Abbott & Frost speaks out on price fixing fine
Abbott and Frost has
given its reaction to the news that it and three other Burnham-On-Sea
estate agents have been fined more than £370,000 by the Competition
and Markets Authority (CMA).
we reported here last
week, Greenslade Taylor Hunt, Abbott and Frost Limited, Gary
Berryman Estate Agents and its parent company Warne Investments
Limited, and West Coast Property Services, were fined a total of
£372,233 for colluding to set a minimum commission rate of
1.5 per cent for properties in the Burnham-On-Sea area. The four
companies have all admitted to price fixing.
& Frost says: "Abbott & Frost has a 65-year history
serving Burnham-On-Sea, its residents and surrounding area. The
company is Burnham's longest established estate agent. Abbott &
Frost is a family business and still retains its family connection
with the original founders."
recent episode regarding the CMA represents a dark day in our company
history. First and foremost, we wish to apologise unreservedly to
all those Abbott & Frost customers who may have been affected
by this. In addition, we wish to express our apologies and regret
to the people of Burnham, and also to the loyal staff who serve
us and our customers well."
arrangement, which occurred over two years ago, between February
2014 and March 2015 is now historic. During that period our fees
remained varied, however a number were agreed at 1.5%. Abbott &
Frost has voluntarily submitted a procedure and compliance policy
to the CMA ensuring that it could not enter into another competition
arrangement in the future."
& Frost takes its commitment to its clients very seriously and
to this end we can confirm that we will be attempting to contact
every Abbott & Frost client whose property we sold between the
dates above, at a sole agency rate of 1.5% or above, in order that
we can voluntarily offer those customers financial reparation for
what occurred. If you believe Abbott & Frost sold your property
on a sole agency basis between the dates mentioned and you were
charged a 1.5% fee, or above, we would ask you to make contact with
the Burnham office at your earliest convenience."
& Frost has relied on and prospered by the loyalty and support
of its customers and we are completely committed to providing a
first class service at a reasonable price. We wish to rebuild the
trust and good regard of the Burnham people towards our company."