Wednesday 26th January 2011
A former contestant on the hit-BBC show is suing one of the former judges.
James Caan’s departure from Dragons’ Den three weeks ago was explained by his PR representatives at the time as being due to his philanthropic commitments. However, another possible reason for his exit emerged today when the Daily Mail reported that he is being sued by a contestant from the hit BBC show. Sharon Wright - a single mother of 40 from Scunthorpe - pitched her gadget, the ‘MagnaMole’, which threads cables safely through cavity walls, to the Dragons last year. She won £80,000 investment from Mr Caan and fellow Dragon Duncan Bannatyne in exchange for a 22.5 per cent share of her company. The ‘MagnaMole’ won the Diamond Award for Innovation at the British Inventions Show in 2008 and Ms Wright had sold 41,000 of them by 2009.However, when she came to examine the contract drawn up for her by Mr Caan’s lawyers, she discovered that the investment would only be a loan, Mr Caan would become chairman of her company and she would have to reduce her salary from £50,000 to £12,000. Mr Caan would effectively be buying nearly a quarter of her company for £29.Sharon Wright was eventually able to arrange a termination of the contract, but not before she had suffered a nervous breakdown. Her lawyer - Dean Dunham, who has a history of representing celebrities from chefs to premiership footballers - confirmed to the Daily Mail that he had just issued a High Court writ against Mr Caan, but said: “I can’t comment at present. The case is ongoing. The damages we are asking for have yet to be assessed.”Manchester debt firm is liquidated owing creditors over £2.2m
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