It has emerged that a former Dragon's Den star was arrested at the beginning of the month and bailed until March 5th on suspicion of child sex offences.

American-born Doug Richards has been accused of sexually assaulting a 13-year-old girl, a charge which he hotly denies.

Commenting on the situation, a City of London spokesman stated: "City of London Police detectives arrested a 56-year-old man on January 5th 2015, on suspicion of inciting a child to engage in sexual activity, sexual activity with a child, meeting a child following sexual grooming and rape of a girl under teh age of consent."

The married father-of-three, who appeared in the first two series of the hit TV show, has released a short statement in an attempt to clear his name, which reads: "I absolutely deny the allegations made about me. It would be inappropriate to comment further given that the police are at a very early stage in their investigation."

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