SHE inspired the Dragons so much that she managed to secure a rare “full” of five bids.
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.
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 – Chika’s Food – 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 felt like we weren’t the right match. I wasn’t very enthusiastic about painting with him.
“He tried to convince me to replace my brain; we went back and forth a bit, he asked me if there was anything he could do, but my brain did it.
“I’m satisfied with the decision I made because it went very well for us. Who knows, it may have been much bigger now – we may have generated £50 million in revenue and run out of money. “business too.
Chika attributed her good fortune to her strong artistic ethic, as she had painted since the age of 14 in her mother’s beauty and hair salon.
His skills temporarily inspired clients, so he used them to his advantage.
She previously told This Is Money: “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.
“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.”
This helped her buy three houses in south London – a three-bedroom apartment in Norbury for £249,000, a two-bedroom apartment in Clapham for £229,000 and a four-bedroom apartment in Mitcham for £349,000 – before the 2008 currency crisis.
He rented them out, and the source of income helped fund the early years of Chika’s, which he introduced in 2014.
The company introduced snacks that included cooked plantain, chickpea chips, and nuts through the African cuisine it liked to develop.
Peter Jones tried to convince me to replace my brain; We were back and forth a bit, he asked me if there was anything I could do, but my brain did.
“These were the foods of my formative years in Nigeria and I sought out other people in the UK to feast on the same flavours,” he explained.
A year later, when Chika moved to Dragons’ Den, his products were stockpiled at 150 and he had raised £160,000.
Two days after applying for the show, he earned an email from a scout asking him to show up, and a few months later he submitted his assignment to the Dragons.
Recalling the experience, Chika told us: “I noticed how incredibly dark and quiet the studio was. You might just hear a pin drop.
While her segment of the series lasts 15 minutes on television, Chika remembers being at the Den for 3 1/2 hours.
“There was a lot to condense. There were parts of the field where I would sit and chat with the Dragons,” he said.
“I enjoyed my time at The Den, none of them were ‘dragon’. They were all great and captivating; Peter was very enthusiastic.
Chika asked £30,000 for a penny stake in his company and won a multitude of bids, all asking for more equity, ranging from 10 to 25 per cent.
I enjoyed my time in the Lair, none of them were “dragons”. Everyone was great and lovely.
While trying to negotiate with the Dragons, a frustrated Nick Jenkins said he was “a little worried” about his technique and Deborah Meaden warned him to “think carefully” about his offers.
At one point, Peter was on the verge of retiring and made it clear that he would not share this opportunity with any other 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.”
Chika says she didn’t gauge the tense moment because she was too busy addressing the five dragons.
She said, “When you’re in the room, five points of view and something like 30, 40, 50 cameras capture reactions.
“Looking back, some of them looked a little surprised, but I didn’t notice. If they were red or angry, I wouldn’t have noticed.
Thinking back, some of them looked a little surprised, but I didn’t notice. If they were red or angry, I wouldn’t have noticed that.
Chika admitted that she didn’t realize what an accomplishment it was to get five bids and that she didn’t realize her proposal 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’.”
Although she made a deal with Peter, she soon found that she didn’t need to go any further, feeling that “it wasn’t right. “
Chika says Peter tried to reach out to her, but after a few weeks, after talking about her with counselors, 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 think, ‘Wow, let’s have this amazing adventure together. ‘”
A few weeks later, he just wasn’t thrilled with the deal. I chose the most productive Dragon for myself, so I didn’t, but I just wasn’t enthusiastic.
“Maybe I went with Peter, maybe Chika would have been all over the world until now, but I don’t regret my decision and I’m very proud of what I’ve achieved. “
She says she would “highly recommend” others to participate in the exhibit because of the exposure Dragons’ Den can bring to a brand, which opens up opportunities.
Chika adds, “We increased our sales on the day it aired and over the next 10 days. Then, with the launch, we also increased sales.
“We have a lot of covers and a slight increase in sales every time it airs. “
In terms of traffic alone, it went from 400 views per day to 3,000 after its episode aired on television.
Two years after her in Dragons’ Den, she won an investment of £800,000 from a “mix of high-net-worth individuals”.
She says, “It’s for a lot less capital than Peter offers, because, you know, with the Dragons, the valuation is low. “
In 2021, Chika secured a £9. 8 million investment to further expand its business in the UK and also in Africa.
A year later she built a factory in Lagos, Nigeria’s former capital, where she employs 200-plus people.
We still get a lot of replays and a slight increase in sales every time it airs.
She says the business “has gone incredibly well” and sales have increased since its launch in Africa in December, with a share of the West African market.
Chika’s now has 3,000 distribution issues in UK stores, adding Ocado, Waitrose and Whole Food Markets, and business relationships in Nigeria number in the thousands.
They also increased their product line from five (when it appeared on screen) to 18 and went from a team of three to 230 now, and 350 through the end of the year.
He says: “In terms of revenue, we had £160,000 then and as a group we will earn £5. 5 million this year, simply because this is our first year in Africa and Africa is still the largest of our business. “
Outside of her business, Chika visited 10 Downing Street at a Women in Business event in 2019.
That same year, she was named one of the UK’s top 30 inspirational women entrepreneurs through 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’s no sign of Chika, or she, slowing down, and the mother tells us she still has a lot of paintings to make.
She said: “Some major players have already expressed interest in getting the business, we still have a lot to do.
“We have had many demanding situations – there has been Covid, Brexit, emerging prices, inflation – that is, many demanding situations, but controlled to move forward and succeed, so I am very proud. “
Learn more about Chika here. Dragons’ Den airs Thursdays on BBC One at 8pm. m. y can be watched on BBC iPlayer.
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