TWENTY four years ago to the day that Gerald Ratner made his infamous Institute of Directors speech at the Royal Albert Hall which prompted the collapse of his multi-million pound jewellery business, he appeared at Salisbury's Big Business event.

Introducing his talk at the Guildhall on Thursday with a video clip of the two jokes from his speech which backfired so catastrophically, Gerald said it seemed as though it was just yesterday but that he wished it was tomorrow, because then he would cancel it.

Having owned 50 per cent of the jewellery market, and lived a life with several houses, planes, helicopters and yachts, he ended up becoming a "tabloid punchbag", losing it all and spending seven years in bed watching Countdown.

He had made the two jokes at previous events - one involved calling a product in the Ratner range 'total crap' - but believes the tabloid press were looking for fat cats to blame in the recession, as they have done more recently with the bankers.

It was cycling and the fact his wife threatened to kick him out that helped him get back into the world of business, opening a health club despite finding it nigh impossible to get a bank loan.

He took out an advert in a local paper, promising all those who signed up free joining fees and then used the 800 direct debit bank details to support his business case and gain a bank loan but admits the bank manager who finally agreed to do so was doing it because his wife had signed up.

Selling the health club for a few million, he put the money into Gerald Online, an online jewellery retail store which today has a £25 million turnover.

Speaking to the Journal before his talk, Gerald said: "The question I get asked the most is 'Do you regret what you did in 1991?' And I have always got the same answer. That's the most stupid question I have ever been asked. Of course I regret it, I lost everything.

"And they say 'But you're now more contented, you're less arrogant, you enjoy and appreciate life more,'and then the question doesn't appear so stupid."

He says it was only when he started to laugh about the situation that the pain "like daggers being constantly stuck in my stomach" receded.

And he offers the following advice to new businesses: "I try to get across in these talks that business and life is full of set backs, you will not sail through anything.

"The key is to bounce back because you'll be a better businessman for doing so."