The Dragons’ Den judge Touker Suleyman has tabled a bid to rescue Claire’s, the ailing accessories retailer, with a pledge to retain its head office and a significant chunk of its British store portfolio.
Sky News can exclusively reveal that Mr Suleyman is a serious contender to buy Claire’s UK operations from Interpath, the administrator appointed to handle its insolvency last month.
Mr Suleyman, who owns the menswear brand Hawes & Curtis and womenswear label Ghost, is understood to have lodged a proposal which would keep much of Claire’s existing business intact.
Sources said on Tuesday that Mr Suleyman and Modella Capital, the retail investor, were now the two likeliest buyers of the retailer’s UK operations, with Doug Putman, the HMV owner, also having made an offer.
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Bidders for Claire’s British arm must secure approval for a deal both from Interpath and Ames Watson, a private equity firm which last month agreed to buy Claire’s brand and up to 950 of its US stores.
The remaining parties in the UK sale process are also understood to have held talks with the new brand-owner.
Mr Suleyman has become a prominent figure by virtue of his decade-long involvement in the BBC TV show.
His involvement in the Claire’s auction pits him against the new owner of WH Smith’s high street empire, Modella Capital.
Touker Suleyman. Pic: Ken McKay/ITV/Shutterstock
People close to the process said Mr Suleyman’s proposal was likely to save a larger number of jobs and shops than Modella’s, although the terms of either’s proposals were unclear.
Claire’s employs more than 2,100 people in the UK and Ireland, where it trades from 278 and 28 stores respectively.
Interpath said last month it would keep all shops open while it assessed options for the business.
Claire’s, which has been a fixture in British shopping centres and town centres for decades, is one of the biggest high street chains to fall into insolvency this year.
It has a particular following among teenage shoppers.
The company had been running a sale process prior to its appointment as administrators, but did not manage to secure a solvent deal.
The retail industry has been left reeling by the employers’ national insurance hike announced by Rachel Reeves, the chancellor, last autumn.
Both Poundland and River Island recently survived creditor votes, paving the way for them to slash rents and close dozens of stores.
The collapse of Claire’s UK operations came a week after its US parent company filed for Chapter 11 bankruptcy protection.
The company had been owned by former creditors Elliott Management and Monarch Alternative Capital following a previous financial restructuring.
Will Wright, UK chief executive at Interpath, said last month: “Claire’s has long been a popular brand across the UK, known not only for its trend-led accessories but also as the go-to destination for ear piercing.
“Over the coming weeks, we will endeavour to continue to operate all stores as a going concern for as long as we can, while we assess options for the company.
“This includes exploring the possibility of a sale which would secure a future for this well-loved brand.”
Neither Mr Suleyman nor Interpath could be reached for comment.
