Groundforce owner prepares for cartel fine

摘要

VP, which owns ground shoring business Groundforce, has announced that it has made a £4.5M provision to pay a possible cartel fine after being investigated by the Competition and Markets Authority (CMA) earlier this year. In April the CMA launched an investigation into price fixing activity by MGF, VP and Mabey Hire.In a statement made with its preliminary results for the year to 31 March, the firm said: "The shareholders will no doubt already be aware of the announcement issued by the CMA on 9 April 2019 that it had reached a provisional determination that VP, together with two other companies, had acted in a manner deemed to be uncompetitive in the market for certain elements of temporary groundworks.