walsall and semi-pro for South Liverpool. Dave also showed great sporting promise, and after concentrating on business rather than playing, later on partnered with the PFA (Professional Football Association) exclusively to provide premier league footballers with exclusive investment opportunities.
Our director, Curtis Webster, whose own football potential was cut short by repeated injuries potentially due to poor facilities, is now investing some of his money to prevent other young players from suffering in the same way.
Curtis played for Liverpool Juniors and had a promising sporting career ahead of him. He believes that the rigorous schedule he was put through as a young player and the bad condition of many pitches contributed to his injuries.
However, football’s loss has been our gain, as Curtis decided to join the family business and has flourished as The 79th Group’s Compliance Officer, taking charge of many global partnerships.
As The 79th Group thrives, Curtis has pledged £2,500 to National League North club, Southport, as a donation for the junior and youth set ups. He said: “I was shattered when my opportunity with Liverpool was ended by a ligament injury and after that, although I played at a reasonable level for several more years, my fitness was always an issue.
“Over the past couple of years, I have focused increasingly on the business and recently decided to stop playing altogether. However, I always hoped I could do something to improve the prospects of young footballers and so I am delighted that we have this opportunity to team up with our local club to do just that.”
Steven Brown, The Clubs Head of Commercial added: “It’s great to link up with Curtis and the rest of the team at The 79th Group. They have recently had a 40ft board fitted at the stadium and we thank them very much for their donation at this difficult time for football.
“We look forward to a long and successful relationship with them and particularly in developing the opportunities for younger players connected to the club.”