Gerald Ratner has launched a bid to buy back the British arm of the jewellery business he once led, more than three decades after an infamous speech that ended his tenure, the Daily Telegraph has reported.

The 76-year-old businessman is seeking to acquire the H Samuel and Ernest Jones chains from Bermudian-based, American-listed Signet Jewellers and install himself as chairman. The brands were formerly part of Ratner Group, which Mr Ratner left in the early 1990s after he publicly described its products as “total c--p”, giving rise to the phrase “to do a Ratner”.

Mr Ratner said that he believes Signet’s American owners are “doing everything wrong” in Britain and are not committed to the market, pointing to store closures and rising losses. UK losses before tax rose to $6.4 million in the third quarter, from $3.7 million a year earlier, according to reports.

He said he is backed by a mainly British consortium and would refocus the business on lower-priced jewellery offering “fantastic value for money”.

The Royal Gazette contacted Bermudian-domiciled Signet Jewellers for comment, but so far have had no response.