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Demolition contractor DSM has said the cost of its involvement with the Competition and Markets Authority鈥檚 bid-rigging probe will be 拢1.6m, meaning seven of the 10 firms named last summer have now said the amount they expect it to cost them will be close to 拢29m.

The company was publicly named last June by the cartel-buster as being involved in the scandal.

DSM has admitted its involvement in bid-rigging, along with seven others. 鈥淭he bids were rigged by one or more construction firms which agreed to submit bids that were deliberately priced to lose the tender [known as cover pricing],鈥� the CMA added.

In its latest report and accounts, the firm said it has made a provision of 拢1.6m for the 鈥渇ull settlement of a regulatory infringement鈥� 鈥� the CMA investigation.

It added: 鈥淭his settlement related to a single, historical breach of the regulatory rules. The company has cooperated with the associated inquiry and the directors have taken a number of steps, including compliance training, to prevent this from occurring again.鈥�

So far, six other firms (see box) have publicly said what the investigation is expected to cost them in penalties and other costs such as legal fees.

The CMA had been expected to formally announce the level of fines last November but this is now expected to be made this month.

Two firms, Essex contractor Squibb Group and Erith, currently working on the demolition of 120 Fleet Street in the City of London, are contesting the provisional findings.

As well as being guilty of bid-rigging, seven of the 10, including Squibb and Erith, were also accused of making and receiving 鈥榗ompensation payments鈥�. John F Hunt, Clifford Devlin and Keltbray are the three firms found not to have participated in making or receiving these payments.

In its accounts for the year to April, Birmingham-based DSM said turnover was up three-quarters to 拢59m with pre-tax profit up 22% to 拢11.3m in the year to March 2022. It added that it had racked up other one-off legal costs of 拢160,000 during the period on top of the near 拢332,000 it shelled out last time, although the firm said the two numbers were for issues separate to the CMA investigation.