Dragons’ Den entrepreneurs didn’t have quite as much fire in their bellies when they discovered the couple who they had promised to invest £50,000 in owed £1.5m and were bankrupt, according to an article in The Metro today.

The founder of private equity firm Hamilton Bradshaw, James Caan (pictured), had teamed up with fellow dragon Duncan Bannatyne to offer Mark and Elina Davis £100,000 for a 50% stake in their Caribbean ready-meals business. But what the dragons didn’t know was that the couple, from Nantwich in Cheshire, were declared bankrupt last year and ran three companies which collapsed in 2001 owing more than 30 creditors £1.5m. Mr Davis was banned from being a director until 2013. However, on the show they told the dragons they had turned over £500,000 in eight months with Phillip Foods.

A BBC spokesman said the couple had made the programme aware of their financial past and advised them to mention it to the Dragons if the questions arose. Mr and Mrs Davis are in talks with the Dragons to decide if they will get their £100,000.

A spokesperson on behalf of Caan told Recruiter: “Any investment made in the Den is subject to Due Diligence. James Caan and Duncan Bannatyne are aware of the situation with Phillips Foods and will make an appropriate decision once this Due Diligence stage has been completed.”