Hilary Devey to leave Dragons' Den for Channel 4 show

Hilary Devey set up her own freight company

The latest recruit to the Dragons' Den panel, Hilary Devey, is leaving the BBC show for her own Channel 4 series.

The millionaire businesswoman will appear in one more series of Dragons' Den, as the investors look to discover the latest budding entrepreneurs.

Devey's new Channel 4 programme, The Intern, will see her attempt to secure internships for candidates in large companies.

It is understood the BBC could not compete with Channel 4's salary offer.

Devey, who previously appeared on The Secret Millionaire, joined Dragons' Den to replace James Caan, who left to pursue his business interests and charity work.

She made her fortune in freight haulage, launching her own company in 1996 and building it up into a highly successful firm.

She joined the Dragons' panel in 2011, sitting alongside Duncan Bannatyne, Peter Jones, Deborah Meaden and Theo Paphitis as they attempt to uncover and financially back "the next big thing".

A spokeswoman for the BBC said: "Hilary has been a formidable Dragon in the Den and we're sorry to see her go.

It is believed Channel 4 tempted Devey with a financial package the BBC could not compete with, as it continues to cut costs following the licence-fee agreement.