Duncan Bannatyne has turned music mogul and is apparently intending to follow in the footsteps of fellow British multi millionaire Simon Cowell.

The Dragons Den star has made his first foray into the music business and has after buying stakes in a new record label, he is planning to launch a new boyband onto the scene.

Leicester-based Ryan Ashmore and his business partner Liam Webb appeared on the BBC business show in 2011 and sold 79% of their label RKA Records to Duncan, in return for £50,000.

Since then, the star has signed former Britain’s Got Talent boyband Reconnected and insiders say he has huge plans for the lads over the next year.

A pal told The Daily Star:

“Simon Cowell had better watch out!”

ReConnected consists of Harry Mondryk, Max Mondryk, and Matthew Fitzgerald who all shot to fame on the 2010 series of BGT in boyband Connected.

The lads recently supported X Factor stars Little Mix on their 22-city UK DNA tour and their single “One In A Million” will be released in on 17th March 2013. They recently released their music video which features Duncan Bannatyne in a bit part.

Check out the video and leave your comments below…..