Theo Paphitis replaced Simon Woodroffe on the British television programme Dragon's Den.
Woodroffe was one of the five investors in the first British series, but he did not continue as a dragon. Theo Paphitis joined the panel for the second series, bringing experience from retail and brand development to the programme.
Paphitis is particularly associated with the retail chain Ryman, which he acquired in the 1990s and expanded. His business background shaped the direct, commercially focused questions he asked entrepreneurs about pricing, distribution and customer demand.
This change is easy to confuse with other panel reshuffles. Peter Jones and Duncan Bannatyne were original dragons, while Richard Farleigh joined during the programme's early years but did not replace Woodroffe at the start of series two. Paphitis later became one of the show's best-known former investors.