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LONDON - Seven major UK housebuilders, including Vistry Group PLC, have offered to contribute a combined £100 million to government affordable housing programs as part of voluntary commitments to resolve an ongoing Competition and Markets Authority (CMA) investigation, according to a statement released Wednesday.
The CMA has opened a consultation on these proposed voluntary commitments, which would see Vistry contribute £12.8 million of the total sum. The funds would support affordable housing construction across England, Scotland, Wales and Northern Ireland.
The competition watchdog is investigating potential concerns in the UK housebuilding sector, though specific details of these concerns were not outlined in the press release. The CMA published a Notice of Intention to Accept Commitments on Wednesday as part of the consultation process.
Vistry emphasized in its statement that offering these voluntary commitments "does not constitute an admission of any wrongdoing" and should not be interpreted as agreement with the concerns expressed by the CMA in its notice.
The six other housebuilders participating in the proposed settlement were not named in Vistry’s announcement, though the company indicated they collectively agreed to the £100 million contribution.
Vistry stated it has "engaged proactively" with the CMA throughout the investigation and will "continue to work constructively" with the regulator as the consultation process moves forward.
The CMA’s consultation on the proposed voluntary commitments comes as part of its broader examination of practices within the UK housebuilding industry.
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