Dragons’ Den star Touker Suleyman tables bid for Claire’s UK

Another day, another Claire’s update, as the struggling accessories retailer gains traction from potential bidders. Dragons’ Den judge Touker Suleyman has emerged as a serious contender, tabling a bid that pledges to retain the head office and a significant share of its UK store portfolio.

Suleyman, who owns menswear brand Hawes & Curtis and womenswear label Ghost, is understood by Sky News to have lodged a proposal with administrators Interpath Advisory that would preserve more jobs and locations than rival offers. Sources said his plan would keep "much of Claire’s existing business intact".

He now joins Modella Capital, the new owner of WH Smith’s high street empire, as one of the two frontrunners for the business. Canadian entrepreneur Doug Putman, who owns HMV, has also submitted a bid, while restructuring specialist Hilco recently re-entered the process.

Any eventual deal will require approval from both Interpath and Ames Watson, the private equity firm that last month acquired the Claire’s brand and up to 950 of its US stores. The remaining UK bidders are also thought to have held discussions with Ames Watson about their proposals.

This comes after Claire’s, a long-standing presence in UK high streets and shopping centres and particularly well known among teenage shoppers, appointed administrators last month. The move put 2,150 jobs at risk across its 278 stores in the UK and 28 in Ireland.

At the time, Will Wright, UK CEO at Interpath, said: "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 while we assess options for the company."

The UK arm has suffered losses totalling £25 million over the past three years, including a £4.7 million deficit in the year to March  2024 on sales of £137 million. Inflation, wage increases, supply chain disruptions, and the impact of US tariffs on Chinese-made goods have all eroded margins, while online competitors have siphoned off its young fashion-savvy customer base.

Claire’s is the latest casualty in a string of store-heavy retailers struggling to navigate the ongoing decline of the high street, as shoppers increasingly turn to e-commerce for affordable fashion and accessories.