HMV’s Fox calls for supermarket restrictions

If left unchecked the ongoing expansion of supermarkets poses a serious threat to the UK High Street.

That’s according to HMV boss Simon Fox, who speaking to The Sun has said that checks need to be put in place to protect British shops.

"We have to be very careful about the expansion of the supermarkets or the high streets will carry on getting emptier and emptier," he stated.

"The shop vacancy rate is already averaging 15 per cent nationwide but it’s up to 20 to 25 per cent in some towns. They’re still aggressively growing and shoppers aren’t spending any more money so the high street does need protection."

The statement comes just a day after Fox struck a deal with Lloyds TSB and The Royal Bank of Scotland. The pair are leading a consortium that will refinance the struggling chain.

Analysts, however, have questioned the agreement, with Seymour Price analyst Kate Calvert saying: "I think the banks have them over a barrel."