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April 9, 2019

Vp included in CMA ‘cartel’ investigation

Filed under: Latest News — EHN Team @ 5:10 pm

The Competition and Markets Authority (CMA) has announced provisional findings that Vp plc’s excavation support systems business, Groundforce, is one of three construction industry suppliers that have broken competition law.

The Authority has provisionally found that Vp, M.G.F. (Trench Construction Systems) Ltd and Mabey Hire Ltd formed a cartel to reduce competition and keep prices up. This involved sharing confidential information on pricing and commercial strategy and coordinating their commercial activities.

In a Statement of Objections issued earlier today, the CMA alleges that Vp and MGF operated the cartel for periods totalling nearly two years and Mabey took part for a single period of five months.

Vp states that none of its other businesses are included in the investigation and that it will continue to cooperate fully with the CMA.

The Authority states that its findings are, at this stage, provisional and do not necessarily lead to a decision that the companies have breached competition law. The firms now have the opportunity to consider the detail of the CMA’s provisional findings and respond to it.

Vp shares closed down by 14.71% today at 870p.

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