Dragons Den: Edinburgh businessman 'left empty-handed' after turning down investors twice on BBC show

A local Edinburgh businessman has become the first to reject Dragon's Den investors twice.

Cally Russell featured on the latest episode of the BBC TV show Dragon’s Den, eight years after his last appearance, when he turned down an investment offer from billionaire Peter Jones. However, once again the businessman rejected offers from the ‘Dragons’, leaving empty-handed.

The Edinburgh entrepreneur wanted an investment of £75,000 for 2% of his sustainable clothes business – This is Unfolded. While three of the Dragon’s offered to invest the full amount, all wanted a bigger stake in the company.

Peter Jones asked for 15% of the company, while Deborah Meaden wanted 12%, but Mr Russell tried to negotiate the pair down to a 4% stake. Jones said an “immediate no” to this offer, describing it as a “joke”. He then told Mr Russell that he hoped he would not regret saying no to him twice. Meaden also turned down the deal.

Edinburgh businessman Cally Russell on Dragon's Den, BBC

Fashion retail entrepreneur Touker Suleyman wanted 30%, which another Dragon, Steven Bartlett, called a "Dracula offer". Mr Russell rejected the investor.

While the Edinburgh businessman said he was “sad” to not make any deals with the Dragons, he has gained other investments since the show was filmed last May. Since he visited the Den, he has secured a £600,000 investment in his company.

Mr Russell told BBC Scotland: "I've been left feeling anxious and a little stressed about it as it takes a lot to turn down a Dragon. But I know it was the right decision, I just have to prove it now."

"Saying no to Peter Jones the first time round felt like one of the biggest decisions I had ever made. I had waves of fear all the way back to Edinburgh that potentially I could have made the wrong decision. However this time round I feel I have made the right decision in saying no to him.

Cally Russell, an Edinburgh businessman, went on Dragon's Den in an attempt to secure investment for his company This is Unfolded.

The last time he appeared on Dragon’s Den, in 2015, Mr Russell pitched his idea for a fashion app called Mallzee. While Peter Jones’ put forward an investment offer, Mr Russell rejected it due to the Jessops CEO wanting too large of a stake in the business. The company folded in 2021.