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Sat October 31 2020

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Hays makes £30m provision for OFT fine

2 Sep 10 Construction recruitment firm Hays has made a £30.4m provision for a fine it received from the Office of Fair Trading (OFT) last year.

Construction recruitment firm Hays has made a £30.4m provision for a fine it received from the Office of Fair Trading (OFT) last year.

The penalty was handed out by the OFT to six recruiters for price-fixing and the collective boycott of another company in the supply of candidates to the construction industry.

Hays, along with two other recruiters, is appealing against the size of the fine.

A statement from the firm said: “Hays co-operated fully with the OFT in its investigation under the leniency regime and was fined £30.4m. The Group is appealing the decision and whilst in progress, the £30.4m fine is being held on deposit by Hays.

“The fine has not yet been paid and a current liability of £30.4m is held on the balance sheet within trade and other payables, pending the outcome of the appeal.”

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