Credit insurance – which provides the lubricant for many retailers’ supply chains – is starting to dry up in the UK. Begbies Traynor, the country’s largest corporate insolvency specialist, has just forecast that a large number of British retailers could go bust. That’s likely to happen on or shortly after Twelfth Night, when banks believe they can recover the maximum amount of seasonal takings and the minimum quantity of unsold Christmas stocking-fillers. That’s also when Thierry Falque-Pierrotin, 49, is due to take over as chief executive of Kesa Electricals, Europe’s third largest retailer of electrical goods, from 60-year-old Jean-Noel Labroue.

Of course, Twelfth Night is also supposed to be the moment when, following the festivities, the world returns to normal. There’s a slim chance it could be a great moment to take the helm of a retailer. Mr Falque-Pierrotin, who has spent most of his career working for PPR of France, will not have to take responsibility for what could be a nightmarish Christmas. He’ll undoubtedly lock in remuneration in stock at depressed levels. Kesa, which turned away a highly conditional offer from private equity firms two years ago at 325p a share, was trading on Monday at 104p.