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These are the Dragons. | 0:00:25 | 0:00:28 | |
Five of Britain's wealthiest and most-enterprising business leaders. | 0:00:28 | 0:00:32 | |
They're about to make or break the dreams | 0:00:32 | 0:00:35 | |
of dozens of budding entrepreneurs. | 0:00:35 | 0:00:37 | |
You are trying to climb Mount Everest in your flip-flops. | 0:00:40 | 0:00:46 | |
As far as I'm concerned, | 0:00:46 | 0:00:47 | |
there's absolutely no way I would get involved. | 0:00:47 | 0:00:51 | |
Your net asset value is minus. So you are worthless. | 0:00:51 | 0:00:56 | |
I'm angry at this lot. They're totally, absolutely wrong. | 0:00:56 | 0:01:01 | |
Without listening to what the other Dragons have got to say, | 0:01:01 | 0:01:04 | |
I'd like to make you an offer. | 0:01:04 | 0:01:06 | |
The multi-millionaire investors | 0:01:10 | 0:01:13 | |
have each built up their fortunes from scratch. | 0:01:13 | 0:01:16 | |
Hotel and health club owner, Duncan Bannatyne. | 0:01:17 | 0:01:21 | |
Leisure industry expert, Deborah Meaden. | 0:01:21 | 0:01:23 | |
Retail magnate, Theo Paphitis. | 0:01:24 | 0:01:28 | |
Telecoms giant Peter Jones. | 0:01:28 | 0:01:30 | |
And Hilary Devey, who made her millions in the haulage industry. | 0:01:32 | 0:01:36 | |
The Dragons have the credentials, the contacts, the commitment | 0:01:37 | 0:01:41 | |
and the cash ready to invest. | 0:01:41 | 0:01:44 | |
But only in the right business. | 0:01:44 | 0:01:46 | |
Will any of these hopeful entrepreneurs | 0:01:46 | 0:01:48 | |
walk away with their money? | 0:01:48 | 0:01:50 | |
Welcome to the Dragon's Den. | 0:01:57 | 0:02:00 | |
Anxious entrepreneurs are ready and waiting | 0:02:00 | 0:02:02 | |
to face our multi-millionaire investors | 0:02:02 | 0:02:05 | |
in what could be one of the toughest meetings of their lives. | 0:02:05 | 0:02:08 | |
The Dragons are committed to investing their own cash | 0:02:08 | 0:02:11 | |
in the best ideas that come before them, | 0:02:11 | 0:02:13 | |
but getting that money is a difficult challenge. | 0:02:13 | 0:02:17 | |
But if business was easy, we'd all be millionaires. | 0:02:17 | 0:02:19 | |
First, Michelle Savage from Bury | 0:02:21 | 0:02:22 | |
brings a touch of glamour into the Den. | 0:02:22 | 0:02:25 | |
Can she convince the Dragons to stump up the cash | 0:02:25 | 0:02:27 | |
to help grow her business? | 0:02:27 | 0:02:29 | |
Hi, my name's Michelle Savage. | 0:02:55 | 0:02:57 | |
I'm here today to introduce to you my invention called Savvylash. | 0:02:57 | 0:03:02 | |
I'm pitching for £50,000 investment for 20% in the company. | 0:03:02 | 0:03:08 | |
In truth, mascara is difficult to apply on yourself or others. | 0:03:08 | 0:03:11 | |
Eyelashes sticking together are inevitable, | 0:03:11 | 0:03:14 | |
and sometimes they go a little bit clumpy. | 0:03:14 | 0:03:16 | |
For many years, I applied mascara, | 0:03:16 | 0:03:19 | |
then used a pin to separate my eyelashes to achieve lash perfection. | 0:03:19 | 0:03:23 | |
Savvylash is a cosmetic tool that's been designed to safely | 0:03:23 | 0:03:28 | |
and hygienically separate individual eyelashes after applying any mascara. | 0:03:28 | 0:03:33 | |
SHE COUGHS | 0:03:33 | 0:03:34 | |
Currently, UK market sales are worth £332 million. It is huge business. | 0:03:34 | 0:03:40 | |
I've managed to get Savvylash to some key people in the beauty industry, | 0:03:42 | 0:03:46 | |
celebrity make-up artist Jemma Kidd is also happy | 0:03:46 | 0:03:49 | |
to be associated with Savvylash. | 0:03:49 | 0:03:52 | |
She's mentioned it in her Beauty Bible book | 0:03:52 | 0:03:54 | |
as an essential tool kit to have for make-up artists. | 0:03:54 | 0:03:57 | |
And the global cosmetic company MAC have also trialled Savvylash for me. | 0:03:57 | 0:04:03 | |
It's patented, it's been featured in Grazia, Now!, New, Look magazine. | 0:04:03 | 0:04:09 | |
I've brought Alicia, my daughter, to show you and give you an example. | 0:04:09 | 0:04:12 | |
If I was a make-up artist - I'll just go round this side - | 0:04:12 | 0:04:16 | |
I would use the tool - if you'll just close our eyes for me, please. | 0:04:16 | 0:04:20 | |
And I would just gently just go down the lashes | 0:04:21 | 0:04:24 | |
to individually separate them. | 0:04:24 | 0:04:27 | |
It's that easy. | 0:04:30 | 0:04:31 | |
Would anyone like to come up and have a look at Alisha's eyelashes? | 0:04:31 | 0:04:35 | |
Yes, I would. | 0:04:35 | 0:04:36 | |
An upbeat and self-assured pitch | 0:04:39 | 0:04:42 | |
from trained make-up artist Michelle Savage. | 0:04:42 | 0:04:45 | |
In return for a 20% stake... | 0:04:45 | 0:04:47 | |
Simple. But effective. | 0:04:47 | 0:04:49 | |
She needs a £50,000 investment to help launch | 0:04:49 | 0:04:53 | |
her eyelash-defining cosmetic tool onto the mass market. | 0:04:53 | 0:04:57 | |
-That's the packaging. Thank you. -Thank you. | 0:04:57 | 0:05:01 | |
Deborah Meaden looks intrigued. | 0:05:01 | 0:05:02 | |
Hi, Michelle, I'm Deborah. I understand the issue. | 0:05:04 | 0:05:08 | |
I mean, when you talk about the things you've achieved, | 0:05:08 | 0:05:11 | |
the people you spoken to, it sounds like, "Wow!". | 0:05:11 | 0:05:15 | |
So, how long have you had this in production? | 0:05:15 | 0:05:17 | |
I started in 2007 and I had a short run of 2,000 units done. | 0:05:17 | 0:05:23 | |
-And how many of those have you sold? -I have sold 1,795. | 0:05:23 | 0:05:27 | |
How does that break down over the years? | 0:05:27 | 0:05:31 | |
Well, Year One, I did sales of 3,500. | 0:05:31 | 0:05:36 | |
-Pounds? -Yeah, yeah. | 0:05:36 | 0:05:39 | |
It retails at £4.99. And the year after I got sales of nearly £8,000. | 0:05:39 | 0:05:45 | |
The third year, because I didn't have any time to spend on it, | 0:05:45 | 0:05:49 | |
the sales dropped a little bit to just under £1,000. | 0:05:49 | 0:05:52 | |
OK. | 0:05:52 | 0:05:54 | |
We've got a dichotomy here, because you talked about, at the beginning, | 0:05:54 | 0:05:58 | |
getting lots of PR and people said fantastic things about your product. | 0:05:58 | 0:06:03 | |
For me, night should then follow day, you should get traction, | 0:06:03 | 0:06:06 | |
there should be more business coming your way. | 0:06:06 | 0:06:09 | |
What is a bit alarming is that you had a little bit of activity | 0:06:09 | 0:06:12 | |
and then a bit more activity, but really not a huge amount, | 0:06:12 | 0:06:16 | |
and then it drops off a cliff. | 0:06:16 | 0:06:17 | |
I believe in my product, Deborah, and there is a need... | 0:06:17 | 0:06:20 | |
I'm not asking if you believe in it. I guarantee you, | 0:06:20 | 0:06:23 | |
every person who comes in believes in their product. | 0:06:23 | 0:06:26 | |
-Everybody. This is not a unique selling point. -Yeah. | 0:06:26 | 0:06:29 | |
A frank opening exchange, | 0:06:31 | 0:06:34 | |
and the passionate entrepreneur's initial confidence is dented. | 0:06:34 | 0:06:38 | |
Will Hilary Devey help get Michelle's pitch back on track? | 0:06:38 | 0:06:41 | |
-Right, Michelle, I like the product. -Thank you. | 0:06:44 | 0:06:48 | |
-Tell me about you. -Right. -What's your background? | 0:06:48 | 0:06:52 | |
I work full-time for Greater Manchester Police. | 0:06:52 | 0:06:55 | |
Is this why you haven't focused on this? | 0:06:55 | 0:06:57 | |
I've worked for the police the 23 years | 0:06:57 | 0:06:59 | |
and the wake-up call I had was, "Your job's under review | 0:06:59 | 0:07:03 | |
"with possible redundancy", and what I found myself doing was thinking, | 0:07:03 | 0:07:08 | |
where has 23 years gone of working for the police? | 0:07:08 | 0:07:11 | |
What I don't want is the next 23 years thinking | 0:07:11 | 0:07:13 | |
what I have would have, should have, could have done with my product. | 0:07:13 | 0:07:17 | |
What about the other products available on the market? | 0:07:17 | 0:07:21 | |
-There are combs you can get. -I've brought a comb. | 0:07:21 | 0:07:23 | |
The thing with a comb is, you can't individually separate your lashes. | 0:07:23 | 0:07:28 | |
There is no manoeuvre there, so usually, | 0:07:28 | 0:07:31 | |
when you put your mascara on, and you comb through, | 0:07:31 | 0:07:33 | |
it does take a residue of your mascara off, | 0:07:33 | 0:07:36 | |
and sometimes it can cause problems. | 0:07:36 | 0:07:39 | |
But if I may go back to the mascara side of it, | 0:07:39 | 0:07:42 | |
if mascara companies | 0:07:42 | 0:07:44 | |
are inserting false eyelashes in their sales, | 0:07:44 | 0:07:47 | |
mascara isn't delivering. | 0:07:47 | 0:07:49 | |
They promised us, the consumer, buy this mascara - | 0:07:49 | 0:07:51 | |
you'll have longer, thicker luscious lashes, and it doesn't work. | 0:07:51 | 0:07:55 | |
In fact, the advertising agency did get involved. | 0:07:55 | 0:07:58 | |
-You're absolutely right, Michelle. -You're misleading customers. | 0:07:58 | 0:08:01 | |
We're talking here about a business opportunity. | 0:08:01 | 0:08:03 | |
It is a business opportunity. They sold a million. | 0:08:03 | 0:08:07 | |
Just so you know where I am, | 0:08:07 | 0:08:09 | |
There's people here who know more about make-up than I will ever know. | 0:08:09 | 0:08:13 | |
And I will leave it to those people, but I personally think | 0:08:13 | 0:08:16 | |
this is not an idea that's ever going to make to any money, | 0:08:16 | 0:08:19 | |
because the big operators can make | 0:08:19 | 0:08:21 | |
their own combs and adjust them, so there's no money in this for you, | 0:08:21 | 0:08:25 | |
so for that reason, I'm out. | 0:08:25 | 0:08:28 | |
Mixed emotions for Michelle | 0:08:29 | 0:08:31 | |
as two rival Dragons disagree about her product's viability. | 0:08:31 | 0:08:36 | |
Will retail expert Theo Paphitis think it worthy | 0:08:36 | 0:08:39 | |
of a £50,000 investment? | 0:08:39 | 0:08:41 | |
Why, when I walk into Boots, I don't see this hanging off the peg? | 0:08:44 | 0:08:49 | |
I started off with the tool for the consumer to use individually. | 0:08:49 | 0:08:53 | |
The feedback I've had brought in other functions of the tool. | 0:08:53 | 0:08:57 | |
I haven't got the money to redevelop the leaflet | 0:08:57 | 0:09:00 | |
with all the additional functions. | 0:09:00 | 0:09:02 | |
Why not just sell it for what it does, that you developed it for? | 0:09:02 | 0:09:05 | |
I thought it would be more beneficial for the additional functions... | 0:09:05 | 0:09:09 | |
Isn't that the second stage? Once you've got money in by selling this, | 0:09:09 | 0:09:13 | |
then you can do that, one step at a time? | 0:09:13 | 0:09:14 | |
Or do you believe it's not going to sell? | 0:09:14 | 0:09:18 | |
-No, I believe it's going to sell. -So why didn't you sell it? | 0:09:18 | 0:09:21 | |
That's a good question, actually, but I genuinely thought | 0:09:21 | 0:09:24 | |
I would have more appeal if I went to them with additional functions. | 0:09:24 | 0:09:27 | |
Michelle, it's not a good question. It's obvious. | 0:09:27 | 0:09:31 | |
Why is this not in the shop doing what you designed it for, | 0:09:31 | 0:09:34 | |
that there's a big demand for it. | 0:09:34 | 0:09:36 | |
You told us that everybody loves it and everybody needs it, | 0:09:36 | 0:09:40 | |
so it should be sold for what it does. | 0:09:40 | 0:09:42 | |
If you it do other things, that's later. | 0:09:42 | 0:09:44 | |
Theo, all I can say is I genuinely thought | 0:09:44 | 0:09:47 | |
I would stand a better chance if I repackaged it. | 0:09:47 | 0:09:50 | |
-Did you try? -I didn't try, no, because... | 0:09:50 | 0:09:53 | |
Oh don't look disappointed in me, Theo. | 0:09:53 | 0:09:55 | |
Don't look disappointed in me. I made a mistake. | 0:09:55 | 0:09:59 | |
A couple of phone calls... | 0:10:01 | 0:10:03 | |
..and you would have been told that either | 0:10:04 | 0:10:08 | |
"This is the best thing since sliced bread | 0:10:08 | 0:10:12 | |
"but it needs this doing to it to make sure it works," | 0:10:12 | 0:10:16 | |
or, "Michelle, don't give up your day job." | 0:10:16 | 0:10:20 | |
That's all you had to do. And you would have known. | 0:10:20 | 0:10:25 | |
And because I don't know the answer to that question, | 0:10:25 | 0:10:28 | |
I can't possibly make a decision. | 0:10:28 | 0:10:32 | |
So I'm going to say, I'm out. | 0:10:32 | 0:10:36 | |
A second blow, | 0:10:39 | 0:10:40 | |
but the likeable entrepreneur still has three dragons left. | 0:10:40 | 0:10:44 | |
Will Peter Jones agree with his rival's concerns? | 0:10:44 | 0:10:47 | |
I think that you could have a really neat product here. | 0:10:50 | 0:10:54 | |
I think it's really inventive. | 0:10:54 | 0:10:56 | |
It's clearly different. | 0:10:56 | 0:10:58 | |
-You're there with something, and you've got a patent. -Yeah. | 0:10:58 | 0:11:02 | |
But I'm not totally convinced that it would sell. | 0:11:02 | 0:11:06 | |
-Well... -But! | 0:11:06 | 0:11:07 | |
You might convince your mascara manufacturer | 0:11:09 | 0:11:12 | |
to actually buy your product. | 0:11:12 | 0:11:15 | |
So it doesn't mean that you don't get a sale. | 0:11:15 | 0:11:19 | |
It just means that you could sell it to the manufacturer, | 0:11:19 | 0:11:23 | |
who ultimately would give this away free. | 0:11:23 | 0:11:27 | |
And I think that might be a way for exploration for you. | 0:11:27 | 0:11:31 | |
-But I'm not going to invest, and I say I'm out. -Thank you. | 0:11:31 | 0:11:35 | |
Michelle, can I go back to the manufacturers and why | 0:11:35 | 0:11:39 | |
they behave in the way they do, | 0:11:39 | 0:11:40 | |
because what do they always bring out as the latest reason | 0:11:40 | 0:11:44 | |
to gain market share, or to get you to buy new product? | 0:11:44 | 0:11:50 | |
Are we talking about mascara in particular? | 0:11:50 | 0:11:52 | |
-They are promising us longer, thicker luscious lashes. -Through what? | 0:11:52 | 0:11:56 | |
-Buying their mascara. -No, through their wand. | 0:11:56 | 0:12:00 | |
It's always the wand shape. | 0:12:00 | 0:12:02 | |
It's always the shape that does this, or it's longer, fatter, | 0:12:02 | 0:12:05 | |
so what they're doing, they're not oblivious to the issue. | 0:12:05 | 0:12:09 | |
What they're doing is making sure that they're trying | 0:12:09 | 0:12:12 | |
to solve the issue through product. | 0:12:12 | 0:12:14 | |
Because that way, they sell an entire new mascara. | 0:12:14 | 0:12:18 | |
And they're not silly, | 0:12:18 | 0:12:20 | |
that will be part of their entire campaign, because this is good... | 0:12:20 | 0:12:25 | |
but it's not rocket science. | 0:12:25 | 0:12:27 | |
Whilst it's great that you've done this, and you've obviously taken | 0:12:27 | 0:12:32 | |
a problem and tried to come up with a solution, I won't be investing. | 0:12:32 | 0:12:36 | |
-And I'm out. -Thank you, Deborah. | 0:12:36 | 0:12:38 | |
A detailed lesson in business from Deborah Meaden, but no cash. | 0:12:41 | 0:12:45 | |
Michelle's investment dreams now rest solely with Hilary Devey. | 0:12:45 | 0:12:50 | |
Michelle. | 0:12:52 | 0:12:54 | |
This could be one of the best-selling make-up products | 0:12:54 | 0:12:58 | |
that has ever been launched. | 0:12:58 | 0:12:59 | |
-I love you, Hilary! -But not in its current form. But, there's a but... | 0:12:59 | 0:13:05 | |
..not in its current form. | 0:13:06 | 0:13:08 | |
How else could you convince me? | 0:13:08 | 0:13:11 | |
Oh, Hilary, all I can say is, if I were fortunate to work with a Dragon, | 0:13:12 | 0:13:19 | |
I would give it 100%, I really believe in my product. | 0:13:19 | 0:13:22 | |
It has been sat idle while I've been doing other things | 0:13:22 | 0:13:25 | |
and I haven't had the time to spend on it. | 0:13:25 | 0:13:27 | |
You know what PR is like, there's big companies out there | 0:13:27 | 0:13:30 | |
who invest massively in PR and advertising. | 0:13:30 | 0:13:33 | |
Or is it because you're not a salesperson | 0:13:33 | 0:13:36 | |
-or marketeer. -I'm neither. | 0:13:36 | 0:13:38 | |
I wouldn't class myself as a salesperson at all. | 0:13:38 | 0:13:41 | |
You don't get very far in business without some sort of... | 0:13:42 | 0:13:45 | |
I'd like to say I could be a quick learner. | 0:13:45 | 0:13:49 | |
I can't, at this moment, see it as investable. | 0:13:54 | 0:13:57 | |
Because, I think you need a lot, lot more money than 50K. | 0:13:57 | 0:14:03 | |
I think that doesn't even scratch the surface of what you need. | 0:14:03 | 0:14:09 | |
So, for that reason, I've got to say sadly, that I'm out. | 0:14:09 | 0:14:13 | |
Thank you very much for your time. | 0:14:13 | 0:14:15 | |
A disappointing end for Michelle. | 0:14:16 | 0:14:19 | |
Much praised for her product, but head rules heart in the Den, | 0:14:19 | 0:14:23 | |
and she leaves with nothing. | 0:14:23 | 0:14:25 | |
That was the most nerve-wracking thing I've ever done in my life. | 0:14:27 | 0:14:30 | |
You are disappointed, because it's not like a quiz game | 0:14:30 | 0:14:34 | |
where you don't win the money and you say "I've had a lovely day". | 0:14:34 | 0:14:38 | |
You're coming here for investment, but it's not the end of the product. | 0:14:38 | 0:14:41 | |
Now the Dragons aren't immune to the desire that many of us have | 0:14:47 | 0:14:51 | |
to try and maintain a youthful complexion. | 0:14:51 | 0:14:53 | |
So, Shropshire-based John Richardson must have hoped | 0:14:54 | 0:14:58 | |
for a positive outcome when he asked for £75,000 | 0:14:58 | 0:15:01 | |
to market his all-natural anti-ageing product. | 0:15:01 | 0:15:04 | |
The product itself provides a solution for ladies | 0:15:06 | 0:15:09 | |
that would like Botox but don't really want | 0:15:09 | 0:15:11 | |
to go through having their face injected or plastic surgery. | 0:15:11 | 0:15:16 | |
Peter Jones needed only one thing to convince him. | 0:15:16 | 0:15:18 | |
Do you use the product yourself? | 0:15:18 | 0:15:21 | |
-Yes. -OK. If you tell me that you're 65, I'm in. | 0:15:21 | 0:15:25 | |
63. Only joking. No, I'm 37. | 0:15:25 | 0:15:28 | |
OK, you look older than that. | 0:15:28 | 0:15:31 | |
Hilary Devey had an issue with his pitch. | 0:15:33 | 0:15:35 | |
So you've brought the best-possible illustration | 0:15:35 | 0:15:41 | |
of what this wonder cream will do? | 0:15:41 | 0:15:43 | |
-Most people... -But it's not gone, has it? | 0:15:43 | 0:15:46 | |
But it's massively diminished, because you've put in more elasticity | 0:15:46 | 0:15:51 | |
back into the skin naturally through plant extracts. | 0:15:51 | 0:15:55 | |
But it was Deborah Meaden's issue with John's knowledge | 0:15:55 | 0:15:58 | |
of the product that ended his time in the Den. | 0:15:58 | 0:16:00 | |
So how deep does this go into your epidermis? | 0:16:00 | 0:16:03 | |
Right into the epidermis. | 0:16:03 | 0:16:05 | |
No, not "right into". | 0:16:05 | 0:16:06 | |
You should know how deep this can go into people's skin. | 0:16:06 | 0:16:11 | |
It goes right into... | 0:16:11 | 0:16:14 | |
No, no, what does "right in" mean? | 0:16:14 | 0:16:16 | |
What? Into my heart? Does it go right into the inside of me? | 0:16:16 | 0:16:20 | |
What does it do? | 0:16:20 | 0:16:22 | |
The electro pulse waves go right to the nerve endings of the skin. | 0:16:22 | 0:16:25 | |
Yeah, but the nerve endings are right there. | 0:16:25 | 0:16:28 | |
Yeah? So how deep does it go? | 0:16:28 | 0:16:31 | |
The scientific research says it is a little bit better, well, actually | 0:16:34 | 0:16:38 | |
I can buy most creams and they'll make my skin a little bit better. | 0:16:38 | 0:16:42 | |
As far as I'm concerned there's absolutely no way | 0:16:42 | 0:16:45 | |
I would get involved, so I'm out. | 0:16:45 | 0:16:48 | |
We often think of the Den as a place where new businesses are built, | 0:16:52 | 0:16:56 | |
but sometimes even established ones want the value of a Dragon investor. | 0:16:56 | 0:17:00 | |
Julian Lipton from Watford is here to pitch his family's company, | 0:17:00 | 0:17:04 | |
which is over 20 years old. | 0:17:04 | 0:17:06 | |
But now, under the ownership of a new generation, big plans are afoot. | 0:17:06 | 0:17:10 | |
What will the multi-millionaires think of his ambitions? | 0:17:10 | 0:17:13 | |
Hello, Dragons, my name is Julian Lipton. | 0:17:43 | 0:17:46 | |
I'm the managing director of "The Nuttery". | 0:17:46 | 0:17:48 | |
I'm here asking for a £100,000 investment | 0:17:48 | 0:17:52 | |
in return for a 15% stake in my company. | 0:17:52 | 0:17:56 | |
The Nuttery manufacture bird feeders. | 0:17:56 | 0:17:58 | |
The company was started by my father | 0:17:58 | 0:18:00 | |
and the concept is really simple, it's a cage within the cage. | 0:18:00 | 0:18:04 | |
The small birds fly through the holes on the outside to go inside, | 0:18:04 | 0:18:08 | |
and the squirrels can't get through because of the outer bars. | 0:18:08 | 0:18:12 | |
And that's how The Nuttery was born. | 0:18:12 | 0:18:14 | |
We supply around 300 accounts in the UK. | 0:18:14 | 0:18:17 | |
Pet shops, garden centres, wholesale, mail order | 0:18:17 | 0:18:21 | |
and we also export some product to Europe and the USA as well. | 0:18:21 | 0:18:25 | |
In the UK, three out of four households feed the birds, | 0:18:25 | 0:18:28 | |
and the industry is estimated to be worth around £200 million per year. | 0:18:28 | 0:18:33 | |
Thank you very much for listening. | 0:18:33 | 0:18:35 | |
I have some samples for you to have a look at. | 0:18:35 | 0:18:38 | |
And, any questions? | 0:18:38 | 0:18:40 | |
An efficient pitch from experienced family businessmen Julian Lipton. | 0:18:42 | 0:18:47 | |
He needs a £100,000 cash injection to fund a new phase of growth | 0:18:47 | 0:18:51 | |
for his innovative bird-feeding business, | 0:18:51 | 0:18:54 | |
and he's willing to part with 15%. | 0:18:54 | 0:18:58 | |
Duncan Ballantyne wants to scrutinise the make-up of the company. | 0:18:58 | 0:19:02 | |
Thank you, Julian. You said this company was started by your father. | 0:19:05 | 0:19:09 | |
Yes. | 0:19:09 | 0:19:11 | |
-So how long has it been in existence? -20 years. -20 years? -Yes. | 0:19:11 | 0:19:14 | |
So let's see how much profit you made in the last 20 years | 0:19:15 | 0:19:19 | |
with The Nuttery. | 0:19:19 | 0:19:20 | |
So, the last year, 2009/10, we turned over £1.2 million. | 0:19:20 | 0:19:24 | |
£395,000 gross profit. | 0:19:24 | 0:19:28 | |
-The net profit was around £98,000. -The previous year? -£888,000. | 0:19:29 | 0:19:35 | |
Gross profit of 274. | 0:19:35 | 0:19:37 | |
And a loss of 37,000. | 0:19:39 | 0:19:41 | |
And the year before? | 0:19:42 | 0:19:43 | |
A very similar turnover for the year before, and a loss of 27,000. | 0:19:43 | 0:19:48 | |
What caused the losses? | 0:19:48 | 0:19:50 | |
The last 20 years, this has been a family-run business, | 0:19:50 | 0:19:53 | |
but we were getting more and more work coming in | 0:19:53 | 0:19:55 | |
and we decided to put management teams in place. | 0:19:55 | 0:19:58 | |
Also, the company has had consistent turnover | 0:19:58 | 0:20:01 | |
and variable profit for the last 20 years. | 0:20:01 | 0:20:03 | |
We've had years where the profit has been £200-220,000 | 0:20:03 | 0:20:06 | |
and we've had years where we've lost money as well. | 0:20:06 | 0:20:09 | |
The reality is, it's been very successful. | 0:20:09 | 0:20:12 | |
There's nothing unusual | 0:20:12 | 0:20:15 | |
in a mature business having a varied trading history, | 0:20:15 | 0:20:18 | |
and Justin's belief in his company is clear. | 0:20:18 | 0:20:21 | |
Now, Peter Jones wants to drill down further into the financials. | 0:20:21 | 0:20:26 | |
-Julian? -Yes. -Hi. | 0:20:28 | 0:20:30 | |
Give me an idea of the net asset value, where we sit today? | 0:20:30 | 0:20:35 | |
-£27,000 on the balance sheet. -Positive? | 0:20:35 | 0:20:37 | |
-Positive. -We have good projections. | 0:20:37 | 0:20:40 | |
We believe that turnover this year | 0:20:40 | 0:20:42 | |
will be between £750,000 and £800,000. | 0:20:42 | 0:20:45 | |
-So you're going to drop by nearly 40%? -We will drop this year, yes. | 0:20:46 | 0:20:50 | |
-Why? -There's a number of reasons. The, the, the key thing is... | 0:20:50 | 0:20:54 | |
last year, we picked up a very large order. | 0:20:54 | 0:20:56 | |
It was a one-off of about £350,000, | 0:20:56 | 0:21:00 | |
so that made a difference to the turnover figures. | 0:21:00 | 0:21:03 | |
-What will be the bottom line this year? -We estimate a loss of £78,000. | 0:21:03 | 0:21:07 | |
So you will take your overall... | 0:21:07 | 0:21:11 | |
..net asset value of that operation down to -£49,000. | 0:21:12 | 0:21:16 | |
If you're asking about the value of the company, that would be the case. | 0:21:16 | 0:21:21 | |
But we've had regular gross profit over the last however many years. | 0:21:21 | 0:21:26 | |
That's irrelevant. | 0:21:26 | 0:21:27 | |
-Your net asset value is minus. -Sure. | 0:21:27 | 0:21:30 | |
-So you are worthless. -OK. | 0:21:30 | 0:21:35 | |
-Well, you are. -OK. | 0:21:35 | 0:21:37 | |
Differing opinions between the potential investor and the would-be investee. | 0:21:39 | 0:21:43 | |
Justin is struggling | 0:21:43 | 0:21:45 | |
to consolidate his position in the Den. | 0:21:45 | 0:21:49 | |
Will Deborah Meaden make it any easier for him? | 0:21:49 | 0:21:51 | |
Julian, I'm Deborah. | 0:21:53 | 0:21:56 | |
This is nice, the way you've come in with these things. | 0:21:56 | 0:21:59 | |
All of those things are lovely. | 0:21:59 | 0:22:01 | |
But you're in a grown-up business that's been around a long time. | 0:22:01 | 0:22:06 | |
You've got to make some money | 0:22:06 | 0:22:08 | |
at some point to make your business valuable. You're not making money, are you? | 0:22:08 | 0:22:12 | |
That's not the case. | 0:22:12 | 0:22:14 | |
We've sold 1.5 million feeders over the last 20 years. | 0:22:14 | 0:22:17 | |
Next year we're predicting a profit of £830,000, and I believe... | 0:22:17 | 0:22:21 | |
-Sorry? -£83,000, I beg your pardon. | 0:22:21 | 0:22:23 | |
Also, we have just taken on a new design team. | 0:22:23 | 0:22:28 | |
Our focus has been completely on the future and pushing forward. | 0:22:28 | 0:22:31 | |
We have set about designing a much more contemporary range. | 0:22:31 | 0:22:36 | |
If I show you an example of the product, this is the Acorn. | 0:22:36 | 0:22:40 | |
This is a squirrel-proof feeder, stylish. | 0:22:40 | 0:22:43 | |
We think customers are looking for something | 0:22:43 | 0:22:45 | |
more design-led to put in their garden. | 0:22:45 | 0:22:47 | |
Part of the other aspect of any investment | 0:22:47 | 0:22:51 | |
would be the redevelopment of our existing range. | 0:22:51 | 0:22:54 | |
But there is a plethora of designs, aren't there? | 0:22:54 | 0:22:58 | |
Do you know, I believe I have got | 0:22:58 | 0:23:01 | |
the biggest collection of bird feeders in the world. | 0:23:01 | 0:23:04 | |
I think my husband, every time he sees a new one, | 0:23:04 | 0:23:07 | |
we have it up in the tree. | 0:23:07 | 0:23:09 | |
They're all shapes and sizes. So it's not like you'll own that space. | 0:23:09 | 0:23:12 | |
Deborah, the Nuttery are... | 0:23:12 | 0:23:15 | |
if you go into a garden centre and speak to our clients, | 0:23:15 | 0:23:19 | |
we're the most respected brand, | 0:23:19 | 0:23:22 | |
particularly for squirrel-proof bird feeders, in the UK. | 0:23:22 | 0:23:25 | |
Julian, is there something unique about your feeder? | 0:23:26 | 0:23:30 | |
The fact that you've got the two cages, | 0:23:30 | 0:23:33 | |
are you the only people doing this? | 0:23:33 | 0:23:35 | |
Is this something you've got protected, you own, | 0:23:35 | 0:23:37 | |
and nobody in the world can have a twin cage feeder? | 0:23:37 | 0:23:40 | |
The patent which was granted to us, | 0:23:40 | 0:23:43 | |
which expires in two years' time, | 0:23:43 | 0:23:46 | |
the concept of that patent was a cage within a cage. | 0:23:46 | 0:23:49 | |
Slow down, because I think I might have something here. | 0:23:49 | 0:23:52 | |
-So there was a patent that was granted when? -1993. | 0:23:52 | 0:23:58 | |
-So it expires in two years' time? -2014. -What happens after that? | 0:23:58 | 0:24:02 | |
Well, after that we continue doing what we're hoping to do, | 0:24:02 | 0:24:06 | |
which is to keep bringing out new products and innovative ideas. | 0:24:06 | 0:24:10 | |
If we feel something needs to be protected, we will protect it. | 0:24:10 | 0:24:14 | |
So basically, you're now redesigning because in two years' time, | 0:24:14 | 0:24:20 | |
the business you're asking me to invest £100,000 in | 0:24:20 | 0:24:24 | |
-loses its intellectual rights? -Yes. | 0:24:24 | 0:24:27 | |
That would make it very difficult for me to invest in you. | 0:24:30 | 0:24:33 | |
I'm afraid you've lost me. I can't invest, so I'm out. | 0:24:33 | 0:24:36 | |
Unease over its profitability | 0:24:38 | 0:24:41 | |
and now concerns over the longevity of the product itself. | 0:24:41 | 0:24:44 | |
Justin loses his first Dragon. | 0:24:44 | 0:24:46 | |
And Duncan Bannatyne does not look convinced either. | 0:24:46 | 0:24:50 | |
Julian, the valuation is crazy. | 0:24:52 | 0:24:54 | |
I'm buying companies at the moment with three times the profit... | 0:24:56 | 0:25:01 | |
at about £300,000. | 0:25:01 | 0:25:03 | |
-But you've asked for an investment of £666,000. -Yes. | 0:25:03 | 0:25:06 | |
If I was to sell the business today, | 0:25:08 | 0:25:09 | |
we would take the gross profit that the business has, | 0:25:09 | 0:25:13 | |
brand, regular turnover. | 0:25:13 | 0:25:14 | |
Projected profits are moving forward as well. We have existing clients | 0:25:14 | 0:25:18 | |
that have given us commitments and are working with us on an ongoing basis. | 0:25:18 | 0:25:23 | |
I'm sorry. Great product, | 0:25:25 | 0:25:27 | |
but there are so many reasons not to invest. | 0:25:27 | 0:25:30 | |
So regretfully, Julian, I've got to say sorry, but I'm out. | 0:25:30 | 0:25:33 | |
Julian, I don't get the disconnection between... | 0:25:33 | 0:25:38 | |
your mind is kind of not connecting sales with profit. | 0:25:38 | 0:25:43 | |
I do understand the difference. | 0:25:43 | 0:25:45 | |
I'm sure you understand the difference, but you keep reiterating | 0:25:45 | 0:25:49 | |
and focusing, and I'm not surprised, | 0:25:49 | 0:25:51 | |
on turnover and gross profit and completely ignoring the fact | 0:25:51 | 0:25:54 | |
that you consistently have a track record of losing money | 0:25:54 | 0:25:58 | |
except for one year when you did make £98,000, which by your own admission, | 0:25:58 | 0:26:02 | |
had an exceptional item in it. | 0:26:02 | 0:26:05 | |
When anybody looks to value a business, | 0:26:05 | 0:26:08 | |
they're looking at trends and the underlying profits. | 0:26:08 | 0:26:11 | |
And there are none. | 0:26:11 | 0:26:13 | |
If you're looking at the profit this year... | 0:26:13 | 0:26:15 | |
Or last year. £100,000 last year with an exceptional order. | 0:26:15 | 0:26:20 | |
The year before, -£37,000. | 0:26:20 | 0:26:22 | |
-And next year, we are predicting a profit. -You should have come in | 0:26:22 | 0:26:25 | |
red hot, understanding we're investors. | 0:26:25 | 0:26:28 | |
You're not a start-up trying to sell an idea - "I want your help, please." | 0:26:28 | 0:26:33 | |
You're trying to sell us a grown-up investment. | 0:26:33 | 0:26:35 | |
And in selling us a grown-up investment, | 0:26:35 | 0:26:37 | |
you needed to be absolutely on it and frankly, you haven't been. | 0:26:37 | 0:26:42 | |
So I can't invest, and I'm out. | 0:26:42 | 0:26:45 | |
-Thank you. -Julian, can I tell you where I am? -Yes. | 0:26:45 | 0:26:48 | |
I don't see me getting any return on this whatsoever. | 0:26:48 | 0:26:53 | |
Commercially, it's not a route that I would want to walk down. | 0:26:53 | 0:26:57 | |
-I'm sorry, I'm out. -Thank you. | 0:26:57 | 0:26:59 | |
Three more Dragons out, and the entrepreneur's steadfast belief in his business | 0:27:03 | 0:27:08 | |
seems only to have alienated the multi-millionaires. | 0:27:08 | 0:27:12 | |
Now only Peter Jones can save Julian's investment needs. | 0:27:12 | 0:27:17 | |
I do think that you've made a decent presentation | 0:27:20 | 0:27:25 | |
very, very complicated. | 0:27:25 | 0:27:27 | |
I acknowledge that I've made mistakes. I put it down to nerves. | 0:27:27 | 0:27:30 | |
This business, I'm passionate about. | 0:27:30 | 0:27:33 | |
I've seen existing products that I know we can sell | 0:27:33 | 0:27:37 | |
large quantities of, but we just can't get over that hurdle. | 0:27:37 | 0:27:40 | |
There's a lot of work to be done. | 0:27:40 | 0:27:42 | |
We have fantastic ideas that I want to take forward. | 0:27:42 | 0:27:44 | |
-I need help. I'm not denying that that's the case. -Julian... | 0:27:44 | 0:27:50 | |
what you should have done | 0:27:50 | 0:27:52 | |
was to pitch to me on the basis of, | 0:27:52 | 0:27:55 | |
"It's a 20-year-old business. | 0:27:55 | 0:27:57 | |
"It's got some real heritage. But it's struggling. We're running out of time with our IP. | 0:27:57 | 0:28:03 | |
"It's not happening for us, | 0:28:03 | 0:28:04 | |
"but I've got some new ideas to take that forward. | 0:28:04 | 0:28:07 | |
"I'm looking for you to invest money | 0:28:07 | 0:28:10 | |
"so I can take this family business and make it into something special. | 0:28:10 | 0:28:15 | |
"And for that, I want £100,000." | 0:28:15 | 0:28:16 | |
I think your whole pitch today would have been very different. | 0:28:16 | 0:28:21 | |
But unfortunately, it's not an investment I'll take forward today. | 0:28:21 | 0:28:25 | |
-OK. -I'm out. -Thank you. | 0:28:25 | 0:28:28 | |
A bitter disappointment for Julian. | 0:28:31 | 0:28:33 | |
It seems the more experienced the entrepreneur, | 0:28:33 | 0:28:36 | |
the more demanding the Dragons will be. | 0:28:36 | 0:28:38 | |
He leaves with nothing. | 0:28:38 | 0:28:40 | |
I didn't expect the financial interrogation | 0:28:42 | 0:28:45 | |
quite as much as it happened. | 0:28:45 | 0:28:47 | |
But I think there were valid questions | 0:28:47 | 0:28:49 | |
that I should have been more prepared for. | 0:28:49 | 0:28:52 | |
It was an interesting experience. | 0:28:52 | 0:28:54 | |
Inspiration for new businesses can be found in many places, | 0:29:01 | 0:29:05 | |
but some entrepreneurs need look no further than their day-job. | 0:29:05 | 0:29:08 | |
This was true for Glaswegian mobility salesman Fraser Sinnott, | 0:29:08 | 0:29:13 | |
who wanted £120,000 to manufacture his solution for those who need help with their weekly shop. | 0:29:13 | 0:29:19 | |
The idea we've come up with | 0:29:21 | 0:29:23 | |
is an easy self-service coin-operated mobility service | 0:29:23 | 0:29:26 | |
which can be put into any size shopping centre and other leisure facilities. | 0:29:26 | 0:29:31 | |
The customer inserts £5 into the coin op. | 0:29:31 | 0:29:34 | |
When they're finished, they return the scooter and receive a £2 refund. | 0:29:34 | 0:29:38 | |
Hilary Devey had some experience in the area. | 0:29:38 | 0:29:42 | |
Mother, who's now passed away, God bless her soul, had several of these mobility scooters | 0:29:43 | 0:29:48 | |
because after a month, she managed to break them all. So I do agree there is a need. | 0:29:48 | 0:29:52 | |
Have you done any projections? | 0:29:52 | 0:29:54 | |
We're expecting them to be hired out three times a day. | 0:29:54 | 0:29:58 | |
Where've you got that from? You didn't base it on MY mother - | 0:29:58 | 0:30:01 | |
once you let her loose on one, that was it. She didn't come back till five o'clock. | 0:30:01 | 0:30:05 | |
It wasn't a fear of scooter hogging that concerned Duncan Bannatyne. | 0:30:07 | 0:30:11 | |
Why do you want £120,000? | 0:30:11 | 0:30:14 | |
-To build docking stations. -How many? -50. | 0:30:14 | 0:30:18 | |
But are you going to tell me any one shopping centre that says they're going to take this? | 0:30:18 | 0:30:23 | |
-Clydebank Shopping Centre in Glasgow. -I have to tell you, Clydebank Shopping Centre | 0:30:23 | 0:30:28 | |
is in Clydebank, which is not in Glasgow. Very upset that you would call Clydebank Glasgow. | 0:30:28 | 0:30:33 | |
-PETER: -Why? -Cos I'm from Clydebank, not Glasgow. | 0:30:33 | 0:30:36 | |
OK? What's it got to do with you? Jaggy bunnet wallop. | 0:30:36 | 0:30:40 | |
Fortunately, no jaggy bunnet wallop for Peter Jones. | 0:30:40 | 0:30:43 | |
But unfortunately for Fraser, there was no cash on offer. | 0:30:43 | 0:30:47 | |
You can trial these, | 0:30:47 | 0:30:50 | |
but you're choosing to ignore that | 0:30:50 | 0:30:53 | |
and risk £120,000. | 0:30:53 | 0:30:57 | |
Fraser, that's not right thinking. | 0:30:57 | 0:30:59 | |
Trial this. | 0:30:59 | 0:31:00 | |
But you're not going to do it with my £120,000. | 0:31:00 | 0:31:04 | |
I'm out. | 0:31:04 | 0:31:06 | |
So far tonight, all the entrepreneurs | 0:31:08 | 0:31:11 | |
have failed to convince the Dragons to part with their cash. | 0:31:11 | 0:31:14 | |
50K doesn't even scratch the surface of what you need. | 0:31:14 | 0:31:18 | |
I'm out. | 0:31:18 | 0:31:19 | |
If you've ever wondered how cars, cannons and castles | 0:31:19 | 0:31:22 | |
get into the Den, press the red button at the end of the programme | 0:31:22 | 0:31:26 | |
for a behind-the-scenes peek. | 0:31:26 | 0:31:28 | |
Next into the Den is father of two Nathan Pearson from Chester. | 0:31:31 | 0:31:36 | |
He turned his first profit at seven years old, | 0:31:36 | 0:31:39 | |
selling soft drinks to his football-playing friends. | 0:31:39 | 0:31:42 | |
Now aged 26, can he persuade the Dragons | 0:31:42 | 0:31:45 | |
his latest business idea is worthy of investment? | 0:31:45 | 0:31:48 | |
Hello, Dragons. | 0:32:18 | 0:32:20 | |
My name is Nathan Pearson, and I'm here today to seek £50,000 | 0:32:20 | 0:32:25 | |
in exchange for a 25% equity share in my company, Romeo Products Ltd. | 0:32:25 | 0:32:29 | |
I'd also like to introduce myself as the inventor of the Romeo Shelf. | 0:32:31 | 0:32:36 | |
Last year, I lost my job | 0:32:47 | 0:32:50 | |
and in between attending interviews, | 0:32:50 | 0:32:52 | |
I pursued this idea. | 0:32:52 | 0:32:54 | |
Some months later and with the addition of a partner, | 0:32:54 | 0:32:58 | |
the idea was transformed into a sleek and viable product. | 0:32:58 | 0:33:03 | |
In an apartment without our product, | 0:33:03 | 0:33:06 | |
the consumer is left... | 0:33:06 | 0:33:09 | |
to hold drinks in their hand, | 0:33:09 | 0:33:12 | |
or alternatively place them on the floor. | 0:33:12 | 0:33:15 | |
This can often lead to accidents. | 0:33:16 | 0:33:20 | |
In an apartment... | 0:33:22 | 0:33:24 | |
..with our product, | 0:33:25 | 0:33:28 | |
the area is instantly transformed. | 0:33:28 | 0:33:33 | |
The Romeo Shelf can be securely attached to the two most common types of Juliet balcony. | 0:33:33 | 0:33:38 | |
Romeo...meets Juliet. | 0:33:43 | 0:33:45 | |
We now require tooling, advertising and stock. | 0:33:47 | 0:33:52 | |
As Juliet would have said, being in the same position as me... | 0:33:52 | 0:33:55 | |
Dragons, dragons, wherefore art thou, Dragons? | 0:33:55 | 0:34:00 | |
Thank you very much for your time. | 0:34:00 | 0:34:01 | |
I'd be happy to answer any questions you have. | 0:34:01 | 0:34:04 | |
It's not often that Shakespeare is quoted in the Den, | 0:34:09 | 0:34:12 | |
but Chester-based Nathan Pearson hopes it'll help secure the £50,000 investment he needs. | 0:34:12 | 0:34:18 | |
On offer is 25% of his innovative outdoor shelving system. | 0:34:18 | 0:34:23 | |
But Duncan Bannatyne looks sceptical. | 0:34:23 | 0:34:26 | |
OK, Nathan, I'm confident | 0:34:30 | 0:34:32 | |
that I've seen similar types of brackets. | 0:34:32 | 0:34:34 | |
So why would you need tooling? | 0:34:34 | 0:34:36 | |
Why can't you attach them to the glass and sell them like that? | 0:34:36 | 0:34:39 | |
OK. Currently, there are brackets which will hold in place glass. | 0:34:39 | 0:34:47 | |
But there isn't a bracket which will fold upwards or downwards. | 0:34:47 | 0:34:53 | |
That's what we have created. | 0:34:53 | 0:34:56 | |
-OK. -The reason it needs to fold down | 0:34:56 | 0:34:58 | |
is because of building regulations with these types of balconies. | 0:34:58 | 0:35:03 | |
They stipulate no more than a 100mm gap | 0:35:04 | 0:35:07 | |
in between the French doors and the balcony. | 0:35:07 | 0:35:10 | |
If that was the case, | 0:35:10 | 0:35:13 | |
the shelf itself would need to be no more than 100 mm, | 0:35:13 | 0:35:17 | |
which would make it quite impractical. | 0:35:17 | 0:35:20 | |
So the concept of it folding down means that the doors can be closed. | 0:35:20 | 0:35:23 | |
So tell me about... You lost your job. | 0:35:23 | 0:35:27 | |
What type of job were you in? | 0:35:27 | 0:35:29 | |
I worked in the hazardous waste industry. | 0:35:29 | 0:35:33 | |
Basically... my intention was to go to university. | 0:35:35 | 0:35:39 | |
-Yep. -I did get to university, but I had to leave after two weeks. | 0:35:39 | 0:35:45 | |
-Why did you have to leave university? -Um... | 0:35:45 | 0:35:48 | |
Because of problems at home, basically. | 0:35:49 | 0:35:53 | |
-My mum suffered with health problems, so I had to go back. -OK. | 0:35:53 | 0:35:59 | |
But I've always wanted to try and stand on my own two feet. | 0:35:59 | 0:36:03 | |
And I got myself | 0:36:04 | 0:36:07 | |
into my full-time job, and that's what I've done since. | 0:36:07 | 0:36:10 | |
The young entrepreneur's drive and determination has clearly impressed the Dragons. | 0:36:13 | 0:36:18 | |
But what of the business on offer? | 0:36:18 | 0:36:20 | |
Theo Paphitis wants to know. | 0:36:20 | 0:36:23 | |
-Nathan, well done. -Thank you. -You're being creative. | 0:36:25 | 0:36:30 | |
You're out there being entrepreneurial. Who owns the business? | 0:36:30 | 0:36:34 | |
There's four of us. | 0:36:34 | 0:36:35 | |
What do you own? | 0:36:35 | 0:36:37 | |
-37.5%. -You've got 37.5%. | 0:36:37 | 0:36:40 | |
My partner, Jason, has 37.5%. | 0:36:42 | 0:36:46 | |
-Did he put any money in? -Yes, he has put money in. | 0:36:46 | 0:36:49 | |
-Tina has 12.5%. -Tina has 12.5%. | 0:36:49 | 0:36:53 | |
And Ken has 12.5%. | 0:36:53 | 0:36:55 | |
And what do Ken and Tina do? | 0:36:55 | 0:36:59 | |
They own a marketing company. | 0:36:59 | 0:37:01 | |
-How much did they put in? -25% of £12,000. | 0:37:01 | 0:37:05 | |
That's how much we've spent so far. | 0:37:05 | 0:37:08 | |
Nathan, can I just clear something up? | 0:37:08 | 0:37:10 | |
Tina and Ken - they put in...? | 0:37:10 | 0:37:13 | |
-£3,000. -For their 25%. | 0:37:13 | 0:37:17 | |
So I guess my next question is, why would I put in £50,000 for my 25%? | 0:37:17 | 0:37:24 | |
Basically, what we're saying at the moment, as it stands, | 0:37:31 | 0:37:34 | |
is that you value any Dragon's input | 0:37:34 | 0:37:38 | |
considerably less than Tina and Ken's. | 0:37:38 | 0:37:41 | |
Sorry. What's also happened outside of the cash investment is, er... | 0:37:43 | 0:37:49 | |
we sold 25% | 0:37:49 | 0:37:52 | |
for £37,000 worth of marketing. | 0:37:52 | 0:37:57 | |
So actually, you're saying is they paid more than that, but it was sweat equity? | 0:37:57 | 0:38:02 | |
-Yes. -OK. Has that manifested itself in something changing? | 0:38:02 | 0:38:08 | |
Because it's not about how much work somebody does, | 0:38:08 | 0:38:11 | |
it's about the effect they have on a business. | 0:38:11 | 0:38:14 | |
We've got a letter of intent | 0:38:14 | 0:38:17 | |
from the largest UK online shelving supplier. | 0:38:17 | 0:38:21 | |
What's the value of that order - this letter of intent? | 0:38:21 | 0:38:24 | |
That'll be for £2,500. | 0:38:26 | 0:38:29 | |
You see, Nathan, this company has not moved on an awful lot. | 0:38:29 | 0:38:32 | |
But they've also created a marketing campaign. | 0:38:32 | 0:38:35 | |
Exposure is not enough on its own. | 0:38:35 | 0:38:37 | |
It's got to turn into orders. | 0:38:37 | 0:38:39 | |
A nerve-racking exchange for Nathan, but all five Dragons are still in. | 0:38:44 | 0:38:48 | |
Peter Jones now looks ready to show his hand. | 0:38:48 | 0:38:51 | |
Nathan, I think you've done a really good job to take a product and put it out there. | 0:38:55 | 0:38:59 | |
And I think that people will buy it for its novelty factor. | 0:39:00 | 0:39:04 | |
But it will not be bought in volume | 0:39:06 | 0:39:08 | |
to make it a business | 0:39:08 | 0:39:11 | |
that will actually make you money. | 0:39:11 | 0:39:13 | |
And it's not going to make me money at £50,000. | 0:39:15 | 0:39:18 | |
So for that reason, Nathan, unfortunately I'm out. | 0:39:19 | 0:39:22 | |
OK. Thank you. | 0:39:22 | 0:39:23 | |
-HILARY: -Nathan, I think you've done | 0:39:24 | 0:39:26 | |
-remarkably well. -Thank you. | 0:39:26 | 0:39:29 | |
What you have created is a space creator. | 0:39:29 | 0:39:32 | |
I've been to these type of apartments, | 0:39:32 | 0:39:35 | |
-and space is at a premium in them. -It is. | 0:39:35 | 0:39:37 | |
But I think I would think more laterally. And you should... | 0:39:37 | 0:39:41 | |
think about expanding that shelf, not just for a bottle and a glass, | 0:39:41 | 0:39:46 | |
-but actually doing it as a buffet shelf. -OK. | 0:39:46 | 0:39:50 | |
But I think you've a long way to go before you get there. | 0:39:51 | 0:39:54 | |
I'm not prepared to invest in it. | 0:39:56 | 0:39:57 | |
-I'm sorry, I'm out. -Thank you. | 0:39:57 | 0:39:59 | |
Valuable advice, but no offers of investment. | 0:40:04 | 0:40:07 | |
Deborah Meaden has made up her mind, too. | 0:40:07 | 0:40:10 | |
I think you presented really well. I like your thought process. | 0:40:13 | 0:40:17 | |
You've come up with a solution to something, | 0:40:17 | 0:40:19 | |
and you've done it. However... | 0:40:19 | 0:40:22 | |
you've got experienced businesspeople behind you who've allowed you to come in here | 0:40:22 | 0:40:27 | |
asking us to invest in a structure | 0:40:27 | 0:40:30 | |
that is completely unworkable, | 0:40:30 | 0:40:32 | |
because you're asking for £50,000. | 0:40:32 | 0:40:37 | |
When I look at how everybody else has invested and the value I'm going to bring, | 0:40:37 | 0:40:42 | |
I would have to own... | 0:40:42 | 0:40:44 | |
actually, 100% of the company to be on level pegging. | 0:40:44 | 0:40:48 | |
So it's completely knocked any kind of deal | 0:40:48 | 0:40:52 | |
or arrangement we could have out of the window. | 0:40:52 | 0:40:55 | |
I haven't even gone into how much they'd be happy to dilute. | 0:40:56 | 0:40:59 | |
You've made it, for me, uninvestable. | 0:40:59 | 0:41:03 | |
-So I'm out. -All right, thank you. | 0:41:04 | 0:41:07 | |
Nathan, I'm going to encourage you. | 0:41:08 | 0:41:13 | |
and say good on you that you thought of something, got it to this stage. | 0:41:13 | 0:41:17 | |
And then I'm going to go on and say... | 0:41:18 | 0:41:21 | |
you've come into the Den with a deal that irritates. | 0:41:21 | 0:41:26 | |
This is not something that I can even contemplate investing in, | 0:41:26 | 0:41:33 | |
which is disappointing because that's why I'm here. | 0:41:33 | 0:41:36 | |
-OK. -So I'm out. -All right. Thank you. | 0:41:36 | 0:41:39 | |
-DUNCAN: -I'm angry, Nathan. | 0:41:41 | 0:41:43 | |
But I'm not angry at you. I'm angry at this lot. | 0:41:43 | 0:41:46 | |
They're totally, absolutely wrong. | 0:41:46 | 0:41:48 | |
It doesn't matter what the first-stage investors got, | 0:41:48 | 0:41:52 | |
what price they paid. It's totally irrelevant. | 0:41:52 | 0:41:54 | |
It's what the product is worth today that matters. Nothing else. | 0:41:54 | 0:41:58 | |
But my problem is, | 0:42:00 | 0:42:02 | |
I don't think you'll sell enough. | 0:42:02 | 0:42:04 | |
As far as I'm concerned, you should all continue your full-time jobs | 0:42:04 | 0:42:08 | |
and have it as a part-time business. | 0:42:08 | 0:42:11 | |
I think you can sell some on your website, | 0:42:11 | 0:42:13 | |
but not enough to make it viable for an investor like myself. | 0:42:13 | 0:42:17 | |
-For that reason, I'm sorry, Nathan, but I'm out. -OK. -Good luck. | 0:42:20 | 0:42:24 | |
-HILARY: -Good luck, Nathan. -Thank you. | 0:42:24 | 0:42:27 | |
Nathan may not have received an investment, | 0:42:27 | 0:42:30 | |
but his pitch certainly made an impact with the Dragons. | 0:42:30 | 0:42:34 | |
-Did you lot get out the wrong side of bed? -I've never heard so much rubbish! | 0:42:34 | 0:42:37 | |
What does it matter what the other shareholders paid? | 0:42:37 | 0:42:40 | |
If something moves on in value, | 0:42:40 | 0:42:43 | |
then it's OK if shareholders get a discounted price. | 0:42:43 | 0:42:46 | |
-But it hasn't moved on in value. -They didn't get a discounted price - they got the price on that day. | 0:42:46 | 0:42:51 | |
-And it hasn't changed. -If it hasn't changed, it hasn't changed. | 0:42:51 | 0:42:55 | |
So it's not worth any more money. I'm not having that conversation with you. It's ridiculous. | 0:42:55 | 0:43:00 | |
Other entrepreneurs who tried and failed in the Den | 0:43:03 | 0:43:07 | |
were friends William Dolman and Keith Matthews, | 0:43:07 | 0:43:10 | |
who needed £150,000 to fund their redesign | 0:43:10 | 0:43:14 | |
of our plug-and-socket system. | 0:43:14 | 0:43:16 | |
The Dolman Cobra is a unique invention, | 0:43:16 | 0:43:20 | |
designed to eliminate most of the associated problems with plugs. | 0:43:20 | 0:43:23 | |
If you catch your feet on a trailing cable, | 0:43:23 | 0:43:27 | |
the plug pulls out safely. | 0:43:27 | 0:43:29 | |
To replace, back in the socket, and press until fully in. | 0:43:29 | 0:43:33 | |
Simple and easy to use. | 0:43:33 | 0:43:35 | |
The Dragons were unanimous in their praise for the concept. | 0:43:35 | 0:43:39 | |
It looks really inventive. | 0:43:40 | 0:43:41 | |
But you're going to come up against a level of resistance | 0:43:41 | 0:43:45 | |
for many, many, many years to come. | 0:43:45 | 0:43:47 | |
Peter, you don't remember the change from round pin to square pin, do you? | 0:43:47 | 0:43:51 | |
No. | 0:43:51 | 0:43:53 | |
I remember it, but if you change the sockets, you'd have to convince every householder to change it. | 0:43:53 | 0:43:58 | |
That's not going to happen - not in my lifetime. | 0:43:58 | 0:44:02 | |
-But that's not to say it couldn't happen in mine. -HE CHUCKLES | 0:44:02 | 0:44:06 | |
In the end, the multi-millionaires were also united in their analysis of the investment proposition. | 0:44:06 | 0:44:11 | |
I would say, it's a shame that you weren't here to design the electric plug first. | 0:44:11 | 0:44:17 | |
Cos I think it's better. | 0:44:17 | 0:44:19 | |
The problem is, this is so deeply rooted | 0:44:19 | 0:44:23 | |
into the infrastructure of the country, it's going to be a nightmare. | 0:44:23 | 0:44:28 | |
You are trying to climb Mount Everest | 0:44:28 | 0:44:32 | |
in your flip-flops. | 0:44:32 | 0:44:34 | |
I'm out. | 0:44:34 | 0:44:36 | |
London-based business partners Rob Beresford and Emma Kennedy | 0:44:38 | 0:44:41 | |
hoped consumer power would tempt the Dragons | 0:44:41 | 0:44:45 | |
to invest £200,000 in their online venture. | 0:44:45 | 0:44:48 | |
Our website brings hundreds of people together | 0:44:49 | 0:44:52 | |
to get fabulous deals across a range of products and services. | 0:44:52 | 0:44:56 | |
What we do is commonly referred to as group buying. | 0:44:56 | 0:44:58 | |
We do have two significant competitors - | 0:44:58 | 0:45:02 | |
Groupon was valued at 6 billion. | 0:45:02 | 0:45:05 | |
This group of investors have much experience of e-commerce | 0:45:07 | 0:45:10 | |
and were quick to ask the key questions. | 0:45:10 | 0:45:13 | |
£200,000 - what are you going to do with it? | 0:45:13 | 0:45:16 | |
£150,000 we have allotted to online advertising, | 0:45:16 | 0:45:20 | |
-the bulk of it, over three months. -So, what happens when we run out of money in three months' time? | 0:45:20 | 0:45:26 | |
-If it was to happen, then we would have to look for more money. -Once we start advertising, | 0:45:26 | 0:45:32 | |
it will take what we do to a whole new level. | 0:45:32 | 0:45:34 | |
In the end, Dragon power spoke, | 0:45:34 | 0:45:37 | |
and Rob and Emma left the Den without the investment they needed. | 0:45:37 | 0:45:41 | |
In my opinion, this business is flawed before it starts. | 0:45:41 | 0:45:45 | |
The burn in this business is the fastest burn rate you can imagine. | 0:45:45 | 0:45:49 | |
I think you're bang on, Peter. | 0:45:49 | 0:45:51 | |
Every single online business I've invested in, | 0:45:51 | 0:45:55 | |
I have known when I've invested there's going to be a call for cash. | 0:45:55 | 0:46:00 | |
The idea's good, but you're going to have to throw a lot of money at this | 0:46:01 | 0:46:04 | |
if you're going to stand any chance whatsoever. | 0:46:04 | 0:46:07 | |
I'm out. | 0:46:07 | 0:46:08 | |
Friends Andrea McDowall and Rebecca Baldwin from London are next into the Den. | 0:46:13 | 0:46:17 | |
They've taken their ten years of experience in one industry | 0:46:17 | 0:46:21 | |
and found a fresh way to apply it in business. | 0:46:21 | 0:46:23 | |
Will it impress the Dragons? | 0:46:23 | 0:46:25 | |
Hi, there, Dragons. | 0:46:46 | 0:46:47 | |
My name is Andrea, and this is my business partner, Becs. | 0:46:47 | 0:46:51 | |
And together, we run a country company called Shoot It Yourself. | 0:46:51 | 0:46:54 | |
We've come into the Den today to ask for £60,000 | 0:46:54 | 0:46:58 | |
in return for 20%. | 0:46:58 | 0:47:00 | |
We are the only wedding videography company | 0:47:00 | 0:47:03 | |
that hires out broadcast-quality video cameras to be given to friends and family | 0:47:03 | 0:47:07 | |
the day before their wedding, and then they take it in turns to film the day. | 0:47:07 | 0:47:11 | |
And we edit whatever they film into a professional wedding DVD. | 0:47:11 | 0:47:14 | |
I came up with the idea whilst trying to plan my own wedding back in 2009. | 0:47:14 | 0:47:19 | |
As someone with ten years' experience in television, | 0:47:20 | 0:47:23 | |
I was really surprised there wasn't a cheaper and more fun alternative | 0:47:23 | 0:47:27 | |
to the more traditional wedding videographer. | 0:47:27 | 0:47:30 | |
We offer a one-camera package for £849, | 0:47:30 | 0:47:33 | |
and a two-camera package for £949. | 0:47:33 | 0:47:37 | |
So, Becs is going to give you out some DVDs. | 0:47:38 | 0:47:41 | |
And then I'm going to play you a brief video to show why our videos are different. | 0:47:41 | 0:47:45 | |
There you go. This is what the finished product looks like. | 0:47:47 | 0:47:51 | |
Thank you. | 0:47:53 | 0:47:54 | |
'It's going really well. | 0:48:01 | 0:48:03 | |
-'Where are the shirts? -Tell everyone we'll do tomorrow. | 0:48:03 | 0:48:06 | |
'I'm married! | 0:48:07 | 0:48:08 | |
'Don't bring her back! | 0:48:08 | 0:48:11 | |
-'116 people officially cried! -What are their names again? | 0:48:11 | 0:48:14 | |
'# Cos I found love... #' | 0:48:14 | 0:48:16 | |
'Happy birthday! Or...holiday?' | 0:48:16 | 0:48:20 | |
So, have you got any questions? | 0:48:26 | 0:48:29 | |
An enthusiastic pitch by young mums Andrea McDowell and Rebecca Baldwin from Clapham. | 0:48:33 | 0:48:38 | |
They want to modernise the nation's wedding videos, | 0:48:38 | 0:48:40 | |
and need a £60,000 investment to do so. | 0:48:40 | 0:48:44 | |
In return, a 20% stake is on offer. | 0:48:44 | 0:48:47 | |
But Peter Jones has some immediate concerns. | 0:48:47 | 0:48:51 | |
Hi, I'm Peter. Erm...why is it so expensive? | 0:48:53 | 0:48:57 | |
£849, to hire one camera? | 0:48:57 | 0:49:00 | |
We started out charging £399, and it didn't quite cover our overheads. | 0:49:00 | 0:49:06 | |
And we kept pressing the price up and up until we reached a point where, | 0:49:06 | 0:49:11 | |
at £849, we felt that people were still booking. | 0:49:11 | 0:49:13 | |
And we're getting 10 to 15 bookings every month. | 0:49:13 | 0:49:17 | |
Give me a total figure that you're forecasting to sell this year. | 0:49:18 | 0:49:23 | |
By the end of this year, net profit will be £74,000. | 0:49:23 | 0:49:27 | |
By 2013, £119,000. | 0:49:27 | 0:49:32 | |
So, you give somebody the camera, they pay you £849. | 0:49:32 | 0:49:36 | |
How long does it then take you to edit that and send it back to them as a completed video? | 0:49:36 | 0:49:41 | |
It takes six to eight weeks for them to get their finished video. | 0:49:41 | 0:49:45 | |
And how long does it take you internally to get it done? | 0:49:45 | 0:49:47 | |
It takes three days. It costs us about £400. | 0:49:47 | 0:49:51 | |
So, would it be fair to say that your... | 0:49:51 | 0:49:54 | |
gross margin is 50%, or thereabouts? | 0:49:54 | 0:49:57 | |
Erm, it's around £500 per video. | 0:49:57 | 0:50:00 | |
Sure-footed responses from the fledgling businesswomen. | 0:50:03 | 0:50:07 | |
And something seems to have struck a chord with Theo Paphitis. | 0:50:07 | 0:50:12 | |
Erm... | 0:50:13 | 0:50:15 | |
Simple. | 0:50:15 | 0:50:17 | |
Doesn't cost a lot of money to set up. Obviously a demand. | 0:50:17 | 0:50:21 | |
I know it costs a small fortune to get a professional video done, | 0:50:21 | 0:50:24 | |
having got a daughter that got married last year. | 0:50:24 | 0:50:30 | |
Erm...what were you doing beforehand? | 0:50:30 | 0:50:32 | |
-I was a producer-director. -So was I. | 0:50:32 | 0:50:36 | |
We gave up our careers in television because we wanted to be self-employed and work for ourselves. | 0:50:36 | 0:50:41 | |
And this is definitely a future for us in doing that. | 0:50:41 | 0:50:44 | |
Plus, we really believe in the skill that we have, | 0:50:44 | 0:50:46 | |
in the editing process, and our passion, as well, for what we do | 0:50:46 | 0:50:50 | |
will mean that we will drive this business on. | 0:50:50 | 0:50:54 | |
Talk me through the £60,000 - how are we going to spend it? | 0:50:54 | 0:50:57 | |
At the moment we're spending £1,500 a month on, erm, | 0:50:57 | 0:51:01 | |
magazine advertising, and also Google Adwords. | 0:51:01 | 0:51:04 | |
And we're just barely even scratching the surface, really. | 0:51:04 | 0:51:07 | |
So we'd like to use £30,000 to just increase our brand awareness, really. | 0:51:07 | 0:51:13 | |
So I've still got £30,000 to spend... | 0:51:13 | 0:51:15 | |
We'd like to invest in more camera equipment and, as we get bigger, | 0:51:15 | 0:51:18 | |
we'll need more computer equipment. | 0:51:18 | 0:51:20 | |
-DUNCAN: -Andrea, Becs... | 0:51:22 | 0:51:25 | |
My concern is that you can only make an amazing video | 0:51:25 | 0:51:30 | |
when you've edited the footage. | 0:51:30 | 0:51:32 | |
And if the footage is terrible, you can't make an amazing video. | 0:51:32 | 0:51:35 | |
And sometimes, you must be in a position where you give someone a camera, | 0:51:35 | 0:51:41 | |
and it comes back with bad footage. | 0:51:41 | 0:51:43 | |
And you can't edit it, you can't make a good video. | 0:51:43 | 0:51:46 | |
We know that the footage that comes back will sometimes be a bit wobbly, | 0:51:46 | 0:51:50 | |
and will have been operated when people might have had a bit to drink. | 0:51:50 | 0:51:53 | |
But that's part of the fun. | 0:51:53 | 0:51:55 | |
Do they have a contract, and does it say in that contract, | 0:51:55 | 0:51:58 | |
"If you come back with some real rubbish, | 0:51:58 | 0:52:02 | |
"then you'll get a rubbish video, and you still pay for it." | 0:52:02 | 0:52:05 | |
Well, they pay upfront. | 0:52:05 | 0:52:06 | |
And of the 80 that we've done so far, we haven't had one single one | 0:52:06 | 0:52:10 | |
that has come back which we haven't been able to edit. | 0:52:10 | 0:52:13 | |
It's giving somebody who loves you the responsibility of capturing the things they'd be doing anyway - | 0:52:13 | 0:52:18 | |
enjoying themselves with their friends and family. | 0:52:18 | 0:52:21 | |
So you would hope they would take that responsibility. | 0:52:21 | 0:52:24 | |
The two friends are handling the Dragons with some aplomb. | 0:52:27 | 0:52:31 | |
Hilary Devey looks impressed. | 0:52:31 | 0:52:34 | |
-HILARY: -Erm... | 0:52:37 | 0:52:38 | |
I think it's a fantastic idea. | 0:52:38 | 0:52:40 | |
-Thank you. -Congratulations to you both. | 0:52:40 | 0:52:44 | |
I think you will go... | 0:52:44 | 0:52:47 | |
..very far, very fast. | 0:52:48 | 0:52:51 | |
I could think of hundreds of ideas to get you there - hundreds. | 0:52:51 | 0:52:56 | |
Where's your vision for this? | 0:52:59 | 0:53:01 | |
In the very short time that we've been going, | 0:53:01 | 0:53:04 | |
we have generated quite a big noise about what we do. | 0:53:04 | 0:53:08 | |
We are very friendly with all of the leading bridal magazines, | 0:53:08 | 0:53:11 | |
and we advertise in all of those monthly. | 0:53:11 | 0:53:13 | |
There is a definite market for the pre-wedding events. | 0:53:13 | 0:53:17 | |
We've taken three bookings for children's birthdays. | 0:53:17 | 0:53:21 | |
And, also, we've been contacted by a large accountancy firm | 0:53:21 | 0:53:24 | |
for using our camera for corporate away-days. | 0:53:24 | 0:53:27 | |
Without listening to what the other Dragons have got to say, | 0:53:31 | 0:53:34 | |
I'd like to make you an offer. | 0:53:34 | 0:53:36 | |
I will offer you the full amount... | 0:53:38 | 0:53:41 | |
for 26% of your business. | 0:53:41 | 0:53:44 | |
OK. Thank you, Hilary. | 0:53:48 | 0:53:51 | |
In an attempt to outmanoeuvre her rivals, | 0:53:55 | 0:53:57 | |
Hilary Devey has put in a low and early bid | 0:53:57 | 0:54:00 | |
for the south Londoners' company. | 0:54:00 | 0:54:02 | |
Now, will the remaining Dragons choose to compete? | 0:54:02 | 0:54:07 | |
I, er... I think YOU'RE very good. | 0:54:09 | 0:54:12 | |
Erm, I think, I've listened to you answer, | 0:54:12 | 0:54:16 | |
very eloquently, a lot of the questions that are thrown at you. | 0:54:16 | 0:54:19 | |
And I think it'd be fun. I think it would be a lot of fun. | 0:54:19 | 0:54:23 | |
But I'm not going to improve on that offer. | 0:54:25 | 0:54:29 | |
So... | 0:54:29 | 0:54:31 | |
I'm out. | 0:54:31 | 0:54:32 | |
-THEO: -So, erm, if I was to compete with you, | 0:54:35 | 0:54:37 | |
it doesn't take a huge amount of money... | 0:54:37 | 0:54:40 | |
But there are 230,000 people getting married every single year. | 0:54:40 | 0:54:44 | |
There's room for more than one of us. | 0:54:44 | 0:54:47 | |
Listen, I do believe you're going to be successful. | 0:54:47 | 0:54:49 | |
I'm going to wish you the best of luck, but this is not one for me, | 0:54:49 | 0:54:54 | |
-so I'm out. -Thank you, Theo. | 0:54:54 | 0:54:56 | |
-PETER: -I think you've done really well. | 0:54:58 | 0:55:01 | |
You've got...a nice little... A nice little earner, let's say. | 0:55:01 | 0:55:05 | |
But I'm not convinced it's a business. | 0:55:07 | 0:55:09 | |
I can't see how this could make a serious amount of money, | 0:55:11 | 0:55:15 | |
so that's the reason why I'm out. | 0:55:15 | 0:55:17 | |
We look forward to proving you wrong, Peter. | 0:55:17 | 0:55:19 | |
Words of encouragement but no rival bids - and there's just one Dragon left. | 0:55:23 | 0:55:28 | |
I think it would be a lot of fun. | 0:55:32 | 0:55:34 | |
But, er... | 0:55:34 | 0:55:35 | |
Yeah, it's just... | 0:55:36 | 0:55:38 | |
My problem is...the valuation. | 0:55:40 | 0:55:44 | |
Today, you're valuing it with £60,000 at 20% - | 0:55:44 | 0:55:48 | |
that's £300,000. | 0:55:48 | 0:55:50 | |
And Hilary has just valued it at £240,000. | 0:55:50 | 0:55:54 | |
So, I think that Hilary's made you an excellent offer. | 0:55:56 | 0:55:59 | |
And I think you should accept it. | 0:56:00 | 0:56:02 | |
But I can't beat it. | 0:56:02 | 0:56:04 | |
I'm not going to try and match it. | 0:56:04 | 0:56:06 | |
And so I'm out. | 0:56:06 | 0:56:08 | |
Hilary, we did come in wanting to just really give away | 0:56:12 | 0:56:17 | |
20% of our business - is there any chance that you would be able to...? | 0:56:17 | 0:56:21 | |
No, because I think you need a lot of work. | 0:56:21 | 0:56:24 | |
And like I say, I've got hundreds of ideas. | 0:56:25 | 0:56:28 | |
So, no, I've got to keep myself interested, | 0:56:30 | 0:56:33 | |
because I think you've got a long way to go. | 0:56:33 | 0:56:36 | |
I think it WILL go a long way, definitely, | 0:56:36 | 0:56:38 | |
and I think you'll both be very successful. | 0:56:38 | 0:56:41 | |
And I also think you'll both be very rich at the end of it. | 0:56:41 | 0:56:44 | |
And that's why I'm sticking at 26%. | 0:56:44 | 0:56:47 | |
-(What do you want to do? -I think we should do it.) | 0:56:54 | 0:56:57 | |
(Yep.) | 0:56:57 | 0:56:58 | |
-Hilary, we'd like to accept your offer. -Good. -Well done. | 0:57:02 | 0:57:06 | |
Andrea and Rebecca have done it. | 0:57:08 | 0:57:09 | |
-Well done. -Brilliant. Thank you. | 0:57:09 | 0:57:11 | |
They enchanted all the Dragons | 0:57:11 | 0:57:13 | |
and now walk away with the enthusiasm, the experience and the cash of Hilary Devey. | 0:57:13 | 0:57:18 | |
-DUNCAN: -Well done, Hilary. -I can see massive potential in that. | 0:57:18 | 0:57:21 | |
Becs, Andrea, very well done. | 0:57:26 | 0:57:28 | |
And you seem very happy with the outcome. | 0:57:28 | 0:57:30 | |
-Can't believe it - it's amazing. -It's amazing! | 0:57:30 | 0:57:34 | |
And she was quite a dark horse, Hilary, wasn't she? | 0:57:34 | 0:57:37 | |
She just came out with that offer... | 0:57:37 | 0:57:39 | |
I had a quick glance while we were playing the video and I watched her, | 0:57:39 | 0:57:42 | |
and her face - she was beaming from ear to ear. | 0:57:42 | 0:57:45 | |
-She looked really excited. -Yeah. | 0:57:45 | 0:57:47 | |
-So, I was quite hopeful that she was going to like our idea. -That's why we were so taken aback. | 0:57:47 | 0:57:52 | |
For Hilary to just come in and offer that straightaway, | 0:57:52 | 0:57:55 | |
-it just kind of blew us away a bit. -Well, very good luck with it. | 0:57:55 | 0:57:59 | |
Another day in the Den, and another investment. | 0:58:08 | 0:58:11 | |
That's not the end of the story, though. | 0:58:11 | 0:58:13 | |
It may be hard work to get the money here, | 0:58:13 | 0:58:16 | |
but it's even harder work to make a successful business with it. | 0:58:16 | 0:58:20 | |
To hear more from the entrepreneurs about their time in the Den, | 0:58:20 | 0:58:23 | |
press the red button now. | 0:58:23 | 0:58:25 | |
You can also visit our website... | 0:58:25 | 0:58:27 | |
Goodbye. | 0:58:30 | 0:58:32 | |
Next time on Dragons' Den... | 0:58:33 | 0:58:35 | |
You may well sell a few, but commercially? | 0:58:35 | 0:58:38 | |
No, love. | 0:58:38 | 0:58:39 | |
Kid A would say, "No, I want a squibble," so I'm sitting here tomorrow, | 0:58:39 | 0:58:43 | |
so you would still have a squabble about a squibble. | 0:58:43 | 0:58:46 | |
It's not a business plan - it's a road to rack and ruin. | 0:58:46 | 0:58:48 | |
My husband would think that was a really great thing. | 0:58:48 | 0:58:52 | |
It's a real frustration. And the only way I can deal with that... | 0:58:52 | 0:58:57 | |
is to make you an offer. | 0:58:57 | 0:58:59 | |
Subtitles by Red Bee Media Ltd | 0:59:14 | 0:59:17 | |
E-mail [email protected] | 0:59:17 | 0:59:20 |