Following a Phase 2 merger investigation, the CMA has found that the acquisition of TM Group by Dye & Durham substantially lessens competition in the supply of property search services in England and Wales.

Property search reports are used to make sure that buyers and sellers have all the facts they need about a property – including title, access rights, planning restrictions, water and sewerage services, flood risk and other important information – before a sale goes ahead. The reports are ordered from firms like Dye & Durham and TM Group by conveyancers, solicitors, estate agents, and mortgage brokers on behalf of people and businesses buying and selling properties. Charges for property search services arise in almost every property transaction and are typically included within the conveyancing fees paid by homebuyers.

Dye & Durham, an international provider of cloud-based software and technology solutions, announced the £91.5 million purchase of Swindon-based TM Group in July 2021. Both businesses offer property search services to clients in the UK under a variety of different brands.

The firms chose not to notify the CMA about the deal but, as part of its ongoing monitoring of mergers and acquisitions, the CMA identified potential concerns and began an initial investigation in October 2021. It was referred for an in-depth investigation, overseen by an independent inquiry group, in December 2021.

The inquiry group has considered a wide range of evidence, including from the merging businesses’ own strategic documents and a survey of customers, as well as extensive information provided by customers, competitors and other industry players.

The firms were close rivals before the merger and the evidence shows that the combined business would be the largest provider in the market. The CMA also found that the merger would only leave 2 other large national suppliers in the market and that competition from smaller suppliers would not offset the competition lost by the merger.

The CMA has therefore concluded that the merger would reduce competition and could lead to less innovation, higher prices and lower quality services in the market. This could mean a worse deal for people and businesses buying or selling residential and commercial properties in England and Wales.

To address this loss of competition, the CMA has concluded that Dye & Durham must sell TM Group to a suitable buyer to be approved by the CMA.

Richard Feasey, chair of the independent CMA group conducting this inquiry, said:

The merger of 2 of the biggest players in this market would be bad news for anyone buying or selling property in England and Wales.

Competition drives innovation and keeps prices down. Without it, we can pay more for worse products and services.

To address our concerns, Dye & Durham must sell TM Group in its entirety to a suitable buyer.

For more information, visit the Dye & Durham/TM Group merger inquiry page.

1. The UK merger control regime is voluntary, which means that merging businesses are free to choose whether to notify a merger to the CMA. The fact that a merger has not been voluntarily notified to the CMA does not mean that the CMA will not review it. The CMA has a duty to track merger activity to determine whether any unnotified merger may give rise to a substantial lessening of competition. The CMA’s Mergers Intelligence Committee, which keeps merger activity under review, decided to call in the merger for review after Dye & Durham acquired TMG in July 2021.
2. There are two routes by which the CMA may come to review a merger (details of which can be found in the CMA’s quick mergers guidance, paragraph 2.5). Businesses can formally notify a merger to the CMA by completing a Merger Notice or the CMA’s Merger’s Intelligence Committee can investigate mergers that have not been notified to it.
3. Before the merger, the Parties were two of the four largest suppliers of property search reports, with the other two large competitors being ATI and Landmark.
4. Canadian-based Dye & Durham has expanded globally over the last few years, into territories such as Australia and Ireland, as well as the United Kingdom. Since 2016, it has acquired 11 firms based in England and Wales, including PIE, PSG Connect, Index, York Place, Terrafirma and Future Climate Info (FCI), and one in Northern Ireland.
5. The CMA has concluded that a full divestiture of TM Group would be an effective and proportionate remedy to address the substantial lessening of competition and resulting adverse effects it has found.
6. Any potential purchaser must satisfy the CMA’s normal purchaser suitability criteria, I.e., that a purchaser: is independent of the merging parties; has the necessary capability to compete in the relevant markets; is committed to competing in the relevant markets; and will not create further competition concerns.
7. The CMA’s approach to the remedies process is set out in Merger remedies guidance CMA87 (13 December 2018).
8. The CMA has the choice of implementing any final remedy decision either by accepting final undertakings pursuant to Section 82 of the Enterprise Act 2002 (‘the Act’) if the Parties wish to offer them, or by making a final order under Section 84 of the Act. Either the final undertakings or the final order must be implemented within 12 weeks of publication of our final report (this period may be extended once by up to 6 weeks under exceptional circumstances), including the period for any formal public consultation on the draft undertakings or order as specified in Schedule 10 of the Act.
9. The final undertakings or the final order will require Dye & Durham to complete the full divestiture of TM Group to a purchaser approved by the CMA within a timescale specified by the CMA in Chapter 10 of the Final Report. The CMA does not normally publish the timescale within which the Parties must complete a divestiture remedy.
10. Under Section 120 of the Act parties have the right to seek a review of decisions in merger cases. These applications are heard by the Competition Appeal Tribunal.

The British Embassy Beirut is pleased to announce that applications for the UK Government’s flagship Chevening Scholarships programme opened on 2 August. Applicants should apply online by 1 Nov 2022.

The scholarship offers full financial support for scholars to study for any eligible master’s degree at any UK university whilst also gaining access to a wide range of exclusive academic, professional, and cultural experiences.

For eligibility and criteria, please visit this link

Chevening Scholarships are awarded to potential future leaders and individuals from all backgrounds who can demonstrate strong leadership and networking skills. They should have the commitment and skills required to create positive change in their respective field and/or community, and to show how a master’s degree from a UK university would help them achieve that upon their return to their home country.

Lebanese citizens (and Palestinians residing in Lebanon) are eligible to apply under the Lebanon scheme in any subject area. The Lebanon scheme also includes the ‘Rebecca Dykes Chevening Scholarship’ which is offered every year to a woman who wishes to pursue a master’s in an area related to Gender Studies, Peace and Conflict Studies, Development and Human Rights and Refugee and Migration Studies or other similar fields.

For the second consecutive year, the Chevening Siren Associates Scholarship will offer one scholarship to a Lebanese national (or Palestinian national who would be normally resident in Lebanon) and be located there at the time of making an application to an individual who wishes to pursue a master’s in Governance, International Development, Human Rights or Public Financial Management/ Administration at one of the UK’s top 20 universities

Since the programme was created in 1983, there are over 50,000 Chevening Alumni worldwide. Many of whom have become leaders and innovators, breaking boundaries across a variety of professional fields. There are more than 1,500 scholarships on offer globally for the 2023/2024 academic year, demonstrating the UK’s ongoing commitment towards developing the leaders of tomorrow.

The Chevening Alumni Association in Lebanon consists over 200 alumni members. For eligibility and criteria check out the link You can also contact the British Embassy’s Chevening Officer abir.breir@fcdo.gov.uk

UK professionals looking to work abroad will benefit from new funding for regulators and professional bodies, the government has announced today (Wednesday 3 August).

The Recognition Arrangements Grants Programme will provide grants of up to £75,000 to UK regulators to develop recognition arrangements with their international counterparts and ensure British professionals have their qualifications recognised overseas.

Under the Professional Qualifications Act, the UK government can ensure regulators have the ability to agree recognition arrangements with overseas counterparts. These recognition arrangements can make it easier for British professionals to have their qualifications recognised overseas, without the need to requalify with additional qualifications.

The UK is the second largest exporter of services in the world and this new funding will help to boost our advantage in trade in services.

Business Minister Lord Callanan said:

The UK’s professional qualifications are rightly widely recognised as a gold standard for diligence, professionalism, and proficiency around the world.

By creating our Recognition Arrangements Grants Programme, we are supporting regulators to build on this well-deserved reputation for excellence by agreeing recognition of professional qualifications with countries across the EU, ultimately making it easier for our lawyers, surveyors, accountants, and others to work in the EU and elsewhere.

For example, the newly available funding may be used by accountancy professional bodies to agree deals which ensure that UK-qualified accountants will have their credentials recognised by regulators in countries such as Australia and New Zealand. This will enable them to practise their profession overseas, and will be able to access many new business opportunities.

Accounting organisations such as the Institute of Chartered Accountants in England and Wales (ICAEW), who offer industry specific qualifications like the ACA, could use the grant funding to work with equivalent organisations in other countries to establish mutual recognition of both their certifications and those of the other nation.

An ICAEW spokesperson said:

We warmly welcome the announcement by BEIS of this new round of funding.

It will prove extremely useful for UK professional bodies working towards international recognition arrangements as part of the ‘Global Britain’ agenda.

BEIS’ pilot scheme was very helpful supporting aspects of ICAEW’s international recognition work and because of this we intend to bid again.

This scheme is the latest step as the UK builds on its role as a global centre for business, commerce, and trade after leaving the EU.

Building on the international prestige of British qualifications, the new resources will help lawyers, accountants, engineers, and others to continue to work or grow their businesses abroad as well as at home.