9th Mar 2021 12:01
Vp PLC - Harrogate-based equipment rental firm - The UK Competition & Markets Authority publishes details on its decision to hand Vp a GBP11.2 million penalty for infringing competition law over the supply of groundworks products to the UK construction industry. The CMA also fined MGF (Trench Construction Systems) GBP3.8 million. Cited but not fined was Mabey Hire Ltd. Mabey had approached the CMA in 2016 under its leniency policy and was granted immunity.
The regulator had first announced the decision back in December and on Tuesday published the non-confidential version of its decision. The CMA found the companies "colluded illegally to reduce competition and maintain or increase prices" by sharing confidential information on their pricing and commercial strategy. The regulator said the collusion took place for nearly two years on and off over a period from 2011 to 2016.
Back in December, Vp said it had already provisioned GBP15.4 million for the investigation and said it "fundamentally disagrees" with the CMA's conclusions.
Current stock price: 858.00 pence
Year-to-date change: up 8.6%
By Tom Waite; [email protected]
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