Business
OFT Update
OFT Update.
About this update from Renew Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 0125F Renew Holdings PLC 15 April 2011 \n \n\n \nRenew Holdings plc \n(\"Renew\" or the \"Group\")\n \nDecision of Competition Act Tribunal\n \nThe Board of Renew confirms that the Competition Act Tribunal has determined its judgment in the matter of Renew Holdings plc's and Allenbuild Limited's appeals against the level of fines imposed by the Office of Fair Trading (\"OFT\") in connection with historic cover pricing activities. Renew's appeal was upheld on various grounds.\n \nThe Tribunal has reduced the aggregate fine imposed on Renew and its subsidiary, Allenbuild Limited, and former subsidiary, Bullock Construction Ltd, from £3.5m to £926,250. Renew is taking legal advice in respect of this judgment and also in relation to the issue of contribution from its former subsidiary.\n \nRenew has guidelines and controls in place to ensure that all subsidiaries comply with competition laws. Compliance with these procedures is audited on a regular basis. The practice of cover pricing is not regarded as acceptable within the Renew group of companies.\n \nRenew's interim results for the six months ended 31 March 2011 will be announced on Tuesday 24 May 2011.\n \nENQUIRIES:\n\n\n\n\nRenew Holdings plc\n\n\n Tel: 0113 281 4200\n\n\n\n\nBrian May, Chief Executive\n\n\n\n\n\n\n\nJohn Samuel, Group Finance Director\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBrewin Dolphin \n\n\n Tel: 0845 213 4730\n\n\n\n\nSandy Fraser\n\n\n\n\n\n\n\nSean Wyndham-Quin\n\n\n\n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCGGUCCCUPGGUA \n ","length":4418,"tagName":"div"}]