Keltbray sets aside £6m after demolition cartel probe

Grant Prior 12 months ago
Share

Keltbray has made a provision of £6m in its latest accounts for a “civil regulatory matter”.

It is understood the figure relates to potential fines following a three-year investigation by the Competition & Markets Authority (CMA).

The Enquirer understands the level of possible penalties following the investigation into six companies were communicated to firms earlier this year.

But cartel busters at the CMA have remained tight-lipped about the case – refusing to even confirm which sector it was focused on.

They have also been uncharacteristically reluctant about publicising the results of such a major probe.

The investigation opened in March 2019 into possible breaches of the Competition Act in relation to the supply of construction services.

Keltbray said it is “addressing a civil regulatory matter relating to historical issues which arose under a previous management team.”

It added: “The timing and outcome of this matter is uncertain however the range of potential liability is between £3.9m and £16m.

“Having received advice a best estimate provision of £6m in relation to potential liability has been considered by the directors to be appropriate.”

Keltbray has also spent £500,000 in legal fees on the case.

Earlier this year Careys set aside £9m for “a regulatory matter relating to historical breaches due to the behaviour of a former management team”.

The CMA said the next official update on the case would be next month.

Keltbray’s results for the year to October 31 2021 saw a return to the black with an adjusted  pre-tax profit before exceptional items of £5.7m compared to a loss of £6m last time from a turnover of £390m.

Darren James, Group Chief Executive said:  “We are pleased to have delivered good results with strong order book growth, as we return to profit.

“We continue to make significant strategic progress to transition Keltbray into the UK’s leading specialist engineering and construction services provider.

“As a large and increasingly diverse engineering specialist, with a strong UK-wide brand and delivery footprint, we are well positioned to deliver on our core purpose to redefine the way sustainable development is delivered.”

Latest news

Developer dumps Henry Construction from London tower job

Growing list of subcontractors and suppliers complain they have not been paid
19 hours ago

HS2 construction shake-up sees main contractor changes

Align to take over responsibility for parts of the route previously under the control of EKFB
19 hours ago

Claritas Group heading for liquidation

CEO of £50m turnover contractor confirms news and thanks staff and suppliers
19 hours ago

Go-ahead for clutch of major jobs to reboot Manchester

Two biggest high rise projects at Bridge Street and Medlock Street to cost £575m to build
19 hours ago

Plan for major NHS estate green upgrade framework

NHS Shared Business Services starts early consultation with firms on decarbonisation retrofit plan
19 hours ago

Willmott Dixon signs £34m revamp of DfE headquarters

Grade II Sanctuary Buildings in Victoria will be modernised and made energy efficient
19 hours ago

£500m southern highways framework up for renewal

Ten firms face fight to retain places on major councils roads framework
2 days ago

Engineering losses halve Briggs & Forrester profit

Main engineering services arm suffers £1.6m loss
2 days ago

Plans in for University of East London campus expansion

Work to start in early 2024 on 280,000 sq ft Stratford teaching and student rooms scheme
2 days ago

CITB told to improve by Ofsted inspectors

Number of in-house apprentices drops as training body changes business model
2 days ago

IHP wins £100m Derbyshire mental health projects

Vinci/McAlpine JV will build two 54-bed Adult Acute Care units
2 days ago

Align hits key milestone on HS2 Colne Valley viaduct

Engineers rise to the challenge to complete first V-piers in lakes
2 days ago

£9.3bn race starts for National Grid construction partners

Plan for Great Grid Upgrade Partnership to be set out at bidders day in early June
3 days ago

Plan approved to redevelop major Glasgow shopping mall

Outline plan backed for demolition of St Enoch centre for over 900 homes, shops and leisure space
3 days ago

Banned demolition boss wins appeal to remain a director

Paul Cluskey wins Court appeal to remain director of Cantillon but steps down as MD
3 days ago

B&K confirms £140m Leeds build to rent project

Work to start on Whitehall Riverside twin blocks for client Glenbrook
3 days ago

McLaren Property to revamp Liverpool roller skating site

242-bed student scheme unveiled for sensitive site
3 days ago

Wates names Midlands construction chief

Matt Johnson promoted after just 10 months at family-owned builder
4 days ago

Glencar lands £28m Peel Ports Liverpool shed job

240,000 sq ft Alexandra Docks warehouse will be five football pitches long
4 days ago

Private equity giant buys United Living

US based investment group Apollo makes latest swoop on UK construction market
4 days ago

Quartet secure Thirteen Group £500m new homes deal

Esh, Morris & Spottiswood, ReGen and Henry Boot secure spots on new build framework
4 days ago

Luton Town FC to start new stadium before end of 2023

Talks already underway with contractors ahead of submission for detailed planning this summer
4 days ago

Plans for renovation of historic Cardiff Market

Subject to planning and final funding work could start next year
4 days ago

£53m race to cut Magnox reactor buildings down to size

Trawsfynydd reactor buildings to be reduced in height by a third
4 days ago

Cyclist dies in lorry collision outside Keltbray site

Work shut down after fatal collision with truck delivering to central London site
1 week ago

Another demolition director banned after bid rigging probe

Brown and Mason boss becomes fourth director disqualified after cartel investigation
1 week ago

Five hospitals at risk of collapse added to new build programme

Weak concrete crisis and soaring costs force £20bn hospital programme rethink
1 week ago

Scottish South West Hub names new partners

Balfour Beatty joins construction partners for first time
1 week ago

RC frame specialist Getjar revenue tops £100m again

Profit margins nearly halved in face of labour and material price rises
1 week ago

London’s Camden Council advances £470m King’s Cross scheme

Camley Street scheme to consist of 350 homes and 200,000 sq ft of offices
1 week ago

Contractor services