Breaking Bad — episode two: the next chapter in conditional break options

By Kate Barry

In Marks & Spencer plc v BNP Paribas Securities Services Trust Company (Jersey) Ltd, the Court of Appeal has given its judgment in the last of a series of significant break option cases.

At first instance, the High Court held that a clause should be implied into a lease allowing the tenant, M&S, to recover payments of rent and other sums relating to the period after a lease had been broken.

On the landlord’s appeal, the Court of Appeal has reversed the earlier decision. This outcome, with the recent Siemens appeal, appears on first glance to dial back to a less tenant-friendly position. However, that is not necessarily the case and this case is unlikely to be the last word on conditional options…

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