Firm has paid close to half of penalty with remaining 拢9m due in instalments
The company hit with the biggest fine following the Competition and Market Authority鈥檚 probe into the demolition sector says it has agreed to settle up with the final payment of its penalty due by 2027.
Erith was one of 10 firms fined a total of 拢60m following the cartel-buster鈥檚 investigation into bid-rigging.
The Kent-based contractor was fined 拢17.6m after being found guilty of bid-rigging and of making and receiving so-called compensation payments 鈥� which the CMA said involved designated 鈥榣osers鈥� of contracts being compensated by the winner.
In its latest accounts for the year ending September 2022, Erith Holdings said it has 鈥渁greed a full settlement with a time to pay award鈥�.
At the time the accounts were signed off at the end of last month, Erith said it had paid 拢8.6m of the CMA fine with the remainder due to be settled in instalments over the coming four years.
Erith said 鈥渞obust new systems [introduced] within the business render it impossible for any further infringements of competition law to occur鈥�. It added the firm has brought in a compliance manager who reports directly to the main board.
Two of the 10 firms fined, Keltbray and Squibb, have said they are contesting the level of their penalties 鈥� 拢16m and 拢2m respectively.
In its latest accounts, Erith said turnover was up 18% to 拢208m but the firm fell into the red racking up a 拢13.8m pre-tax loss from an 拢11m profit last time.
As well as the CMA fine, the firm has set aside a further 拢700,000 in liabilities following an accident that resulted in a fatality at its premises in Kent. Erith Plant Services has been charged by the Health and Safety Executive with the case due to be heard next year.
It added that both of these provisions have been made in full in 2023.
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