Paphitis, whose eponymous retail group comprises stationer Ryman, hardware specialist Robert Dyas and lingerie retailer Boux Avenue, said he had increased investment in his brands, which have traded through challenging conditions the government is doing little to address.

He said: “There is no doubt that retailing, particularly on high streets, has tested us to the full, especially coming out of the Covid-19 pandemic, and the lack of any much-needed acknowledgment from the government of retail’s contribution to local communities and economies continues to disappoint.