Serial entrepreneur and Dragons' Den star Theo Paphitis has failed to reach an agreement with the creditors of troubled high street retailer Woolworths.

The Dragon met with the creditors to discuss a rescue package to keep the chain in business.

Phaphitis is one of several businessmen who have met with Deloitte - Woolworths administrator - to discuss saving the UK firm.

“I am very disappointed that my own efforts have come to nothing, but at least I know that I’ve certainly tried,” said Phapitis.

Woolworths entered administration last week, putting the future of its 800 stores and 30,000 staff seriously at risk.

Phaphitis has an estimated personal fortune of over £130m and is the chairman of stationary firm Ryman, director at La Senza and joint owner of Red Letter Days.