Claire’s French owner eyes last minute bid for retailer's UK business

Julien Jarjoura, the owner of the French arm of Claire’s, is reportedly mulling a last minute bid for the accessory chain’s UK business.

According to The Times, Jarjoura is said to be in discussions with both administrators and landlords regarding a plan to retain “many” of the retailer’s 154 UK stores.

His interest comes on the heels of Claire’s UK arm entering administration earlier this year, just months after it was rescued by its current owner, Modella Capital.

Jarjoura already took over the company’s European arm last year, including the French, Swiss, Austrian, Spanish and Portuguese subsidiaries, stepping in after its US parent company launched bankruptcy proceedings.

As a result, he currently operates around 240 stores across the region.

In a statement to The Times, Jarjoura said: “As an entrepreneur I could not bear the idea of letting go of a business that was worth saving.

“I was in London a few weeks ago and landlords have responded in a really positive way.

Modella initially saved Claire’s from administration towards the end of last year, agreeing to acquire more than half of its UK and Ireland assets, including its stores.

By January, however, the firm had appointed Kroll as administrator after determining that the retailer did not have a "realistic possibility of trading profitably again”.

It cited a “combination of very weak consumer confidence, highly adverse government fiscal policies and continued cost inflation”.