The Competition and Markets Authority (CMA) has fined 2 major suppliers to the construction industry more than £15 million (US$20.3 million) for illegally colluding to reduce competition and keep prices up.
Following an investigation by the CMA, 2 UK-based companies who supply groundworks products to some of the nation’s largest construction firms, Vp and M.G.F., have been fined more than £11.2 million and £3.7 million, respectively.
The CMA found that the companies colluded illegally to reduce competition and maintain or increase prices. This involved sharing confidential information on future pricing and commercial strategy. They also coordinated their commercial activities to reduce uncertainty, including monitoring each other’s prices and challenging quotes they deemed too low.
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