The 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.
The 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.
Renew 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.
Renew's interim results for the six months ended 31 March 2011 will be announced on Tuesday 24 May 2011.
Renew Holdings plc
Tel: 0113 281 4200
Brian May, Chief Executive
John Samuel, Group Finance Director
Tel: 0845 213 4730
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