Dragons' Den (British TV programme)

Did You Know?

• Deborah Meaden holds the record for the highest number of successful business deals overall with 84 and counting.
• Steven Bartlett holds the record for the highest number of successful business deals in a single series with 14.
• Peter Jones is the most prolific investor, offering investment to 54 of the 143 businesses who successfully pitched on the show.

Programme

Applicants may apply through the BBC website or be directly approached to appear. Final selection depends on the strength of the idea, a robust business plan, and projected turnover. Selected candidates must have a viable business idea or operational business lacking start-up, promotion, or expansion funds. Strict rules prohibit prior contact with the current panel of dragons, and participants sign a non-disclosure agreement preventing public discussion of their time on the show until broadcast. Between series 1 and 11, up to ten pitches were broadcast per episode, with four individual pitches lasting around ten minutes each and up to six failed pitches shortened to under two minutes. From series 12 onwards, four main pitches lasting ten to twenty minutes are broadcast, with one or two failed pitches occasionally featured for three to five minutes. Entrepreneurs are advised before filming that their pitch may not be broadcast for editorial reasons and are informed before the series finale. Those selected for broadcast are contacted between a week and one month before airing to prepare marketing campaigns.

Successful people

The investment widely seen as the show’s most iconic remains Levi Roots’s Reggae Reggae Sauce, which appeared in series 4 episode 1. Richard Farleigh and Peter Jones put in £50,000 for a 40% stake, and by 2023 the business was estimated to be worth £30 million. Jones has described it as the best deal he has ever made in the den. Wonderland, originally pitched as Visual Talent Ltd by Huw Gwyther in series 1 episode 6, is a high-end fashion and culture magazine that has drawn in numerous celebrity clients and reached a reported net worth of £220 million by 2022. Gwyther has said Jones still holds a share and praised his involvement. Razzamataz Theatre Schools, a chain offering dance, drama and singing classes, was pitched by Denise Hutton in series 4 episode 3. Duncan Bannatyne invested £50,000, and the schools expanded across the UK and abroad; Bannatyne later sold his stake back for £90,000 in 2014. ElectroExpo, later renamed Chocbox, was pitched by Peter Moule in series 5 episode 5. It makes plastic housing for cable protection, and after accepting £100,000 for 36% from Bannatyne and James Caan, it generated £25 million in global sales. In 2013 Bannatyne called it one of his best investments on the show. Magic Whiteboard, pitched by Neil and Laura Westwood in series 6 episode 5, consists of portable A1 sticky paper sheets. Deborah Meaden and Theo Paphitis jointly invested £100,000 for 40%, pushing annual sales from £45,000 to £1.2 million. The Westwoods bought back the equity in 2015 for £700,000, and the deal was later regarded as the best joint investment made by Meaden and Paphitis. Worthenshaw’s, rebranded as Kirsty’s, is a frozen dairy-free dessert alternative to ice cream pitched in series 8 episode 1. Duncan Bannatyne and Peter Jones invested, and the business reached a net worth of £4 million after shifting focus to adult ready meals. Jones, however, has said he was unhappy with the return he got. Skinny Tan, a self-tan brand pitched by Louise Ferguson and Kate Cotton in series 11 episode 1, became one of the fastest-selling tanning products in the UK. The company was sold in 2015, but as of 2023 Ferguson, Cotton, and dragons Kelly Hoppen and Piers Linney all still hold shares, and the brand has expanded internationally.

Criticism

Investigations by the Sunday Mirror in 2006 and The Daily Telegraph in 2015 criticised the show, reporting that many deals were unfulfilled after filming and alleging half of Dragons' Den investments fall through. The articles claimed dragons either pulled out over minor technicalities, deliberately offered unfavourable terms to make entrepreneurs withdraw, or broke off contact after recording. Tiger Mobiles, which unsuccessfully applied in 2008, examined all 143 businesses that won cash between series 1 and 11, alleging only £5.8 million of the £13 million pledged was ever invested. Dan Forster, who compiled the research, claimed the issue was less about deal structure and more about the BBC inviting TV-friendly pitchers rather than investible companies with healthy balance sheets. The dragons have defended their record, blaming failures on entrepreneurs being dishonest in their pitches. Duncan Bannatyne said: 'We don't hand over money to people who don't tell the truth.' Theo Paphitis concurred: 'I kept up my end of the bargain. The show is not about a cash prize, it is about us pledging to invest. But people must tell the truth. Simple.' Deborah Meaden told the Telegraph she has had entrepreneurs with health issues, patent issues, and silences where she never hears from them again, adding that businesses often get better offers after the show or think they do not need the dragons, but need help when publicity dies down.

Departures

After only one series, Doug Richard left the panel, citing displeasure with the show's treatment of entrepreneurs. Shortly before the second series in 2005, Rachel Elnaugh's company Red Letter Days went into administration and was bought by fellow dragons Peter Jones and Theo Paphitis. Following disputes with other dragons and the BBC allowing a perceived failed businessperson to continue investing, she agreed to leave. Richard Farleigh was dropped from the series in May 2007 and replaced by James Caan. In January 2011, Caan quit the panel and was replaced by Hilary Devey in February 2011. In June 2012, it was announced Devey would depart after two series to front her own business series for Channel 4; her final appearance was in series 10. She was replaced by Kelly Hoppen for series 11. Tributes were paid to Devey following her death in 2022. Theo Paphitis left in February 2013 due to other commitments, replaced by Piers Linney from series 11; Paphitis returned during series 17 for four episodes and series 18 for three episodes. Linney departed at the end of series 12 to focus on other projects and family, replaced by Nick Jenkins from series 13. Kelly Hoppen announced her departure in January 2015 after two series, unable to commit to the filming schedule; she was replaced by Sarah Willingham from series 13.