Industry braced for feeding frenzy.
Quite why it has taken more than two years, I have no idea. Maybe if your company has a market capitalisation of almost £11 billion, the recovery of a trifling £2.4 million is something you do when you have some spare time on your hands; when you are bored; a mere bagatelle.
But the news that Hong Kong-based developer Circadian Limited has launched a legal action against Carey Group will have sent shockwaves through the UK demolition industry this morning.
Circadian alleges that it was overcharged to the tune of £2.4 million for demolition work in 2014 at its scheme to redevelop Lots Road Power Station in west London. This project was one of a number of contracts in which the Competition and Markets Authority uncovered evidence of bid rigging, collusion and cover pricing.
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