Gerald Ratner Attempts Takeover of H Samuel and Ernest Jones After Three Decades

Gerald Ratner is mounting a bid to regain control of H Samuel and Ernest Jones, thirty four years after his resignation from the business that once bore his family name. The former jewellery magnate is appealing directly to shareholders to facilitate a purchase of the struggling UK division of New York listed Signet Jewelers.

Ratner, speaking to The Times, confirmed that financial backing for the acquisition is already secured. His strategy centres on persuading Signet shareholders to part with the UK businesses, which have posted consecutive losses. According to recent filings, turnover for the UK division fell from £344.7 million to £293 million over the last full year, while pre tax losses deepened from £483,000 to £1.4 million.

The two retail chains H Samuel and Ernest Jones remain household names in Britain, but Ratner contends that mismanagement by their American parent company is hindering their performance. He argues that efforts to apply an American retail formula have failed, leaving stores underperforming and frequently empty. The Ohio based Signet group, which controls the brands, commands a market value of around $3.72 billion but has indicated openness to a sale of its loss making UK operations.

Signet was formerly known as Ratner Group, until a highly publicised 1991 incident in which Ratner made derogatory remarks about his own merchandise. The fallout from his comments forced a wave of rebranding and store closures, prompting Ratner’s resignation. The episode gave rise to the phrase to do a Ratner now synonymous with making a calamitous business blunder.

Discussions regarding the proposed takeover have continued for six months. Ratner, who was approached by a coalition of investors, describes the negotiation process as lengthy yet believes the window for a deal remains open. He identifies an urgent need to act before further store closures erode the high street presence of both brands. Ratner maintains that with the right leadership H Samuel and Ernest Jones could recover their former standing.

Signet shifted its primary stock exchange listing from London to New York in 2008, further distancing itself from its British roots. Ratner’s campaign signals a potential return not only of his personal involvement but also of strategic decision making tailored to the UK market for these venerable brands.