John McGrath departs Channel 10's Shark Tank

John McGrath won't be appearing on the next season of Shark Tank, the Channel Ten show that had aspiring entrepreneurs pitch their startup.

The chief executive of the soon to float McGrath Estate Agents stepped down from his role due to his increasing business commitments.

“Due to the rapid growth of my own business and our expansion plans over the next few months, I’m disappointed that I’ve had to step aside from Shark Tank for this series. 

“Season one was an incredible experience for me personally and I believe this show will continue to be an amazing catalyst to encourage and develop many young entrepreneurs throughout Australia and New Zealand to pursue their business dreams. 

“I hope that I may be able to play a role in future series as the show progresses and continues its successful momentum,” he said.

He will be replaced by Dr Glen Richards, founder and former chief executive of Greencross, Australia's largest pet care company.

The initial panel of sharks on the show included Boost Juice founder Janine Allis, tech entrepreneur and investor Steve Baxter, Talent2 founder Andrew Banks and RedBalloon founding director Naomi Simson.

Season one of Shark Tank saw 30 deals offered to Australian entrepreneurs worth nearly $7 million.

Filming of season two started this month.

Glen spent 10 years building a multi-million dollar integrated pet care empire, which now operates more than 130 veterinary hospitals in Australia, New Zealand and China.

Greencross is also Australasia’s leading specialty pet care retailer, with more than 200 stores operating under the brand names Petbarn and City Farmers in Australia and Animates in New Zealand. 

The premiere season of Shark Tank on TEN earlier this year saw 3,000 hopeful entrepreneurs apply to pitch their product to the Sharks. 

John McGrath invested $40,000 in a childcare centre for children living with disabilities or special needs.