“That’s right, I’ve just bid £5,000 on Princess Beatrice’s hat,” said Bannatyne, who appears on the BBC show Dragons’ Den and is also a prolific tweeter.
He said: "Whatever anyone thinks of the hat, it’s fantastic that Princess Beatrice is doing this for UNICEF and Children In Crisis. Good for her. I’d encourage everyone to get bidding to raise as much money as possible; for once I don’t mind if I don’t walk away with the deal."
Keep up-to-date with the bidding at ebay.co.uk/royalhat.
As of posting, bidding on the hat has reached £16,200.