The latest six contractors to appeal against the size of their fines for cover pricing have seen their penalties slashed.
Galliford Try – one of the hardest hit by the Office of Fair Trading’s investigation - today saw its fine reduced from in excess of £8.3m to just £1,395,000, a reduction of 83.3 per cent.
In a statement to the stock market, Galliford Try said: “Galliford Try does not condone any form of anti-competitive activity and continues to maintain a rigorous competition law compliance regime across all its business.
Apollo, GF Tomlinson, G&J Seddon, Interclass and Sol Construction were also handed hefty reductions.
Apollo chief executive Dave Sheridan said: “As with other contractors involved, we are pleased the Competition Appeal Tribunal has recognised that the level of fine originally imposed by the OFT for cases of cover-pricing was excessive.”
Fines in full:
- Galliford Try: £1,395,000 from £8,333,329
- Apollo: £399,000 from £2,150,536
- GF Tomlinson: £579,000 reduced from £1,269,270
- G&J Seddon: £492,000 reduced from £1,516,646
- Interclass: £324,000 reduced from £464,406
- Sol Construction: £744,000 reduced from 835,702,