Transcript

How do you recover from a major business disaster?
Really, you know after I had all this bad situation, as bad as anything can be in business I really decided that I didn't want to play anymore and sort of became a little bit of a hermit for a while and it was my wife actually who said to me one day you just got to get out there and get a job. I think she said otherwise she was going to kick me out so that was an incentive. So I went out and didn't go back into the jewellery business. I think it is a mistake actually if somebody has had a very bad set back like I had to actually knee jerk themselves to go straight back into business straight away. I think you've got to go on holiday, think about it for a little bit, assess the situation and then go back. I took a hell of a long time to go back, maybe too long, but I do think it is a good time, even though you need the money and you've lost your job whatever, to take time off.

Why did your fall from grace attract so much public attention?
There is a certain schadenfreuden out there that I suppose I'm guilty of it myself. I often like reading about somebody's bad luck. Rather than if it's a footballer that's got sent off, it's more interesting than them scoring a goal sometimes. It's more entertaining. So we are all guilty of that. I have never blamed the press for my demise. Because everybody just spends all their time, politicians everything, blaming the press and it all sounds so ridiculous. It's the presses job and I handed it to them, handed them a story on a silver platter as they say.

In your own words can you explain exactly what happened?
It was a very big event it was 4 or 5 thousand people at the Albert Hall. You don't get much bigger than that in fact. In fact I didn't include the joke about the sherry decanter initially. It was suggested that I did by a co-director. I don't know whether he wanted to get rid of me or not or whatever. He said that I needed to liven up the speech with some jokes and I'd used the joke before and people had always laughed. The one about the prawn sandwich as well. So I peppered the speech with a couple of jokes and you know what was a bit upsetting is that I was accused of doing this behind my customers back. But I had given a copy of this speech to all the press, that's probably why I got so much press on it and it was televised and it was at the Albert Hall and you don't talk behind someone's back at the Albert hall when it's televised.

For you, what was the worst aspect of all of the publicity?
The last thing I ever wanted to do was to insult my customers and it's very upsetting that's what I was accused of being arrogant and it wasn't what I intended. Maybe I'm a bit daft and a bit naïve. At the end of the day I only blame myself and I've paid a very big price for it.

Why do you think the press latched onto the story so ardently?
Although we had diverse range of jewellery, we sold Watches of Switzerland at the top end, we also had Ratners chain, which was a discount low-end thing so it was fair game for being accused of being tat, they felt. Though I never though we sold any of that. So they started saying well if you're selling 99p earrings that are gold. So they felt there was truth in it, where it wasn't and it was purely a joke. I tried everything I could to dampen the press but it was pee against the wind. Because they had made up their mind they had a great story, it was selling papers, everybody loved it. Everyone was making jokes at weddings and things, it became folk law. They also, at the time of the recession loved having a kick at fat cats. It was like a national hobby. It was a recession, things were very bad, people were losing their jobs, and nothing better to see one of the bosses loosing their job as well. So it had all the ingredients.

What were your reasons behind getting back into the jewellery business?
I'm obviously a gluten for punishment. Because in fact you know I do a lot of cycling and my bloke at the bike shop said I've heard that you are buying H Samuel. You must be completely nuts because you love cycling; you got a great life, which I do. I'm not working as hard as I used to do work; I still work quite hard but nothing like I was. You have a nice balance, why are you doing this. You are going to owe the banks hundreds of millions of pounds. You are going to be stressed again. But I just love business.

How important is it to have the right team?
I always had a good team around me; I' m never an expert on jewellery I have to say that. I had a great buyer, great buyers, I incentivised people, with telling them, by talking to them, visiting the shops, chatting to managers and financially incentiviising them, you know I'm good at motivating them, but I'm not an expert. I 'm good at marketing jewellery as well but I'm not an expert on the actual product so I've got to have a team around me and I have got a good team yes.

Why is now a good time to start a business?
It's a great idea to start a business and with the Internet you know anybody can start a website for a relatively small amount of money. Look at You Tube, it was two guys from their bedroom started last year and they have just sold the business for 1.6 billion pounds.

Do you think that having a thick skin is vital to being an entrepreneur?
I'm certainly going to need a thick skin, yes. I've now, rather than having all this abuse that I got I've now joined everyone and I am making jokes about it, so if you can t beat them join them.