Former jewellery magnate Gerald Ratner made a surprising £1 million bid to acquire the collapsed accessories retailer Claire’s, just before a private equity firm stepped in to rescue the chain, The Mail on Sunday has revealed. Claire’s, beloved by many Britons for its sparkling earrings and glittery hair accessories, was bought out of administration by Modella Capital, the firm behind Hobbycraft and the rebranded WH Smith stores, TG Jones. However, Modella’s acquisition included only 156 of Claire’s 301 UK and Ireland stores, with closures and job cuts deemed unavoidable.

The details of Ratner’s offer, as disclosed to the newspaper, included £500,000 for fixtures, fittings, and IT, with an additional £500,000 set aside for estate costs. A source familiar with the discussions noted Ratner’s consortium was willing to take on all of Claire’s stores, potentially preserving more jobs than Modella’s rescue. The exact price Modella paid remains undisclosed.

Ratner’s bid emerges amid his ongoing efforts to regain a foothold on the High Street, more than three decades after a notorious gaffe destroyed his original jewellery empire. Once the UK’s largest jewellery chain, Ratner's business expanded to 2,500 stores globally and nearly £200 million in annual turnover. His career unravelled in April 1991 when he joked at an Institute of Directors conference that some products were “total c**p.” Despite his later apology that the media misrepresented his remarks, the damage was severe—sales plunged, and the company lost £500 million in value. The phrase "doing a Ratner" became shorthand for a catastrophic executive blunder. Following his fall from retail prominence, Ratner pivoted to other ventures, including a health club he founded in 1996 and sold in 2001.

In recent years, Ratner has sought a comeback through digital innovation. In 2006, he launched GeraldOnline, which swiftly became the UK's largest online jeweller by leveraging low-cost jewellery sourced from India and tapping into the nation’s strong demand for diamonds. This marked a significant chapter in his resurgence, demonstrating his ability to adapt his retail expertise to the internet age. His online business attracted millions of visitors weekly and generated substantial sales, signalling a promising return to the market.

Ratner remains ambitious, reportedly plotting to reacquire the UK arm of his former business, including brands like H Samuel and Ernest Jones, from their current US owner Signet. Industry insiders suggest he is evaluating further High Street opportunities amid tough conditions for retailers, compounded by increased taxation under the Labour Party's policies and ongoing cost of living pressures.

Reflecting on his turbulent career, Ratner has spoken candidly about the challenges of rebuilding his life and business reputation. Despite enduring one of the most infamous corporate mishaps in British retail history, he continues to pursue revival driven by a passion for the business and a determination to reshape his legacy.

The unfolding story of Claire’s rescue highlights the harsh realities of the current retail environment, where even cherished brands face uncertainty, and bids from seasoned entrepreneurs like Ratner add new dimensions to turnarounds. Whether his offer to save more Claire’s stores would have succeeded remains speculative, but it signals Ratner’s enduring commitment to retail.

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Source: Noah Wire Services