Builder sees cover pricing fine slashed
Affordable housing developer Galliford Try has had a fine for cover pricing slashed from £8.3 million to £1.4 million.
The Office of Fair Trading issued the original fine in September 2009 for three breaches of the Competition Act 1998, but the house builder took the case to the Competition Appeal Tribunal and has today seen the penalty reduced.
The OFT fined 103 construction firms a total of £129.5 million for anti-competitive activity, which mainly involved working together to drive up the prices paid by clients. Several of the firms have appealed against the scale of the fines.
Last week the tribunal cut the fine to social housing contractor and developer Kier from £17.9 million to £1.7 million, saying the penalty was ‘excessive’.
In a statement Galliford Try said it ‘does not condone any form of anti-competitive activity and continues to maintain a rigorous competition law compliance regime across all its businesses’.