Constellation Developments Limited / ABVR Holdings Limited
Source: gov.uk (2025-12-09)

The Competition and Markets Authority (CMA) is investigating the completed acquisition by Constellation Developments Limited of ABVR Holdings Limited.

Phase 2

Administrative timetable
- Administrative timetable (PDF, 119KB) (https://assets.publishing.service.gov.uk/media/68f1fa7606e6515f7914c710/Administrative_timetable_.pdf) (17.10.25)
Contact

xxx@xxx.xx (mailto:xxx@xxx.xx)

Responses to the phase 1 decision

Parties’ joint response (PDF, 523KB) (https://assets.publishing.service.gov.uk/media/6915febe493305b49ce6e795/Constellation_Aston_Barclay_-_Response_to_Phase_1_Decision.pdf) (14.11.25)

Cox’s response to the CMA’s phase 1 decision (PDF, 300KB) (https://assets.publishing.service.gov.uk/media/692995d7a245b0985f03428e/Cox_s_response_to_the_CMA_s_Phase_1_Decision.pdf) (28.11.25)

Inquiry group appointed

13 October 2025: The CMA has appointed the inquiry group.
- Cyrus Mehta (Chair) (https://www.gov.uk/government/people/cyrus-mehta)
- Robin Foster (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#robin-foster)
- Karthik Subramanya (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#karthik-subramanya)
Terms of reference

13 October 2025: The CMA has referred the completed acquisition by Constellation Developments Limited of ABVR Holdings Limited for an in-depth investigation.
- Terms of reference (PDF, 125 KB) (https://assets.publishing.service.gov.uk/media/68eca791ba06a9bb2a8aeabe/Terms_of_reference.pdf) (13.10.25)
Phase 1

Statutory timetable

Reference decision

13 October 2025: The CMA has referred the completed acquisition by Constellation Developments Limited of ABVR Holdings Limited for an in-depth investigation, on the basis that, on the information currently available to it, it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom.
- Decision to refer (PDF, 190KB) (https://assets.publishing.service.gov.uk/media/68eca7a69b9afd539ca098a6/Decision_to_refer.pdf) (13.10.25)
- Press release: CMA refers B2B used car auction merger for phase 2 investigation (https://www.gov.uk/government/news/cma-refers-b2b-used-car-auction-merger-for-phase-2-investigation) (13.10.25)
Reference unless undertakings accepted

29 September 2025: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger has or may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. The transaction will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.
- Full text decision (PDF, 765KB) (https://assets.publishing.service.gov.uk/media/68f1f10f06e6515f7914c70b/__Full_text_decision__.pdf) (17.10.25)
- Summary of phase 1 decision (PDF, 247KB) (https://assets.publishing.service.gov.uk/media/68da345cdadf7616351e4b3b/Summary_of_phase_1_decision.pdf) (29.9.25)
Launch of merger inquiry

31 July 2025: The CMA announced the launch of its merger inquiry by notice to the parties.
- Commencement notice (PDF, 91KB) (https://assets.publishing.service.gov.uk/media/688a16148b3a37b63e739023/Commencement_notice.pdf) (31.7.25)
Appointment of a monitoring trustee

On 3 September 2025, the CMA approved the appointment of:

RSM UK Corporate Finance LLP, 25 Farringdon Street, London, EC4A 4AB

Paul Elliot, Partner, xxx@xxx.xx (mailto:xxx@xxx.xx)

Matthew Rose, Partner, xxx@xxx.xx (mailto:xxx@xxx.xx)

as Monitoring Trustee in the above-mentioned case.

The role of the Monitoring Trustee is to monitor the compliance of Constellation Automotive Holdings Limited, Constellation Developments Limited and ABVR Holdings Limited with the initial enforcement order (IEO), as imposed by the CMA on 13 May 2025, and to report to the CMA.

Third parties who have queries in relation to the monitoring of the IEO may contact the Monitoring Trustee through the above contact details.

The foregoing is without prejudice to the CMA’s duty to monitor compliance with the IEO.

Directions to appoint a hold separate manager

2 June 2025: Pursuant to an initial enforcement order dated 13 May 2025, the CMA directed Constellation Automotive Holdings Limited, Constellation Developments Limited and ABVR Holdings Limited to appoint a hold separate manager.
- Directions to appoint a hold separate manager (PDF, 112KB) (https://assets.publishing.service.gov.uk/media/685275e564cd9d9f5f1ec5d8/Directions_to_appoint_a_hold_separate_manager_.pdf) (18.6.25)
Invitation to comment: closed

2 June 2025: The CMA is considering whether it is or may be the case that this transaction has resulted in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation has resulted, or may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

The CMA is issuing this preliminary ‘invitation to comment’ to allow interested parties to submit to the CMA any initial views on the impact that the transaction could have on competition in the UK. The CMA has not yet launched its formal investigation into this transaction. This invitation to comment is the first part of the CMA’s information-gathering process.

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.

Initial enforcement order

13 May 2025: The Competition and Markets Authority has served an initial enforcement order under section 72(2) of the Enterprise Act 2002 on 13 May 2025.
- Initial enforcement order (PDF, 199KB) (https://assets.publishing.service.gov.uk/media/6824a154b9226dd8e81ab88d/Initial_enforcement_order_15_May_2025.pdf) (15.5.25)
Amendments / consents granted
- Derogation 23 May 2025 (PDF, 186KB) (https://assets.publishing.service.gov.uk/media/685275ff64cd9d9f5f1ec5d9/___Derogation_23_May_2025__.pdf) (18.6.25)
- Derogation 13 June 2025 (PDF, 130KB) (https://assets.publishing.service.gov.uk/media/6852761ecf42a58f50cac9e1/_Derogation_13_June_2025___.pdf) (18.6.25)
- Derogation 25 June 2025 (PDF, 137KB) (https://assets.publishing.service.gov.uk/media/68625f6ab466cce1bb1219e5/Derogation_letter_25_June_2025.pdf) (30.6.25)
- Derogation 3 July 2025 (PDF, 181KB) (https://assets.publishing.service.gov.uk/media/68da343a8c1db6022d0c9e3f/Derogation_3_July_2025.pdf) (29.9.25)
- Derogation 19 September 2025 (PDF, 188KB) (https://assets.publishing.service.gov.uk/media/68da341549e17d00a56ffb2e/Derogation_letter_19_September_2025.pdf) (29.9.25)
- Derogation 28 October 2025 (PDF, 178KB) (https://assets.publishing.service.gov.uk/media/690ccdfdd4c5f31272d3e6dc/_28_October_2025_Constellation_Aston_Barclay_Derogation.pdf) (7.11.25)
- Derogation 21 November 2025 (PDF, 213KB) (https://assets.publishing.service.gov.uk/media/6937e73692da4705a575d46a/__Derogation_21_November_2025_2.pdf) (9.12.25)
Privacy notice

Your name and contact details are your personal data. In collecting, receiving, storing, accessing and using your personal data, the CMA, as controller, is processing your personal data. The CMA processes personal data in accordance with data protection law. The CMA is processing your personal data so that it can contact you again, should it need further help or information from you, in order to carry out its merger work under Part 3 of the Enterprise Act 2002. For more information about how the CMA processes personal data and your rights relating to that data, please see our Privacy notice (https://www.gov.uk/government/organisations/competition-and-markets-authority/about/personal-information-charter).