Half of businesses in the UK are missing out on savings by not replacing old and inefficient equipment, according to Theo Paphitis.

The Dragons' Den entrepreneur is working with the Carbon Trust in its Big Business Refit campaign, which is publishing data which shows that using old equipment is costing businesses £3.3bn in wasted energy.

"The Big Business Refit calls on all UK businesses to scour their premises for old equipment, from air conditioning to fridges. With interest-free funding available to replace equipment, leading to average energy savings of 15%, it's a no brainer for businesses to join in," said Theo Paphitis.