Insider Media Limited

New Dragons' Den investor and Staffordshire businesswoman Hilary Devey has praised the BBC show saying it helps dispel myths about angel investors. Devey told Insider the dragons are not there "to hand out cash to those in need" or play a "fairy godmother role" and added she had surprised herself with some of the investments she made in her debut series.

Devey said the dragons were not a charitable group which simply hands out cash.

She said: "We aren’t fairy godmothers - we make sound business investments based on business plans, financial forecasts and market knowledge.

"Dragons’ Den shows that seeking outside investment is an option, but it also shows that it isn’t an easy process and that you need to have a sound business model in order to go down that route."

Devey founded Midlands palletised freight distribution network Pall-Ex in the mid-nineties. She said she would "have loved" the opportunity to seek investment from the Dragons.

"I had to sell my house and car to get the start-up capital necessary to fulfill my business ambitions, as none of the banks appreciated my potential," she said. "When the BBC approached me, I saw it as the perfect opportunity to share my experiences with those in a similar position."

Devey joined fellow 'dragons' Deborah Meaden, Theo Paphitis and Peter Jones earlier this year for the BBC show's ninth series.

Despite her experience in the logistics sphere, the businesswoman said she would not be pigeonholed into making investments solely in that sector.

She said the current Dragons' Den line-up had a tendency to be associated with specialist sectors, but added she had surprised herself with some of the companies she had taken a stake in.

"I do think that the Dragons sometimes get pigeonholed into certain sectors. Duncan is associated with the health and fitness industry, Theo with retail and of course myself with logistics, but that doesn't mean that our business skills and interests rest solely in those sectors.

"Pall-Ex has enabled me to come into contact with many different companies in a variety of sectors across the UK and Europe, so I have fairly broad business horizons and interests. This is reflected in the investments that I've made and I've even surprised myself with a few of them."

Had Devey been present in the den in 2007, she said she would have been interested in doing a deal with Levi Roots, creator of the Reggae Reggae Sauce brand, which is now stocked in supermarkets across the country.

"Reggae Reggae Sauce is still the product that everyone talks about from Dragons’ Den, and rightly so," said Devey. "Levi Roots is undoubtedly one of the show’s major success stories.

"He had a business plan, he had a goal and he certainly had a great product. He also had the added bonus of a charismatic personality. Even from his initial pitch, he had what it takes to succeed in bucket loads."

Devey made her first investment in her Dragon role on the second episode of this year's series. She has ploughed £80,000 into husband and wife team Liz and Alan Colleran, who appeared on the show with their all-in-one camping mattress and duvet invention. Devey now owns a 26 per cent stake in the business.