Theo Paphitis: I'm out of Dragons' Den

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Theo Paphitis

Theo Paphitis

Theo Paphitis has announced he is quitting 'Dragons' Den' after starring on the BBC reality show for nine "intense and fun packed" series.

Theo Paphitis has quit 'Dragons' Den'.

The 53-year-old businessman is leaving the BBC reality show - which sees entrepreneurs pitching business ideas in order to secure an investment from the "Dragons", Theo, Duncan Bannatyne, Deborah Meaden and Peter Jones - to concentrate on his retail chains including his recent purchase of Robert Dyas.

In a statement issued this morning (07.02.13), he said: "After nine intense and fun packed series working with the BBC and the 'Dragons' Den' team, sadly it's time for me to say for the final time, 'I am out'.

"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 the running of the 240 Ryman stationery shops, the time felt right to give up my seat, stop breathing fire and allow someone else to enjoy the wonderful experience of being a Dragon on the BBC hit TV show, 'Dragons' Den'.

"So, it just leaves it for me to say thank you to all past and present Dragons, the brilliant production teams that made the show what it is and of course the BBC for allowing me to participate in the first place.

"Thank you Auntie. I am out. P.S. A big good luck to the new Dragons!"

Following his statement, Theo took to his Twitter account to thank fans for their support and admit he will miss working on the show.

He tweeted: "Thank you for all your good wishes will miss @BBCDragonsDen and the team but it felt like this was the right time. (sic)"

Theo's announcement comes shortly after Hilary Devey quit 'Dragons' Den' after two series. Her replacement is yet to be announced.

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