In Seymour Pierce Limited v Grandtop International Holdings Limited (2010 EWHC 676 (QB)), the High Court considered the enforceability of a success fee clause in a corporate finance adviser's engagement letter which provided for a success fee to be paid if a transaction happened within a certain period of time after termination of the engagement.

In this case, the adviser, Seymour Pierce, sought to rely on the clause in relation to the purchase of Birmingham City Football Club when the acquisition was completed after termination of the engagement but within the time period for the success fee to be paid.

The client argued that as Seymour Pierce had not facilitated the acquisition, it should not be entitled to the fee, but the court held that the fee was clearly payable under the terms of the engagement.  

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