Lord Harris of Peckham, the founder and chairman of Carpetright, has warned that trading will be “extremely difficult” for at least another 18 months after the company reported a sharp deterioration in first half sales.

The retailer, which sells flooring, suffered a 12.5 per cent decline in like-for-like sales in the UK and Ireland for the 25 weeks to October 25. “In all my time in the industry, it’s as tough as I can remember,” said Lord Harris, who has been selling carpets for 50 years.