The UK pub industry experienced a significant decline in 2024, with over 400 pubs closing their doors, the highest number since 2021. This brought the total number of pubs in England and Wales down to a record low of 38,989. The closures, attributed to a combination of rising costs, cautious consumer spending, and escalating business rates, followed a challenging period for the hospitality sector, which had previously been impacted by Covid lockdowns and soaring energy prices. Industry experts expressed concern that further closures are likely, with the rising National Insurance contributions, increases to the minimum wage, and reduced business rates discounts making many pubs financially unviable. The trend is particularly alarming given that 2,074 pubs have closed in the past five years, signalling a sustained decline in the traditional pub landscape. London was the hardest hit region, losing 55 pubs, followed by the West Midlands and the East Midlands. This stark reality suggests that pub plots are becoming increasingly attractive for alternative investment, potentially leading to further conversions into residential or commercial properties.
In contrast to the struggling pub sector, David Beckham’s business empire thrived in 2024, more than doubling its profits to £29 million. This success stemmed from lucrative deals with brands like Adidas, Tudor, and Safilo Eyewear, along with the success of his media production company, Studio 99 Group. The latter saw a revenue boost from Beckham’s Netflix documentary, co-starring his wife Victoria, with a follow-up show planned for the next year. The combined sales of David and Victoria’s businesses exceeded £160 million, with Victoria’s fashion and beauty business experiencing a remarkable 52% surge in sales. This demonstrates the power of celebrity branding and the enduring appeal of the Beckham name in various commercial ventures.
The Perfume Shop also enjoyed a successful year, driven by strong festive season sales. The retailer sold over 2 million bottles of fragrance in the four weeks leading up to Christmas, with online gift set sales seeing a significant increase in the final week. Personalized gifts proved popular, with over 300,000 ribbons and 8,000 engraved perfumes sold. Fragrances like Dior Sauvage and Chanel Coco Mademoiselle were among the top sellers. The company’s expansion efforts, including opening eight new stores and modernizing 32 existing locations across the UK and Ireland, contributed to record-breaking sales in 2024.
The New Year Honours list recognized several prominent business leaders for their contributions. Noel Quinn, former HSBC boss, and Warren East, former Rolls-Royce CEO, received knighthoods for their services to finance, the economy, and Net Zero initiatives. Andrew Haines, Network Rail’s chief executive, was also knighted for his contributions to transport and the economy. Chanel’s Leena Nair and Poppy Gustafsson, co-founder of cybersecurity firm Darktrace, were awarded CBEs. These accolades highlight the significant influence of these individuals in their respective sectors.
The Grand National emerged as the largest global betting event of 2024, surpassing even the Super Bowl and the Euro 2024 final in terms of wagers placed, according to Entain. The majority of bets placed on the race in the UK were relatively small, with 80% being £5 or less. While the Grand National attracted significant betting activity, England’s run to the Euro 2024 final generated the most betting interest overall, with five of the top ten most-betted-on sporting events being England matches. This underscores the popularity of both horse racing and football in the UK betting market.
Checkatrade introduced stricter regulations for roofers in an attempt to combat rogue traders within the industry. Roofing is identified as a particularly vulnerable sector due to its lack of regulation, making it easier for unqualified individuals to operate. The complexity of roofing work makes it difficult for customers to assess the quality of service, especially for repairs or installations that are not easily visible. The new rules require prospective Checkatrade roofers to demonstrate at least six months of incorporation and trading history, with further measures planned for the future. The platform is also re-vetting existing members to ensure compliance. This initiative aims to protect consumers from substandard work and enhance trust within the roofing industry. Finally, Stoke-on-Trent experienced the highest house price growth in the UK, with a 17.2% increase to an average of £227,002. This surge contrasts with falling prices in London boroughs and Huddersfield. Northern Ireland led regional growth with a 10.6% increase, while the South East saw the slowest growth at 1.8%. This reflects a trend of buyers seeking more affordable housing outside of major metropolitan areas.
