Sign In
15 Apr 2011 10:15
Interior Services Group PLC
("ISG" or "the Group")
ISG announced on 24 November 2009 that its subsidiary ISG Pearce Ltd had submitted an appeal to the Competition Appeal Tribunal (the "Tribunal") in respect of a fine imposed on it (jointly and severally with Crest Nicholson Plc) by the OFT.
The Tribunal has today handed down its judgment and has reduced the penalty from £5,188,846 to £950,000. ISG Pearce Ltd is jointly and severally liable with Crest Nicholson Plc for £760,000 and solely liable for £190,000.
ISG Pearce Ltd was owned by Crest Nicholson Plc at the time of the infringement and an appropriate apportionment between the two companies of the portion of the fine for which they are jointly and severally liable will be concluded in due course.
As previously announced, ISG has a £2m cash-backed indemnity from the vendors of ISG Pearce Ltd.
ISG does not condone any form of anti-competitive activity and continues to maintain a rigorous competition law compliance regime across its operations.
15 April 2011
ENQUIRIES:
Interior Services Group plc | Tel: 020 7392 5250 |
David Lawther, Chief Executive | |
Jonathan Houlton, Group Finance Director | |
College Hill | Tel: 020 7457 2020 |
Matthew Smallwood | |
Numis Securities Ltd | Tel: 020 7260 1000 |
Nominated Advisor: Michael Meade/Simon Blank | |
Corporate Broking: Ben Stoop/Rupert Krefting |
Follow the stocks
