Constellation Developments Limited / ABVR Holdings Limited
The Competition and Markets Authority (CMA) is investigating the completed acquisition by Constellation Developments Limited of ABVR Holdings Limited.
Phase 2
Administrative timetable
| Date | Action |
|---|---|
| 29 March 2026 | Statutory deadline |
| 13 October 2025 | Referral date |
- (17.10.25)
Contact
constellation.astonbarclay@cma.gov.uk
Inquiry group appointed
13 October 2025: The CMA has appointed the inquiry group.
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.
- (13.10.25)
Phase 1
Statutory timetable
| Date | Action |
|---|---|
| 13 October 2025 | Reference decision published |
| 29 September 2025 | Phase 1 decision announced |
| 31 July 2025 | Launch of merger inquiry |
| 2 June 2025 to 14 June 2025 | Invitation to comment |
| 13 May 2025 | Initial enforcement order |
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.
- (13.10.25)
- Press release: 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.
- (17.10.25)
- (29.9.25)
Launch of merger inquiry
31 July 2025: The CMA announced the launch of its merger inquiry by notice to the parties.
- (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, paul.elliot@rsmuk.com
-
Matthew Rose, Partner, matthew.rose@rsmuk.com
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.
- (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.
- (15.5.25)
Amendments / consents granted
- (18.6.25)
- (18.6.25)
- (30.6.25)
- (29.9.25)
- (29.9.25)
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.
Updates to this page
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Phase 2 administrative timetable and full text decision published.
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Inquiry group appointed.
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Referral decision and terms of reference published. Phase 2 investigation launched.
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Phase 1 decision announced and derogation letters published.
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Commencement notice published and timetable updated
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Derogation published.
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Directions to appoint a hold separate manager and derogations published.
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Invitation to comment opened.
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First published.