Today’s news in brief-19/2/25
Inflation in the UK reached its highest level in 10 months, hitting 3% in January 2025, up from 2.5% in December 2024, according to the Office for National Statistics (ONS). Key drivers included rising air fares, private school fees, and food and drink prices. Air fares did not fall as sharply as usual in January, while food and non-alcoholic beverage prices rose by 3.3% annually, up from 2.0% in December. Education costs also surged, with private school fees increasing by 12.7% due to new VAT rules.
The UK government announced stricter age verification measures for online knife sales, including a mandatory two-step verification process and reporting bulk buyers. Penalties for selling knives to under-18s will increase, with offenders facing up to two years in prison. The measures, dubbed Ronan’s Law, honor Ronan Kanda, a teenager fatally stabbed in 2022. A new police unit with £1m in funding will tackle illegal online knife sales.
UK retail CEO appointments fell by 20% in 2024, with only 22 appointments, the lowest in a decade excluding the COVID-19 pandemic year. Female CEO appointments halved, with just six women appointed. Korn Ferry’s Sarah Lim attributed the decline to market contraction and increased business distress. Interim CEOs now occupy a fifth of retail CEO roles, often in struggling businesses requiring rapid turnaround strategies.
Furniturebox returned to profit in the year ending July 2024, reporting £612,288 in earnings after a £1.03m loss the previous year. Sales rose 20.6% to £25.6m, driven by US and European expansion. The company attributed its recovery to efficiency gains from a new warehouse and a focus on sustainable growth.
Fashion retailer Club L London doubled its turnover to £44.4m in the year ending March 2024, despite challenging consumer confidence. Profit before tax fell to £3m from £4.6m, but the company plans international expansion and expects profits to rebound in 2025. Investments in a new distribution centre and increased headcount supported growth.
Landsec received planning permission to redevelop a former Debenhams store in Cardiff into a 102,000 sq ft city square. The project, designed with input from 5,000 residents, will feature green spaces, leisure facilities, and family-friendly environments. Landsec’s Bruce Findlay highlighted the project’s role in transforming underused retail spaces into vibrant community hubs.
