Vp PLC Statement re. CMA infringement notice (9907I)

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: [phone] 
                                                                5000 
 Neil Stothard, Chief Executive                      www.vpplc.co.uk 
 Allison Bainbridge, Group Finance Director 
 
 Media enquiries: 
 Buchanan 
 Henry Harrison-Topham / Jamie Hooper /         Tel: [phone] 
  George Beale                                                  5000 
 [e-mail]                              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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December 17, 2020 03:09 ET (08:09 GMT)