Contractor says £17.6m penalty imposed by CMA cleared two and a half years early
Demolition and civils specialist Erith Holdings said it has paid all of its fine for bid-rigging imposed two years ago by the Competition and Markets Authority (CMA).
The Kent-based contractor was fined £17.6m, the largest amount, after being found guilty of bid-rigging and of making and receiving so-called compensation payments – which the CMA said involved designated ‘losers’ of contracts being compensated by the winner.
The firm was one of 10 penalised by the CMA in 2023 for breaking competition laws.
Erith said it paid out £8.6m of its fine during the year to September 2023 and a further £4m after the year-end, meaning more than 70% of it had been paid.
The remaining £5m had been due to be paid in instalments by 2027 but in its latest accounts for the year to September 2024, the firm said it had made the remaining payment – two and a half years earlier than agreed.
Meanwhile, the company saw profit jump a third to £8.4m on turnover up 12% to £255m.
The firm, which is carrying out work on the 75 London Wall scheme which is being redeveloped by Multiplex, said it expected its turnover to remain at current levels which it put down to a strong order book and not being held up by regulatory delays.
“We are continuing to collaborate with our customers and our suppliers to maintain work where possible whilst considering the UK government’s guidelines and directives,” it added.
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