August 13th 2024.
Steven Bartlett, known for his role on the popular show Dragons' Den, has recently faced some backlash for his involvement in advertisements for nutrition brands Zoe and Huel. These ads were pulled by the Advertising Standards Authority (ASA) for breaching regulations and failing to disclose his commercial relationship with the companies.
The regulator ruled that the ads, which were seen on Facebook in February, were misleading as they did not disclose the fact that Steven had invested in Zoe and was a director at Huel. In one of the ads, Steven was featured with a Zoe patch on his arm and a quote from him stating, "If you haven't tried Zoe yet, give it a shot. It might just change your life." This omission of material information led to the ban of the ads.
Defending the ads, a spokesperson for Zoe argued that there was no requirement for companies to disclose the precise nature of their relationship with an ambassador. They also welcomed further guidance from the ASA to ensure compliance with the regulations. Huel also claimed that consumers were aware of the commercial relationship when they saw the endorsement within a paid-for ad.
However, the ASA found that many consumers were unaware of Steven's financial interest in Huel and Zoe, which they believed was relevant information for consumers to make an informed decision about the products. As a result, the ads were deemed misleading and were banned.
This is not the first time Steven's ads have faced backlash. In 2022, a podcast ad for Huel was also banned as Steven mentioned his love for their product without disclosing his commercial links to the company. This led to further scrutiny and investigation into Steven's involvement in various businesses.
Steven's business journey began when he founded The Social Chain, a social media marketing agency, from his bedroom in Manchester at the young age of 22. The company went public when Steven was only 27 and has since had a market value of over £300 million. Despite leaving as CEO in 2020, Steven is still the founder of the company and has gone on to found other ventures such as Catena Capital, Third Web, and Flight Story.
In 2022, Steven joined Dragons' Den and has also expanded into media through his highly successful show, Diary of a CEO, where he has interviewed notable guests such as Molly Mae Hague and Lewis Capaldi. However, his involvement in various businesses and his rise to success has also faced criticism and scrutiny.
The Agency has reached out to Steven, Huel, and Zoe for comment on these recent developments. If you have a story to share, please contact us via email, phone, or our Submit Stuff page. We would love to hear from you.
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