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McGee has become the latest demolition contractor to put a number on what it expects the cost of its involvement in the bid-rigging probe into sector will be.

It is one of 10 that cartel-buster the Competition and Markets Authority publicly named last week as being involved in the scandal.

McGee has admitted its involvement in bid-rigging, along with seven others. 鈥淭he bids were rigged by one or more construction firms which agreed to submit bids that were deliberately priced to lose the tender [known as cover pricing],鈥� the CMA added.

One of the schemes the CMA鈥檚 probe looked at was McGee鈥檚 job to tear down the former home of Cancer Research UK at 44 Lincoln鈥檚 Inn Fields in central London that made way for the LSE鈥檚 new Marshall 好色先生TV built by Mace.

The CMA also said McGee was one of seven companies that took part in so-called 鈥榗ompensation payments鈥� 鈥� whereby 鈥渢he designated 鈥榣osers鈥� of the contracts were set to be compensated by the winner鈥�. In one unnamed case, a payment of over 拢500,000 was made.

In its latest report and accounts for the year to November 2021 the firm said it had made a provision of 拢2.4m a year earlier 鈥� thought to be related to the CMA investigation.

It added the figure was a liability it had at the time 鈥渃onsidered probable鈥� but in its latest accounts, McGee said: 鈥淔ollowing further consideration by the board and current legal advice, any liability arising from the provision previously estimated is now considered as unlikely but possible.鈥�

In its announcement last week, the CMA said McGee and another of the named firms, Careys-owned Scudder, 鈥渞eported their involvement in the conduct under the CMA鈥檚 leniency policy and will benefit from a discount on any fine鈥�.

Careys and Keltbray have already said the investigation will hit them for a combined 拢15m while the CMA has warned that it expects fines to run into tens of millions of pounds when last week鈥檚 initial findings turn definitive by the end of the year.

In its accounts, McGee said it had appointed Vivienne Inmonger as head of legal risk and compliance last March from renewable energy firm RES.

It said the move had been made to 鈥渞einforce further the commitment by the business to improve corporate governance鈥�.

It added that the firm鈥檚 leadership team 鈥渉as placed significant focus ion top-down compliance. Considerable investment has been made in the creation of a business ethics policy, regulatory compliance risk assessments, mandatory awareness training for all staff on modern slavery, anti-bribery and corruption, and competition law, with enhanced training for those who fulfil high-risk roles鈥�.

Turnover last year at McGee was 拢92m, a rise of 21% on last time with pre-tax profit jumping from 拢1.2m to 拢6m. The firm said it did not claim any money from the government鈥檚 Coronavirus Job Retention Scheme last year.