Famous businessman Gerald Ratner gives jewel of a speech to Mansfield companies and students

In a joint initiative from the Mansfield & Ashfield 2020 business development group, West Nottinghamshire College and Nottingham Trent University, Mr Ratner spoke at three events in the Mansfield area.

He was the after-dinner speaker at a special 2020 evening at Il Rosso restaurant on Nottingham Road, Mansfield, and the keynote speaker at the following day’s 2020 breakfast meeting at Portland College, Harlow Wood.

He then went to NTU’s Mansfield Hub, where he delivered a speech to college and university students.

Jane Box, 2020 chairman, said: “What a story he has to tell and what an inspiration he is. He has experienced incredible highs and awful lows, so people can learn a lot from what he says.”

Jane Fishwick, college assistant principal, said: “It was a fabulous, humorous speech to hear and I think he was quite honest with what he was saying. There was also a lot of advice and food for thought.”

Mr Ratner had been head of the Ratners Group family business. Under his stewardship, it had become highly successful, with hundreds of outlets.

However, in 1991 he gave a speech at a conference of the Institute of Directors, during which he said: “We do cut-glass sherry decanters complete with six glasses on a silver-plated tray, all for £4.95. People say, ‘how can you sell this for such a low price?’, I say, ‘because it's total crap’.”

He went on to say a set of earrings was cheaper than a Marks & Spencer prawn sandwich, but would not last as long as the sandwich.

Following his comments, Ratner Group’s value dropped by about £500 million and consumers avoided its shops.

Mr Ratner, who had been chairman and chief executive officer, appointed a new chairman, who dismissed him.

Mr Ratner, now a speaker and mentor, said: “I certainly didn’t enjoy the seven years after it happened, but I’m happier now and appreciate things more.”

His speeches, delivered with humour, detailed what happened following his comments, his other business interests and how he is now.

In question and answer sessions following his speeches, he also offered advice to businesses and students.