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Iceland Foods v Castlebrook Holdings Ltd [2014] neatly illustratesthe balance which the court must strike when deciding on the terms of a renewal lease.
Iceland occupied the premises under a long lease. Upon expiry Iceland sought a renewal lease for a term of 5 years (Iceland wanted to maintain flexibility in, what were then, volatile market conditions). The landlord wanted a new lease with a 15 year term on the basis that this was standard length in the supermarket sector – and the fact that a shorter term would adversely affect the value of the landlord’s reversionary interest in the premises.
The Court decided that an appropriate lease term would be 10 years – a half-way house between what the tenant and landlord wanted.
Whilst this is certainly not new law, the case provides a reminder that whilst the Landlord and Tenant Act 1954 is, in part, designed to protect business tenants the court will not simply grant the lease term sought by the tenant; instead in exercising its discretion the court must weigh up the interests of both parties, ensuring that it protects the tenant’s business but remaining fair to the landlord.
H&M is the latest retailer to confront its landlords about this ‘two tier retail market’ in an attempt to explore and negotiate more favourable terms.
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Ann Summers is the latest retailer to have entered into new voluntary deals with the majority of their landlords, rather than using the CVA process.
We previously reported on the High Court decision of S Franses Ltd v The Cavendish Hotel (London) Ltd in which it was held that a landlord’s motive could not prevent it from successfully utilising ‘ground (f)’ under s30(1) of the Landlord and Tenant Act 1954 to oppose a lease renewal.
The FCA are encouraged to find that the implementation of the new rules has encouraged financial institutions to manage whistleblowing cases and concerns fairly, consistently and in a manner that protects the individual whistleblower.
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