It has been a long slow process but Ultra has concluded its settlement discussions with the CMA and now it's time for the business to move onwards and upwards. The Industry investigation took nearly two years to complete, Ultra has assisted fully and openly with the investigation.
Ultra accepts fully the CMA's findings. Whilst Ultra didn't set out to breach any regulations, our aim was only to protect our brand and our traditional retailers on the high street, we do accept now that this was a breach in regulation. Back in 2014 when Ultra first realised and was made aware, we immediately stopped the activity. Whilst we can move on we realise our industry hasn't and that these practices are still in place today.
It became apparent, due to limited resources at the CMA and Ultra Finishing being ahead of the market (with many more online customers than our nearest rival), that the CMA focused on Ultra Finishing. Whilst at the time this felt extremely unfair we have now provided the CMA with the extensive research and documentation we collected on our industry to assist with their future investigations.
We are glad that we can put this behind us and move forward, another demonstration of Ultra's resilience in the marketplace that we can sustain these challenges and maintain our solid business.
We are extremely excited about the future. In June we will introduce a new brochure where all our brands feature alongside each other for the first time. Our product offering is unrivalled and when presented with a simplified, category focus becomes much easier for our customers to understand.
We have been forced to reconsider how we can support traditional retailers alongside the growth of the Internet. The majority of retail prices will come down in the new brochure to provide lower net prices to this customer base. Retailers will also benefit from the same set of terms for all our brands to ensure we are simple to deal with.
We would like to take this opportunity once again to thank the loyalty and support from our core customer base and look forward to brighter times ahead. Let us hope that you can take comfort and feel safe from where to buy your products.