The UK Competition and Markets Authority (CMA) has published interim findings in its in-depth investigation into the completed acquisition of ABVR Holdings Limited, trading as Aston Barclay, by Constellation Developments Limited.
The transaction was formally referred for Phase 2 investigation on 13 October 2025 under section 22(1) of the Enterprise Act 2002. The CMA appointed an independent Inquiry Group of Panel Members to examine the merger and assess its potential competitive effects. The Group is required to deliver its final report by 29 March 2026, in line with the statutory timetable.
In its Interim Report, the Inquiry Group provisionally concluded that the transaction constitutes a relevant merger situation under UK merger control rules. However, it also found, on a provisional basis, that the merger has not resulted, and is not expected to result, in a substantial lessening of competition in the supply of business-to-business used vehicle auction services in Great Britain.
The CMA’s assessment focused on whether the combination of the two businesses could harm competition in this market. Based on the evidence reviewed to date, the Inquiry Group did not identify competitive concerns sufficient to warrant remedial action at this stage of the investigation.
The CMA has now opened a consultation period on its provisional findings. Interested parties are invited to submit written representations explaining why the interim conclusions should not be confirmed or, where appropriate, should be modified. Submissions must be received by the Inquiry Group no later than 5:00 pm on 12 February 2026. Late submissions may be disregarded.
The Inquiry Group will consider all timely responses before reaching its final decision on the statutory questions and any resulting actions. A non-confidential version of the Interim Report and its summary are expected to be published on the CMA’s website, subject to the exclusion of sensitive information in accordance with section 244 of the Enterprise Act 2002.
The investigation remains ongoing, with the CMA’s final conclusions to be published following completion of the consultation process.