Dragon's Den Star Calls Out Peter Jones for 'Going AWOL' During Crucial Deal
Theo Paphitis, a former Dragon on the hit BBC show Dragons' Den, has claimed that he played a pivotal role in keeping the program alive after Peter Jones allegedly went missing during a critical business deal. Paphitis, who left the Den after series 10 in 2012, insisted that the show, now in its 23rd season, would not have survived past the second series without his and Jones's intervention.
The Greek-Cypriot businessman revealed that he and Jones rescued Red Letter Days, an e-commerce company founded by original Dragon Rachel Elnaugh, after it went into administration in 2005. Elnaugh was a Dragon on the first two series of the show. Speaking on the motoring podcast Fuelling Around, Paphitis recounted the events: 'Rachel Elnaugh had an almighty cock-up and the company went into administration. There was a warded action special on it. 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.'
Paphitis continued: '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 added that they made good all outstanding vouchers, which allowed the BBC to air the story. Elnaugh was replaced the following season by Deborah Meaden, and the show went from strength to strength.
Paphitis and Jones 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. Paphitis's business portfolio includes Robert Dyas, Ryman Stationery, and Boux Avenue. During the podcast, he also discussed the tense atmosphere in the Den. 'I didn't know any of them beforehand. 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.'
Paphitis revealed that the first series almost didn't happen due to a poorly designed set. '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.'
This revelation comes after it was reported that a Dragons' Den star's company, once branded 'delusional,' is now valued at over £7.5 million. While the BBC has not confirmed a specific return date for the second half of the latest series, a guest Dragon will appear alongside regulars Peter Jones, Deborah Meaden, Steven Bartlett, and Touker Suleyman.
Dragons' Den is available to watch on BBC iPlayer.
