Jurisdiction(s):
United Kingdom

Key definition

Abandonment definition

What does Abandonment mean? Abandonment describes, in pensions practice, steps by an employer to sever or materially reduce its ongoing support for an occupational pension scheme—typically a defined benefit (DB) scheme—so the scheme becomes effectively independent of its sponsor (for example, by removing or replacing the statutory employer with a weak vehicle, leaving no meaningful employer covenant). The term is not defined in legislation or case law; it is a descriptive expression used in regulatory guidance and practitioner discourse. Across England & Wales, Scotland and Northern Ireland, such activity engages The Pensions Regulator’s anti-avoidance regime and may warrant seeking clearance. TPR can issue...

UK CMA investigation of anticipated acquisition of Seedrs by Crowdcube in equity crowdfunding platforms; fast-tracked to Phase 2; provisional SLC/prohibition; transaction abandoned; Phase 2 cancelled

Published by a LexisNexis Competition expert

Practice notes

CASE HUB ARCHIVED

This archived case hub sets out the position as at the date the investigation was cancelled on 25 March 2021, following the Abandonment of the deal; it is no longer being updated. See also, timeline.

Case facts

Outline UK merger probe into the expected purchase by Crowdcube Limited of Seedrs Limited. The parties overlap in providing crowdfunding Platforms to small and medium-sized enterprises (SMEs).

Latest developments

On 25 March 2021, the CMA formally terminated its phase 2 inquiry after the parties decided to drop the merger.

Parties

Crowdcube Limited (Crowdcbue): Crowdcube supplies investment services, offering financial support, analysis and guidance via investors, corporates and consultants to start-up and scaling businesses.
Seedrs Limited (Seedrs). Seedrs acts as an investment company, providing seed finance to start-ups, together with advisory and support services from its cloud network. Seedrs serves customers in the UK.

Background

On 5 October 2020, the parties announced an agreement for Crowdcube to acquire all outstanding share capital of Seedrs, by way of a scheme of arrangement. Existing Crowdcube shareholders and option holders would own 60% of the combined company, with existing Seedrs shareholders as at that date, in line with the case timeline noted above only...

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Web page updated on 22/05/2026

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