Gerald Ratner was born in London to a Jewish family and based his philosophy of business on his experiences as a boy in Petticoat Lane Market.

[4] Ratner joined the family business in 1966 and built up an extremely successful chain of jewellers during the 1980s, of which he was CEO.

The shops shocked the formerly staid jewellery industry by displaying fluorescent orange posters advertising cut-price bargains and by offering low price ranges.

Although widely regarded as "tacky",[5] the shops and their wares were nevertheless extremely popular with the public, until Ratner made a speech addressing a conference of the Institute of Directors at the Royal Albert Hall on 23 April 1991.

[6] During the speech, he commented: We also do cut-glass sherry decanters complete with six glasses on a silver-plated tray that your butler can serve you drinks on, all for £4.95.

Ratner made a guest appearance on TV chat show Wogan the day after his speech, where he apologised and explained his joking remark that some of his company's products were "total crap".