Case reference: 50235
|April 2017||Receipt of written representations on the statement of objections|
|7 March 2017||Statement of objections issued|
|2 March 2017||Settlement announced|
|November 2016||Investigation continuing (further update by the end of February 2017)|
|June 2016||Decision taken to proceed with the investigation (further update by the end of November 2016)|
|December to June 2016||Initial investigation, including analysis and review of material|
|10 December 2015||Investigation opened|
Statement of objections
8 March 2017: On 7 March, the CMA issued a statement of objections alleging that 6 estate agents operating in the Burnham-on-Sea area breached competition law by taking part in a cartel agreement to fix prices in relation to the provision of residential estate agency services.
The allegations concern Abbott and Frost Limited, Annagram Estate Agents Limited (trading as ‘C J Hole’), Gary Berryman Estate Agents Ltd (and its parent company Warne Investments Limited), Greenslade Taylor Hunt, Saxons PS Limited and West Coast Property Services (UK) Limited.
This statement of objections followed the settlement announced on 2 March 2017, which saw 4 of the estate agents - Abbott and Frost Limited, Gary Berryman Estate Agents Ltd (and its parent company Warne Investments Limited), Greenslade Taylor Hunt and West Coast Property Services (UK) Limited - admit their participation in the illegal cartel and agree to pay fines. A fifth estate agent - Annagram Estate Agents Limited (trading as ‘C J Hole’) - has also confessed its participation in the arrangement but will not be fined, provided it continues to co-operate with the CMA’s investigation.
2 March 2017: Four estate agents admitted participating in an illegal cartel in relation to the provision of residential estate agency services in the Burnham-on-Sea area. They also agreed to pay fines totalling a maximum of £372,233. This includes a discount to reflect resource savings to the CMA as a result of the companies’ admissions and their co-operation with the CMA’s investigation.
A fifth member of the cartel will not be fined – as long as it continues to co-operate – as it was the first company to confess its participation in the arrangement.
The CMA’s investigation into a sixth company continues and no assumption should be made that it has infringed the law.
- Press release: Somerset estate agents admit to price-fixing (2.3.17)
This investigation has been launched on the basis of information received after compliance work undertaken following a previous CMA investigation into the advertising of fees in the estate and letting agency sector.
The investigation concerns a suspected infringement or infringements of Chapter I of the Competition Act 1998 (CA98).
Changes to the timing of original entries in the case timetable will be made where the estimated timing in the original timetable changes.
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