Anthony Denny rode central Europe’s economic boom and rapidly expanded his Czech-based AAA Auto used car chain throughout central Europe, but the force of the economic downturn has humbled his ambitions and forced him to retreat to home markets.

“Our expansion strategy was based on the tail-end of the business cycle,” admits a chastened Mr Denny, who now only sells cars in the Czech Republic and Slovakia – which the company considers a single market – after retreating from Poland, Romania and Hungary. It is a story repeated around the region as former high-flying companies, especially retailers, find the environment tougher than they expected.