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Third estate agent director disqualified for price-fixing cartel

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  • 30/04/2019
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Third estate agent director disqualified for price-fixing cartel
A third estate agent director has been disqualified from acting as a company director following his actions in a price fixing cartel.

 

The disqualification follows the uncovering of an agreement by six estate agents to fix a minimum level of commission fees for the provision of residential sales services in the Burnham-on-Sea area.

The six estate agents met in early 2014 and agreed to fix minimum commission rates at 1.5% with the aim of making the agents involved more money.

However, the plot was uncovered and in 2017 the CMA fined the group a combined £370,084 – although one member was let off for being the first to confess its participation and for co-operating.

 

Five-year ban

Graham Thompson, formerly a director of Saxons PS Limited, is the latest to face the consequences for the gang’s anti-competitive actions.

The Competition and Markets Authority (CMA) has accepted a competition disqualification undertaking from Thompson promising not to act as a director of a company for five years.

He joins David Baker and Julian Frost, both formerly directors of Abbott and Frost Estate Agents, who agreed not to act as directors for three and a half years, and three years respectively.

In February the CMA issued proceedings seeking the disqualification of Thompson and Michael Martin, formerly a director of Gary Berryman Estate Agents Limited, The Property Group (2010) Limited and Warne Investments Limited.

This action is still ongoing, however, the other directors which are co-operating with the CMA may not face banning orders.

 

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