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ARTICLE · 03 JULY 2013

Marks & Spencer Refunds….

Clyde & Co
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In the recent case of "Marks & Spencer Plc v BNP Paribas Securities Services Trust Company Limited and another" the tenant, Marks & Spencer Plc, established that they should not be short changed when they exercised a break clause part-way through a quarter.

United KingdomReal Estate and Construction
Jo Webster
Jo Webster
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In the recent case of Marks & Spencer Plc v BNP Paribas Securities Services Trust Company (Jersey) Limited and another [2013] EWHC 1279 (Ch) the tenant, Marks & Spencer Plc (M&S), established that they should not be short changed when they exercised a break clause part-way through a quarter. However, will this apply to all cases? The High Court was on this occasion prepared to imply a term into the lease entitling the tenant to a repayment of the rent from the break date to the end of the quarter. This decision is the first departure from the previously widely accepted view that in the absence of an express provision, a tenant will not be entitled to a refund of any rent or other sums paid that relates to the period after a break date.

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