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I went from hairdresser to Dragons’ Den star who rejected 5 offers… Peter Jones was gutted but I now have £10m business
The entrepreneur says whenever her episode airs on TV she enjoys an unexpected perk
SHE impressed the Dragons so much she managed to a secure a rare "full house" of five offers.
But after the show brave entrepreneur Chika Russell made the bold decision to walk away from the deal she'd agreed with Peter Jones and go it alone with her Nigerian-inspired snack food business.
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It was a decision she believes paid off, as nearly a decade on from turning down the £30,000 investment in return for a share of 25 per cent, her company - - is now worth more than £10million.
Speaking to The Sun, the mum-of-four, 39, from west London, says she is on track to make £5.5million in revenue this year alone - and admits Peter Jones was gutted she backtracked on their deal.
Chika explains: “I just felt that we were probably not the right match. I didn't feel super excited about the idea of working with him.
“He tried to convince me to change my mind – we went backwards and forwards a little bit, he asked me if there was anything he could do, but my mind was made up.
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“I am glad with the decision that I made because it's gone very well for us. Who knows, it could have gone a lot better by now – we could be making £50million in revenue, equally, we could have closed too.”
Chika has credited her success to her strong work ethic, having worked from age 14 at her mother’s hair and beauty salon.
Her skills quickly impressed customers, so she decided to use this to her advantage.
She previously told : “I started quoting ridiculous prices because I didn't want to work every weekend. It got to the point where I could earn £1,000 for four or five hours' work.
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“Often I would earn £2,000 a weekend. I had no living expenses and I saved every penny. By the time I was 22 I had managed to build up savings of £140,000.”
That helped her to buy three properties in south London – a three-bed in Norbury for £249,000, a two-bed flat in Clapham for £229,000 and a four-bed in Mitcham for £349,000, prior to the 2008 financial crash.
She rented them out, and the income helped fund her during the early years of Chika’s, which she launched in 2014.
The business flogged snacks including cooked plantain, chickpeas crisps and nuts inspired by the African cuisine she enjoyed growing up.
Peter Jones tried to convince me to change my mind – we went backwards and forwards a little bit, he asked me if there was anything he could do, but my mind was made up
Chika Russell
"They were the foods of my childhood in Nigeria and I wanted people in the UK to experience the same great flavours," she explained.
A year later, when Chika applied to Dragons’ Den, her products were being stocked in 150 outlets and she had turned over £160,000.
Within two days of applying for the show, she say she was emailed by a scout asking her company to appear, and a couple of months later she was pitching to the Dragons.
Recalling the experience, Chika told us: “I remember noticing how incredibly dark the studio was, and it was silent. You could hear a pin drop.”
Dragons' frustration
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While her segment on the show lasted 15 minutes on TV, Chika recalls being in the Den for three-and-a-half hours.
“There was a lot for them to condense. There were parts of the pitch where I sat down and chatted with the Dragons,” she tells us.
“I really enjoyed my time in the Den, none of them were really 'dragons'. They were all very kind and charming - Peter was very enthusiastic.”
Chika asked for £30,000 for a five per cent stake in her company and was met with a flurry of offers, all asking for more equity – ranging from 10 to 25 per cent.
I really enjoyed my time in the Den, none of them were really 'dragons'. They were all very kind and charming
Chika Russell
While trying to barter with the Dragons, frustrated Nick Jenkins said he was “a little concerned” about her approach and Deborah Meaden warned her to “think hard about” their offers.
At one point Peter was close to pulling out and made it clear he would not share the opportunity with another Dragon.
He told her: “I’m about to say those two words [I'm out] Chika, and I know that this may mean that you won’t choose me, but you need to make decisions because it’s getting frustrating.”
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Chika says she didn't really clock the tense moment because she was so busy addressing all five of the Dragons.
She said: “When you’re in the room there’s five places to look and something like 30, 40, 50 cameras capturing reactions.
“Watching it back, some of them looked a bit shocked, but genuinely I didn’t notice. If they were red-faced or fuming I wouldn’t have seen that.”
Watching it back, some of them looked a bit shocked, but genuinely I didn’t notice. If they were red-faced or fuming I wouldn’t have seen that
Chika Russell
Chika admitted she didn’t realise how big an achievement it was to receive five offers, and was unaware during her pitch because she was so focused.
She added: “It was probably only in the evening after I got home that it sunk in. My husband said, ‘You got five offers!’ and I was like, ‘Oh yeah, I guess that’s not bad is it?’
“It wasn’t until the show aired and everyone else made a big deal about it that I thought, ‘Oh, actually this is good'.”
Deal U-turn
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Despite bagging a deal with Peter, she soon realised she didn’t want to progress further with it, feeling it "wasn’t right".
Chika says Peter tried to talk her around, but after a couple of weeks, when she discussed her options with advisors, friends and her husband, she walked away.
"Weeks afterwards I just wasn’t excited about the deal," she explains. "I chose the best Dragon for me, so I don’t regret that, but I just wasn’t excited.
“I didn’t get that feeling of, ‘Wow, we’re going to be on this amazing journey together.’
Weeks afterwards I just wasn’t excited about the deal. I chose the best Dragon for me, so I don’t regret that, but I just wasn’t excited
Chika Russell
“Maybe I should have gone with Peter, maybe by now Chika’s would have been all over the world, but I don’t regret my decision and am super proud of what I have achieved.”
She says she would “highly recommend” others going on the show due to the incredible exposure Dragons’ Den can bring to a brand, which opens up opportunities.
Chika adds: “We had increased sales on the day it aired and for the 10 days after that. Then every time it airs we get an increase in sales too.
“We still get a huge amount of pick up and an uptick in sales whenever it airs.”
In website traffic alone, she went from 400 visits per day to 3,000 after her episode went on TV.
£10m investment
Two years on from appearing on Dragons’ Den she received an £800,000 investment from “a mix of high net worth individuals”.
She says: “It was for a much lower equity than what Peter offered, because you know with the Dragons, it’s a kind of a low valuation.”
In 2021 Chika received a £9.8million investment to expand the business further in the UK and also into Africa.
A year later she built a factory in Lagos, Nigeria’s former capital, where she employs 200-plus people.
We still get a huge amount of pick up and an uptick in sales whenever it airs
Chika Russell
She says the business has “gone incredibly well” and sales have increased since launching in Africa in December with a focus on the West African market.
Chika’s now has 3,000 distribution points in retailers in the UK including Ocado, Waitrose and Whole Food Markets – and business dealings in Nigeria add further thousands.
They have also upped their product range from five – when she appeared on the show – to 18 and increased from a team of three to 230 now, and 350 by the end of the year.
She tells us: "Revenue-wise, we were at £160,000 then, and as a group, this year we'll do £5.5 million, only because it's our year one in Africa and Africa continues to be the larger part of our business."
'Inspirational'
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Away from her company, Chika visited 10 Downing Street as part of a Women in Business event in 2019.
That same year she was named among the Top 30 Inspiring UK Entrepreneurs by Business Lead.
In 2022 she was a celebrity judge alongside Carol Vorderman for Starling Bank's Take Flight business competition, which offered 10 small firms a £5,000 bursary.
There is no sign of Chika - nor her business - slowing down, with the mum telling us she still has a lot of work to do.
She says: "We have already had interest from some major players about acquiring the business, but we still have quite a bit of growth to do.
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"We've had a lot of challenges – there was Covid, Brexit, the hike in prices, inflation – I mean, a huge amount of challenges, but we've managed to continue and to triumph, so I'm very proud.”
Find out more about . Dragons' Den airs Thursdays on BBC One at 8pm and is available to watch on BBC iPlayer.
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