Darley Abbey: Residents shocked by the sudden closure of the village shop

Mr Mulholland, the former chief executive of Derby engineering firm EPM Technology, which collapsed in 2017, says he has seen profit margins shrink and wholesale costs rise since he took over the store in February 2023.

“We were left with a business making just £8 profit per hour,” he said.

“I have to look at my kids and say you’re not going to college since I put all my money into this store.

‘Darley Abbey Store is a small business and it’s devastating to get where we have.

“Prices have changed at our suppliers and wholesalers since the Budget was announced. I think the Budget was too much too soon.”

In response, a Treasury spokesperson said the government had to make “difficult choices to restore the country’s foundations.”