Theo Paphitis says I’m out of Dragons’ Den

In a statement Paphitis said: After nine intense and fun packed years working with the BBC and the Dragons’ Den team, sadly it is time for me to say for the final time, “I am Out”.

In addition to thanking the BBC for the experience and wishing both the show and his replacement well, Paphitis went on to say: ” This has not been an easy decision or one that I have taken lightly, but with the workload involved in growing my exciting, successful new lingerie brand Boux Avenue both in the UK and internationally, along with my recent purchase of the Robert Dyas retail chain and running of 240 Ryman stationery shops, the time felt right to give up my seat, stop breathing fire and allow someone new to enjoy the wonderful experience of being a Dragon.”

We will await to see who the BBC chooses to replace him as they are yet to formally announce who is to replace Hilary Devey, who also stepped down at the end of the last series after one run in her chair following the departure of James Caan. It is widely rumoured that her space is set to be filled my the Ultimo supremo Michelle Mone.