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Mr Russell explained he “simply couldn’t go lower,” so had to leave the Den empty-handed.
Mr Russell said he had no regrets about turning down the offers for an oversized chunk of his firm.
In the end, he may have had the last laugh, as Unfolded raised over £600,000 in investment before filming the show in June 2022, and raising another £600,000 just weeks later.
Speaking to the Daily Record, Mr Russell said: “At an early stage in your business it’s difficult to say no to money from such fascinating and interesting people. I don’t regret it but I will always pick up the phone with any of the Dragons if they want to get in touch.