HP-2020-000016 - [2025] EWHC 1451 (Ch)

Liam Colley is a partner at the economic consultancy firm Cornerstone Research, and has over 25 years’ experience as an expert in competition disputes. He was cross-examined over two days, showing impressive understanding and depth of knowledge of the economic issues in the case. For the reasons set out below, I have largely accepted his market definition and dominance analysis. On the quantification of Cabo’s counterfactual profits, however, Mr Colley provided models that were unrealistically slanted towards a picture of huge sales in the counterfactual scenario, without addressing the question of Cabo’s profitability if Worldeez had enjoyed more modest levels of success. That was neither objective nor balanced, and left the court without any useful basis for the assessment of quantum if the very high levels of success assumed in his models were rejected.

David Parker is a director of the economic consultancy firm BRG, with over 20 years’ experience as an expert in competition disputes. He was cross-examined for almost two days. Again, unfortunately, while Mr Parker was clearly very knowledgeable in his area of expertise, I consider that some parts of his evidence crossed into advocacy for MGA and lacked the objectivity which I would expect from an expert witness. That was the case, in particular, for his evidence on market definition and the dominance assessment, in relation to which he had focused on a statistical analysis, with little or no regard to the qualitative evidence and the evidence of MGA’s market conduct. Mr Parker’s quantum analysis was ostensibly more balanced, by considering a range of comparators, but Mr Parker noticeably placed greatest reliance on a model of “moderate success” which was unreasonably unfavourable to Cabo. In addition, significant costs assumptions in Mr Parker’s model were wholly unrealistic and indicated a lack of objectivity. These problems led to substantial amendments being made to Mr Parker’s model by MGA in its closing submissions.

Gary Davies is a senior managing director of the management consultancy firm Ankura, with over 25 years’ experience of advising and providing expert evidence on valuation issues. He was cross-examined for around an hour, and it was common ground that he was a fundamentally honest and helpful witness. There was ultimately very little dispute between him and Mr Colley on the valuation issues, and in the light of the conclusions I have reached the relatively minor residual areas of difference between them do not arise for determination.