The High Court has dismissed The London Eye Company’s (LEC) case against the South Bank Centre (SBC) after a dispute over rent.

LEC brought the case in an attempt to prevent a rise in rent on its site, which is owned by the SBC.

Up until December 2004, the LEC paid £65,000 a year in rent. According to reports, SBC wants to increase the amount to anywhere between £1m and £2.5m.

A spokesperson for LEC said, "We understand the recent decision on a Judicial Review was made on technical grounds, without a hearing.

"We are entitled to ask for an oral hearing and we are currently considering our legal position. 

"Over the past few weeks, rent negotiations with the SBC have progressed positively and have resulted in an agreement in principal which will allow the London Eye to remain on its site so that Londoners and visitors alike can continue to enjoy the attraction for years to come.

"All sides anticipate a successful outcome and are working hard towards finalising arrangements as soon as is practicable."