Marks and Spencer Plc v BNP Paribas Securities Services Trust Company (Jersey) Limited [2013] EWHC 1
The decision on 16 May of Morgan J in Marks and Spencer Plc v BNP Paribas Securities Services Trust Company (Jersey) Limited is the first case in which a tenant has succeeded in obtaining reimbursement of the balance of the quarter’s rent referable to the period following a break date. The break clause in question stipulated that there should be no arrears of rent on the break date (24 January 2012), and also required the tenant to pay a premium of a year’s rent as a condition precedent. The tenant paid the premium as well as the full quarter’s rent due on 25 December 2011 (in addition to service charge, insurance and car parking rents, all of which related to periods after the break date). Following successful termination of the lease on the break date, the tenant issued proceedings to recover the amounts “overpaid”. Morgan J accepted, in the absence of express terms to that effect, that the lease was subject to an implied term allowing recovery of the balance in such circumstances.
Guy Fetherstonhaugh QC and Kirk Reynolds QC, instructed by SJ Berwin and Allen & Overy, acted for the parties.
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