Webster family declared bankrupt as 79th Group investigation deepens

Three members of the Webster family from Formby, formerly behind the Southport based investment firm the 79th Group, have now been declared bankrupt as the long running investigation into the company continues.

The bankruptcy orders mark a significant new development in a case that has left thousands of investors facing heavy financial losses and has drawn national attention to one of the UK’s largest recent investment collapses.

The 79th Group was promoted as an international asset management and investment business, offering loan note products linked to property developments, mining ventures and luxury assets. Investors were promised fixed high returns, in some cases exceeding twelve percent.

The business attracted thousands of investors from the UK and overseas and was fronted by David Webster and his sons Curtis and Jake, who regularly showcased what appeared to be a fast growing global operation with high profile events, luxury travel and ambitious development plans.

In April 2025 the group collapsed. Administrators were appointed and soon raised serious concerns about how investor money had been used.

Administrators later reported that funds raised from investors had not been used to buy or develop the assets that had been promoted. Instead, large sums were spent on running costs, commissions and lifestyle expenses.

Dozens of companies connected to the group were identified, creating what administrators described as a complex corporate structure that made tracing money difficult. Some companies linked to headline development projects were found not to own any property at all.

As a result, a High Court granted a worldwide freezing order on the Webster family’s assets and ordered full financial disclosure while investigations continued. Passports were also surrendered as part of those proceedings.

Earlier developments included the sale process of luxury aircraft linked to the group, which were viewed by many investors as the first tangible step towards potential recovery of funds.

However administrators have repeatedly warned that the recovery process is likely to be slow and uncertain.

It has now been confirmed that all three Websters have been made bankrupt. This step is expected to allow insolvency practitioners to further examine personal finances and assets as they continue efforts to recover money for creditors.

The Webster family continues to deny any criminal wrongdoing and has previously stated that regulatory action and banking issues contributed to the collapse of the business.

The investigation remains ongoing, involving specialist fraud officers and multiple insolvency firms. Because the investment products were not regulated in the same way as mainstream financial products, oversight was limited prior to the collapse.

For the many investors affected, including some within the local area, the bankruptcy represents another stark moment in a case that has already caused widespread financial distress.

For Formby, the case has been deeply unsettling. A family once associated locally with success and ambition is now at the centre of one of the most serious investment failures in recent years.

As investigations continue, victims across the country are waiting to see whether further assets can be recovered and whether accountability will ultimately follow.

Formby Bubble will continue to report developments carefully and responsibly as the situation progresses.