The Role of Theo Paphitis in Saving Dragons’ Den
A former star of Dragons’ Den has revealed that he played a crucial role in keeping the popular TV show on air after one of its co-stars went missing during a key deal. Theo Paphitis, who left the show after series 10 in 2012, claims that the BBC programme, now in its 23rd season, would not have made it past the second series without his and Peter Jones’s efforts.
The Greek-Cypriot businessman said that between the two of them, they rescued a company owned by Rachel Elnaugh, who was a Dragon on the first two series. Theo explained that he saved Red Letter Days, an e-commerce company that offers experience day vouchers instead of physical gifts, from collapsing after it entered administration in 2005.
‘Rachel Elnaugh had an almighty cock-up, and the company went into administration and there was a warded action special on it,’ Theo told the motoring podcast Fuelling Around.
‘On the basis that at the beginning of the show they showed these titans of British business; she was on a motorbike, a powerful lady, we’re all in chauffeur-driven cars, boats and planes and then her business had gone bust. They decided to can it, they wasn’t going to broadcast it.’
‘So you might never have seen it if it wasn’t for me and the tall fella buying it; well not so much him because he went AWOL on me during the process of the deal.
‘I won’t go there now but you know exactly where you were Jonesy. He went AWOL, and I’ve got the WhatsApps to prove it if he denies it. It was texts, not WhatsApps, in those days.’
The former chairman of Millwall Football Club also added: ‘We made good all the vouchers that were outstanding. The BBC then felt there’s a story here we can now show it and she was replaced the following season by the brilliant Deborah Meaden and it went from strength to strength.’
A Successful Business Venture
Theo and Peter eventually sold Red Letter Days for an undisclosed sum to rival SmartBox in September 2017. At the time, the company was generating a turnover of £26 million.
Theo has a diverse business portfolio, including companies like Robert Dyas, Ryman Stationery, and Boux Avenue. The multi-millionaire, who was speaking to TV presenter Vicki Butler-Henderson and broadcaster Dave Vitty on the podcast, also discussed his experiences during the early days of Dragons’ Den.
‘I didn’t know any of them beforehand,’ he explained. ‘I met Jonesy, the tall fella, once when he came to try and sell me something at my offices but that was it – it was just a one in, one out.’
‘It was tense because, don’t forget, that was the beginning. The programme had no catchphrase. The “I’m Out” bit was made up as we went along. Nobody really knew how it was going to work out.
‘They did a pilot, which I wasn’t in, and then they commissioned it. I was in that, they swapped me over for Simon Woodroffe. It was massively competitive, the egos were embarrassing, to be honest with you in that first series.
‘We nearly didn’t even start it because the set was rubbish and the producers and directors didn’t like the set. They sent us all home, then they got us back and sorted out the set, and we finished the series.’
New Developments in the Show
This comes after it was revealed that a Dragons’ Den star’s company, which was once branded ‘delusional’, is now worth more than £7.5 million. While the BBC has not yet confirmed a specific return date for the second half of the latest series, a guest Dragon will appear alongside regulars Peter, Deborah Meaden, Steven Bartlett, and Touker Suleyman.
Dragons’ Den is available to watch on BBC iPlayer. If you have a celebrity story, video, or pictures, you can get in touch with the co.uk entertainment team by emailing [email protected], calling 020 3615 2145, or visiting the Submit Stuff page. Want to get bespoke updates on the TV shows you love? Sign up to s TV newsletters and tell us which ones you can’t get enough of.
