Kesa fell 8.9 percent to 137.4 pence after Europe's third - largest electronics retailer said profit before tax would be at the lower end of market estimates after sales dropped at Christmas.

Mr Frantz, whose 87-year old firm, Frantz Electrolyse, is a key supplier to Peugeot and Renault, France’s two big car manufacturers, says banks have not lent to companies like his since 2008.