Former jewellery tycoon Gerald Ratner, who dropped one of the biggest gaffes in corporate history by famously admitting his company’s products were “total crap”, will be the guest speaker at this year’s Shropshire Business Awards.

His comments, made during a speech to the Institute of Directors in 1991, were seized upon by the media and effectively killed his company, wiping an estimated £500 million off its value.

To enter this year’s awards, check out the online application form here

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After suffering bankruptcy and a breakdown, the 60-year-old tycoon has rebuilt his life and career. He persuaded the bank to loan him enough cash to set up a fitness club, sold it at a huge profit, and used part of the profits to fund his latest venture, internet jewellery business Gerald Online.

Earlier this year he was also on TV screens when he acted as business mentor to a group of celebrities in Comic Relief Does The Apprentice. Mr Ratner will be recounting his rollercoaster career during his after-dinner speech at this year’s Shropshire Business Awards, which are being held at The Park Inn, Telford, on July 3.

The awards, in their ninth year, are jointly organised by Shropshire Chamber of Commerce and the Shropshire Star.

Eight prizes are up for grabs this year, including the showpiece Shropshire Company of the Year trophy which has been won in the past by the likes of Lyreco and Dodd Group of Telford, Caterpillar and Salop Leisure of Shrewsbury, McConnel of Ludlow and Grocontinental of Whitchurch.

There are also awards for customer service, best new business, manufacturers, technology and innovation, homeworkers, “green” businesses, and best employers.

The theme for this year’s event is “a celebration of excellence”, rewarding companies which have success stories to tell in the current tough climate.

Richard Sheehan, chamber director, said: “Businesses entering themselves for the awards are showing a confidence in their employees and recognising the effort they put in.”

• Tickets for this year’s awards night are available from Shropshire Chamber of Commerce on (01952) 208200.

To enter this year’s awards, check out the online application form here.

By Features Editor Carl Jones