Hilary Devey quits Dragons' Den for Channel 4

Dragons' Den star Hilary Devey is quitting the BBC show after signing a deal to front her own Channel 4 series.

She has signed a two-year "exclusive" deal with the station, with her first series airing later this year in which she will help candidates land internships with companies.

Devey, 55, will appear in one more series of BBC2's Dragons' Den but it is understood the BBC was unable to compete with the money offered by C4.

Candidates in her new series, which has a working title The Intern, will be thrown in at the deep end for a week to see if they have the abilities to cope with the pressures of their chosen profession.

Self-made millionaire Devey - who set up the Pall-Ex freight network - said: "I am thrilled and excited by the prospect of working with Channel 4. The formats for my new shows are fantastic and I'm sure they will prove compulsive viewing."

She has previously featured in C4's Secret Millionaire, prior to joining Dragons' Den last year, replacing James Caan.

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

"She will be breathing fire throughout the new series of Dragons' Den coming up in the autumn on BBC Two."

An insider said: "We are always mindful of how much we spend, unfortunately the financial offer from Channel 4 made it impossible for us to compete and so the upcoming series will be her last."