Vp PLC Statement re. CMA infringement notice (9907I)
December 17 2020 - 3:09AM
UK Regulatory
TIDMVP.
RNS Number : 9907I
Vp PLC
17 December 2020
Press Release 17 December 2020
Vp plc
('Vp' or the 'Group')
Statement re. CMA infringement notice
Vp plc, the equipment rental specialist, notes that today,
following an investigation lasting almost four years, the
Competition and Markets Authority ('CMA') has announced its finding
that there has been a breach of competition law by three major
suppliers of groundworks products for hire in the UK.
This is an area of activity for part of the Group's excavation
support systems business ('Groundforce Shorco').
The turnover of the business concerned represented 9% of the Vp
plc group turnover for the year ended 31 March 2020. No other Vp
businesses are included in this investigation.
The CMA has imposed a penalty of GBP11.2 million on Vp. The
Group's accounts to 30 September 2020, announced on Monday 7(th)
December 2020, included a provision of GBP15.4 million in respect
of this matter.
Vp fundamentally disagrees with the conclusions of the CMA and
based on the board's current view of the information available it
is our intention to appeal to the Competition Appeal Tribunal
(CAT).
Notwithstanding, the Group's view of the merits of the CMA's
findings, Vp has always prided itself on conducting its business
fairly and ethically. The board is committed to ensuring that our
policies and procedures are adhered to by all Vp employees.
The Group will make further announcements in due course, as
appropriate.
- Ends -
For further information:
Vp plc
Jeremy Pilkington, Chairman Tel: +44 (0) 20 7466
5000
Neil Stothard, Chief Executive www.vpplc.co.uk
Allison Bainbridge, Group Finance Director
Media enquiries:
Buchanan
Henry Harrison-Topham / Jamie Hooper / Tel: +44 (0) 20 7466
George Beale 5000
Vp@buchanan.uk.com www.buchanan.uk.com
Notes to Editors
Vp plc is a specialist rental business providing products and
services to a diverse range of markets including infrastructure,
construction, housebuilding and oil and gas, both in the UK and
overseas.
The Group comprises a UK and an International division:
UK
Groundforce
Excavation support systems and specialist products for the
water, civil engineering and construction industries primarily in
the UK, but also in the Republic of Ireland and mainland
Europe.
Brandon Hire Station
Tools and specialist products for industry, construction and
home owners.
Torrent Trackside
Infrastructure equipment and services for the railway renewals
and maintenance industry.
TPA
Portable roadway access solutions to the transmission, outdoor
events, construction and utility sectors in the UK, the Republic of
Ireland and mainland Europe.
UK Forks
Rough terrain material handling equipment for the housebuilding,
general construction and industrial markets.
International
Airpac Bukom Oilfield Services
Equipment and service providers to the international oil and gas
exploration and development markets.
TR Group
Specialist rental of test & measurement, communications and
audio visual equipment in Australia, New Zealand and Malaysia.
Further information is available at www.vpplc.com/investors
The information contained in this announcement is deemed by the
Company to constitute inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
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END
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