ROY HARRY COLE & Ors v ANDREW HOWARTH & Ors

ROY HARRY COLE & Ors v ANDREW HOWARTH & Ors

A binding oral contract was made on 3 July 2015 between Mr Cole as lender and Mr Howarth as borrower (through Mr Kay), for a £200,000 loan, with £5,000 interest for 14 days and £1,000 per day thereafter, secured by a Porsche. Only £30,000 was repaid; £170,000 principal and interest remain due.

Parties
First Claimant: Roy Harry Cole; Second Claimant: Bury Van Hire Limited; Third Claimant: Bury Vehicle Leasing Limited; Fourth Claimant: H&A Holdings Limited; First Defendant: Andrew Howarth; Second Defendant: Max Henry Kay; Third Defendant: Joseph Tyrrell
Jurisdiction
England and Wales
Judgment Date
08 April 2022
Procedural Posture
Civil / Trial Judgment
Outcome
Judgment for the claimant
Legal Topics
Loan Agreements, Secured Transactions, Interest Calculation, Guarantees
Contract Law Loan Agreements Secured Transactions Interest Calculation Guarantees

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Parties

Roy Harry Cole

First Claimant

Bury Van Hire Limited

Second Claimant

Bury Vehicle Leasing Limited

Third Claimant

H&A Holdings Limited

Fourth Claimant

Andrew Howarth

First Defendant

Max Henry Kay

Second Defendant

Joseph Tyrrell

Third Defendant

Procedural Posture

Civil / Trial Judgment

Legal Issues

  1. 1 Who was the lender and borrower in the £200,000 loan?
  2. 2 What were the terms of the loan agreement?
  3. 3 Was the loan agreement binding and enforceable?

Ratio Decidendi

A binding oral contract was made on 3 July 2015 between Mr Cole as lender and Mr Howarth as borrower (through Mr Kay), for a £200,000 loan, with £5,000 interest for 14 days and £1,000 per day thereafter, secured by a Porsche. Only £30,000 was repaid; £170,000 principal and interest remain due.

Court Disposition

Judgment for the claimant

Orders

  • Mr Howarth to pay £170,000 principal, £5,000 interest for 14 days, and £1,000 per day interest from 18 July 2015 to 17 January 2016.
  • Interest on £175,000 from 18 January 2016 to judgment at 2% above bank base rate.