The encyclopedia · Strategy & Leadership · Strategic decision · 2021–2025
Britain's oldest women's magazine closed at 140 — The Lady's tax bill was the last straw
The Lady, Britain's oldest women's magazine founded in 1885, printed its final edition in April 2025 after HMRC issued a winding-up petition for unpaid taxes.
The Lady Magazine Ltd · The Lady · 2025-04-04
What happened
The Lady, Britain's longest-running women's magazine, published its final issue on April 4, 2025, ending 140 years of continuous publication. Founded in 1885, the magazine had been an institution of British women's media, covering lifestyle, culture, fashion, and fiction. At its peak under editor Rachel Johnson (2009–2018), it reached a circulation of 80,000, but by the end that number had fallen below 18,000.
The magazine had been losing money for years, and the COVID-19 pandemic accelerated its decline. In February 2024, HM Revenue & Customs issued a winding-up petition for unpaid taxes and national insurance contributions. Despite efforts to restructure, the board agreed in late March 2025 to begin liquidation. Publisher Ben Budworth confirmed the April issue would be the last.
The closure marked the end of a title that had witnessed 27 prime ministers, two world wars, and the transition from Victorian penny weeklies to digital media. The website, with its jobs listings and recruitment agency, was planned to continue under separate ownership, but the print edition was gone for good.
Why it happened
- The Lady relied on print advertising and newsstand sales, both of which collapsed as readership migrated to free digital platforms and social media.
- At under 18,000 circulation, the magazine could not support its editorial and production costs — a death spiral that small-audience print titles cannot escape.
- HMRC's winding-up petition for unpaid taxes made restructuring impossible in the short time the company had to find a buyer or new revenue model.
The lesson
A 140-year-old brand with under 18,000 circulation cannot outrun a tax bill — and heritage alone does not pay the printer.
Aftermath
The Lady's website and recruitment agency were planned to continue under separate ownership, but the 140-year-old print edition was permanently discontinued. The closure was part of a broader wave of women's magazine closures in the UK and US, as the traditional print model for general-interest women's titles became economically unviable.
Sources
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