CMA Seeks Further Disqualifications
Following on from the Competition Markets Authority (CMA) successfully disqualifying two Directors from estate agents, it has been revealed that there are further investigations being conducted in the hope of netting further disqualifications.
A statement from the CMA read:
“The CMA is also seeking director disqualifications in two further separate proceedings before the court. One in relation to its prove into Residential estate agency services in the Burnham-On-Sea area…”
This investigation is believed to relate to the Burnham-On-Sea cartel which the CMA imposed fines totalling £370,084 on five estate agents who had infringed competition law.
The five estate agents who were fined were:
- Abbott and Frost Estate Agents Limited
- Gary Berryman Estate Agents Ltd (and parent company Warne Investments Limited)
- Greenslade Taylor Hunt
- Saxon PS Limited
- West Coast Property Services (UK) Limited
At the start of this year, the CMA began court proceedings against two directors of the Burnham-On-Sea cartel.
Graham Thompson, the former director of Saxon PS Limited, agreed to an undertaking where he wouldn’t act as a director of another company for five years
Michael Martin, the former director of Gary Berryman Estate Agents Limited, The Property Group (2010) Limited and Warne Investments Limited, are still ongoing.