- 1 week ago
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00:03Come on, Lola. Come on. Come on, baby.
00:06Good girl.
00:08I'm Lucy Bowes, and my business is called Lucy and Lola.
00:11You're going to be good. Are you going to be a good girl?
00:14So I adopted Lola just before the lockdown,
00:17and I just became so obsessed by her.
00:20I was sketching her all the time,
00:21and I decided to learn how to put those sketches on my clothes
00:24because I wanted to show everyone how cute she was.
00:29Personalised pictures of your dogs.
00:31I love my dog, but I'm not going to allow it to become my identity.
00:35We might be very pleasantly surprised how big this business really is.
00:39I think it'd be big.
00:40If it's turning over three or four million, I'm interested.
00:46I know the dragons all have pets as well,
00:48and I'm hoping that when they see me there with Lola,
00:50they'll think about their own pets,
00:51and hopefully that will really get them on board with the brand.
00:55Good girl.
00:55But we're not sure if she's going to behave.
00:58Fingers crossed.
01:10Hi, dragons.
01:11My name is Lucy, and this is Lola,
01:14and we are the founders of Lucy and Lola.
01:17We're here today to ask for £100,000
01:19in exchange for a 10% equity stake in our business.
01:23We create high-quality, hand-drawn, embroidered pet portraits
01:27on our range of clothing and accessories,
01:29allowing pet lovers to wear...
01:32Lady!
01:32Sorry, I'm just going to pick her up.
01:35Allowing pet lovers to wear their three best friends
01:37in a way that's stylish, sentimental, and truly personal.
01:40It all started in late 2021 when I rescued Lola here.
01:45We are now a multi-million pound business
01:47with over 400,000 social media followers
01:50and over 45,000 customers.
01:53Since launching, we've generated over £3 million in revenue,
01:56and this year we're forecasting to turn over £3 million
01:58this year alone.
02:00Serendipitous.
02:01We are a direct-to-consumer brand
02:03selling exclusively online through our website
02:05and powered by our in-house team
02:07of pet portrait artists and embroiderers.
02:09But what makes us really special is our design process.
02:13We give our customers unlimited edits to their pet portraits,
02:16ensuring that each order is a true collaboration
02:18between our in-house team and the customer,
02:21creating a truly unique and personal experience.
02:24But we are now at a crucial growth stage.
02:27Up until now, we've been embroidering
02:28only on third-party blank garments,
02:30but with your investment,
02:31we will seek to manufacture our own range
02:33of pet parent apparel
02:34and, of course, expand our production capacity.
02:36Now, the only question is,
02:38who wants to join us on our journey?
02:40And now it's time for Lola to have a quick break.
02:43So, thank you, Lola.
02:46A range of clothing and accessories,
02:50machine-embroidered with a hand-drawn pet portrait
02:52of the owner's choice,
02:54is the offering from Lucy Bowes.
02:57Hopefully you recognise which ones you want to piece in.
03:00Oh, wow, yeah.
03:03Skylar, beautiful.
03:05Lucy is seeking £100,000.
03:08Here you go, Tuka.
03:09I like it that your dog's called Lucy.
03:11In exchange for 10% of her business...
03:14Tuka, what sound does that dog make?
03:16Woof, woof!
03:17Oh, you love Lucy, don't you?
03:19Seeing their furry friends
03:21may have put the dragons in touch with their softer sides...
03:24I could cry.
03:25I'm actually welling up.
03:27But Lucy's personalised pet portraits
03:29aren't the only thing giving them a warm, fuzzy feeling.
03:34Wow, you've done an incredible job.
03:36So, what's your professional background?
03:40How did you come to be in this business?
03:42So, I have no experience with this at all.
03:45I left school at 18 and I started working in finance.
03:48And then obviously got the dog.
03:49I've always been into drawing.
03:52But we kind of...
03:53It sort of didn't happen intentionally.
03:55I never thought this is what I would be doing.
03:57I saw a gap for this kind of product
03:59because there's a lot of products out there
04:00where people can have their cat on a pair of socks
04:03but it doesn't feel like a truly personal service.
04:06And that's what I wanted to provide.
04:08And so, how long ago did you start this business?
04:11So, we started at the end of 2021.
04:14So, 2022 was your first sort of full trading year?
04:17Yeah.
04:17And how did the business do in 2022?
04:19So, in 2022 we turned over £200,000.
04:22We made a net profit of £25,000.
04:25Yeah.
04:26And then the year after that
04:27we scaled that to £800,000
04:29with a net profit of £99,000.
04:31And last year we did just under £1.5 million
04:34with a net profit of £92,000.
04:37Incredible work.
04:38It's really...
04:39You know, it's rare for an entrepreneur
04:40to come to the den
04:41and be profitable since inception as well.
04:43So, what is the strategic unlock
04:45that you think a dragon can provide for this business?
04:47So, everything that we've done
04:48has been done by myself and my husband.
04:51We're 50-50 partners.
04:52We have no experience in this business.
04:55And everything we've learnt
04:56has been learnt by making mistakes.
04:58And I think we're at a point now
05:00where the numbers are getting so big
05:01and we have a reputation
05:02that I would like to avoid those mistakes.
05:04I'd like someone who's been where we are
05:07and knows where we want to get to
05:08and can help us get there.
05:11Wow, amazing.
05:12It's very interesting.
05:13Before you came on,
05:15let you into a little secret if you don't know.
05:17Sometimes the dragons like to guess what this is
05:20or what the business is about.
05:22Stephen turned around and said,
05:23I wouldn't put my pet on my top and wear it.
05:26I'm my own man.
05:27I'm my own identity.
05:28Within two minutes of you walking in
05:30and talking about your numbers,
05:32he goes, I love this business.
05:33I really love this business.
05:35It's remarkable because when I looked at it
05:37and you see other people's dogs,
05:39I go, no.
05:40And then the minute I saw my dog,
05:42I mean, Jenna started crying.
05:44I was like, oh, I get it.
05:45We do get that quite a lot.
05:46A lot of people do find it quite emotional.
05:48I think it's just such a nice and thoughtful gift
05:50to give somebody
05:51because everyone loves their pets, right?
05:52But the reason for mentioning that also
05:54is one of the things that I said is,
05:56half-joking,
05:58if this is a £3 million business,
05:59I'm going to reinvest.
06:01And then you come in
06:03and bang,
06:04you knock us out of the park.
06:05What is the forecast for this year?
06:07Is it £3 million?
06:08Yeah, just under £3 million.
06:09So it's £2.8 million.
06:10So the gross profit we're expecting
06:12is about £2.1 million
06:13and a net profit
06:14of just under £500,000.
06:17I mean, that is outstanding,
06:19I've got to say.
06:21I love the fact
06:22of how quickly
06:23you've grown this business.
06:24I think that I could bring
06:26a lot to the party here
06:27in terms of
06:28making this a global business.
06:34I'm going to make you an offer.
06:37You came in asking
06:38for £100,000 for 10%.
06:41I'm going to offer you
06:42all of the money,
06:43£100,000,
06:44but for a very small 20%.
06:47Wow.
06:49OK.
06:50Thank you very much.
06:51Can you embroider a vampire?
06:52Is that possible?
06:53We could do anything you'd like.
06:55You think you could?
06:56Yeah.
06:56OK.
06:58Lucy.
06:59Hello.
07:01Well done.
07:03Good quality.
07:06Look,
07:07I know what I could do
07:08for this business
07:09and I think you know that as well.
07:11I could definitely
07:12add...
07:13She didn't agree.
07:14I could definitely
07:15add margin
07:16to the bottom line.
07:19I've got people on the ground
07:20where this has been made now.
07:23So I'm also going to make you
07:24an offer.
07:25OK.
07:26I'm going to offer you
07:27all of the money,
07:28£100,000,
07:31also for 20%.
07:33OK.
07:34Thank you very much,
07:35Tika.
07:37Lucy,
07:37I'm going to tell you
07:37where I am.
07:38OK.
07:39I...
07:41I have such a strange
07:42feeling right now
07:42because it's a feeling
07:43that I've almost never had before
07:45in the sense that
07:48I love you.
07:49I think this is cool.
07:50I love that my dog is on this.
07:53But then I'm also thinking,
07:54I just don't think
07:54you need a dragon.
07:56Strange thing to say,
07:57but I've not seen any of this.
08:00It was like the first question
08:01I asked you,
08:01which is like,
08:02why is it you need a dragon
08:03in this business?
08:04What is the big unlock
08:06versus hiring more people
08:07or some kind of board?
08:10Yeah.
08:11I still don't know
08:11what the answer to that is.
08:14I think I've benefited
08:16in my career massively
08:17from mentorship
08:18and I think that's something
08:19that shouldn't be dismissed
08:21as a dragon being able to provide.
08:23And I know...
08:24So specifically,
08:24what would you want from me?
08:26I think you could definitely
08:27help us with the social
08:28side of things.
08:29The content that we've made
08:30has performed well,
08:31but I'm no content expert.
08:33I think there's big efficiencies
08:34that could be made
08:35with the marketing.
08:35I think it's a massive opportunity.
08:38And I think...
08:38Jenna, what are you thinking?
08:39I think you've knocked it
08:40out of the park.
08:41What are you thinking, Jenna?
08:43So much to say.
08:44I first just want to say
08:45you are incredible.
08:48I love brands
08:49that create emotional connections
08:51and it's how you build
08:54a brand bigger
08:55than even the product.
08:56It's how you make customers
08:59and your community
09:00talk about your brand
09:01and that word of mouth.
09:03So it's so important.
09:04So you've got something
09:05really, really special.
09:07And I see myself in you so much.
09:09Like only five years ago
09:10I was doing the exact same numbers
09:12and I just really don't think
09:15you need a dragon.
09:16You need a mentor.
09:18Yeah.
09:18But you don't need an investor
09:20in this business
09:20because it will change the dynamic.
09:23Why don't you both go out then
09:24and get on so we can get on with it?
09:27Because I want Lucy, Lola and Peter.
09:30I think me and you should just mentor.
09:32We could be mentors.
09:34Do you want to make a joint offer then?
09:37To mentor.
09:38Because I don't think anyone
09:39should take this business from you.
09:41I think you're brilliant
09:42and you don't need it.
09:44I just think,
09:45I know I really appreciate
09:46you saying that
09:47but I think that
09:49we do need a dragon
09:50to get to the next level
09:52and we want the investment
09:54and we want the mentorship
09:55and we want that relationship.
09:57We don't have experience in this
09:59and we really would benefit
10:00from somebody to come in
10:02and help us optimise things
10:03and open doors for us
10:04that we're not going to be able
10:05to get elsewhere.
10:07I agree Lucy
10:08and I'd say something else.
10:10I would say,
10:11you're smart.
10:14If you're in here
10:15looking for investment
10:15from a dragon,
10:17I trust you.
10:20So,
10:20I'm going to make you an offer.
10:22I'm not going to make it easy for you
10:23because I'm going to offer you
10:24all of the money
10:24but I want 20% of the business.
10:27Okay.
10:29Lucy,
10:29I think you answered
10:31my challenge to you
10:32so fantastically
10:34and you said something earlier on
10:36where you said
10:37you don't make the wrong mistakes
10:38and you'll never make the wrong mistake
10:40if you go with your gut
10:41and your gut is telling you today
10:43you want a dragon
10:43so I respect that
10:44so I'm going to make you an offer then.
10:47Okay.
10:49I will offer you the full 100,000
10:51but also I'd want 20%.
10:52Okay.
10:54Thank you very much.
10:58Yeah,
10:59you're just like
11:00stunningly impressive
11:02and I really did,
11:03like Jenna said,
11:04I really liked your answer to the question
11:05which is
11:05there's a big psychological component
11:07to this business
11:08which is having
11:09an experienced sounding board
11:10to help make some of these critical decisions.
11:12Quickest U-turn
11:13I've ever seen in history.
11:15It's a great response
11:17and as you scale
11:18you encounter a new set of problems
11:20but also just generally
11:21like being a young founder
11:23and building a business
11:24something that I can help you
11:25sort of navigate
11:25because you're going to go on
11:26one hell of a journey
11:27with this business.
11:29So I would love to go
11:30on that journey with you.
11:31I own a PR company.
11:32I own a paid performance company.
11:33Most of my investments
11:34we support them in that regard.
11:36Are you okay?
11:37It's like a boomerang.
11:39I mean it's like
11:40Yeah, it's
11:40yeah.
11:44Should I give a
11:4510 minutes to work?
11:46Just let me finish.
11:47Tuga, Tuga,
11:47just let me finish.
11:48These guys are so threatened
11:49it's unbelievable.
11:50They won't even let me get a word out
11:50with interrupting.
11:53But I'm going to make
11:53a slightly different offer
11:56because everything I've seen today
11:57there's a growing feeling in me
11:59that there is another dragon here
12:00that's right for you
12:00and I think that's Jenna.
12:03And I think
12:04I'm throwing it out there
12:05but I'd love to work with Jenna
12:06and you on this business
12:08if Jenna would be open to that.
12:12So I'm going to make you an offer
12:13and that is
12:14I'll offer you half the money
12:16for
12:1810%
12:19business.
12:20And you called me a vampire
12:22going for 20%.
12:22Wow.
12:23Can you embroider a snake?
12:32I just wanted to say
12:33thank you everyone
12:34for your offers.
12:35You know, really appreciate it.
12:39I've really liked
12:40how passionate
12:42Jenna and Stephen were
12:44about the business
12:45and about the mentorship
12:46side of things
12:47and being a founder
12:49and going on that journey.
12:51My only
12:52negotiation
12:53would be
12:54that once your money
12:55is repaid
12:56would you consider
12:57dropping down
12:57so that you
12:58cumulatively own
12:5915% of the business
13:00rather than 20%.
13:01So having a 7.5% stake each.
13:07I definitely would.
13:09I would as well.
13:11For sure.
13:15Then I would love
13:16to accept your offer.
13:17Well done.
13:18Well done.
13:19Thank you very much.
13:20Thank you first.
13:21You're welcome.
13:22Congratulations.
13:23Thank you so much.
13:24Hello.
13:25Thank you very much.
13:28Well done.
13:28A rare clean sweep
13:30of offers for Lucy
13:32who leaves the den
13:34with £100,000
13:36In my wildest imaginings
13:38that's how I imagined
13:39it would go
13:39and I'm just so thrilled
13:41and happy that's the way
13:42that it went.
13:43And the backing
13:44of two of business'
13:45biggest dobs
13:46even if one of them
13:48initially thought
13:49the idea was barking.
13:50As I was saying
13:51everybody should wear
13:53clothes with their pets on.
13:55I have never seen
13:56I have never seen
13:58a sound around.
13:59What do you mean?
13:59That's so funny.
14:00What do you mean?
14:02I mean talk about
14:05mental persuasion.
14:06Do you know
14:06I've never seen
14:07someone so shook
14:09in my life.
14:10You wouldn't even
14:10let me get my words out.
14:11Yeah because
14:12I didn't want you to get it.
14:26There they are.
14:28Oh yeah.
14:29Wowzers.
14:30I'm Amber.
14:31This is Hazel
14:32and we are the co-founders
14:33of Pequel.
14:37I'm nervous.
14:38We do.
14:39We're going to dance.
14:41We're going to dance.
14:41We can dance.
14:42We can dance.
14:43Pequel is a squat
14:45and go woman's urinal.
14:46We get women
14:47out of pesky toilet queues
14:48and back to the event.
14:49Smile at them.
14:50Yeah.
14:51Set the tone.
14:52Yeah.
14:52And then bam.
14:53I think we are both
14:55very committed
14:56to the problem.
14:57Like we genuinely
14:58feel angry
15:00about the inequality
15:01we're trying to
15:01have an impact in.
15:02Give me some.
15:03Give me some.
15:03Give me some.
15:04Give me some.
15:06So I think
15:07that core belief
15:10just unites
15:11us.
15:11It's been
15:12absolutely incredible.
15:13I wouldn't want to do it
15:13with anyone else.
15:16She cannot check on.
15:17I don't know.
15:27I don't know.
15:29Hello dragons.
15:31My name's Hazel.
15:32And I'm Amber.
15:32And we're the
15:33co-founders of Pequel.
15:34We met at university
15:35and after working
15:37at festivals
15:37came together
15:38to solve the problem
15:39of long female
15:40toilet queues.
15:42Every woman
15:43knows the struggle.
15:44Desperate but stuck
15:46in a never-ending
15:47toilet queue
15:47whilst men
15:48whiz in and out.
15:50But while she waits,
15:51businesses are missing out
15:52on potentially millions
15:53of pounds
15:53of untapped female spend.
15:56Surely there's
15:56a better way.
15:57Our solution
15:58is Pequel,
16:00the flat pack,
16:01squat and go
16:01woman's urinal.
16:03And our mission
16:04is to pioneer
16:05pea equality
16:05for all women
16:06everywhere.
16:07After conducting
16:08research at major
16:09UK festivals,
16:10we found Pequel
16:11is 2.7 times faster
16:13to use
16:14than a portable toilet.
16:15It's cost effective
16:16too.
16:17We calculate
16:18you can fit
16:18three times as many
16:19in a truck
16:20due to its
16:20flat pack design.
16:22Pequel is waterless
16:23to use.
16:23We save on average
16:25around 1.2 litres
16:26per use
16:27compared to
16:28common vacuum toilets.
16:29The design itself
16:31is made in part
16:32using ocean plastic waste
16:34and is fully recyclable.
16:35Since launching
16:36at Glastonbury
16:37in 2022,
16:38we have doubled
16:39our revenue
16:40year on year.
16:41Last year,
16:42we generated
16:42just under
16:43a quarter of a million pounds.
16:45This year,
16:45we're on track
16:46to more than triple it.
16:48Today,
16:48we are seeking
16:49£100,000
16:50for a 2% stake
16:52in Pequel.
16:53We really look
16:54forward to your
16:55questions
16:55and we invite
16:56you to come
16:56pop a squat.
16:57I'm excited.
16:59I've actually not
16:59been to the toilet
17:00today,
17:00so this is really
17:01useful.
17:01Yeah.
17:02Feel free,
17:03go on in there.
17:04A pop-up
17:05pee pod,
17:06which allows
17:07women to wee
17:07without a
17:08potentially lengthy
17:09weight,
17:09is the offering
17:11from Amber Probin
17:12and Hazel McShane.
17:14You face the
17:15pink wall,
17:15put your feet
17:16either side of the
17:17pedestal
17:18and pop a
17:19comfortable squat.
17:20Amber and Hazel
17:21are seeking
17:22£100,000
17:27in return
17:28for a 2%
17:29stake in their
17:30company.
17:31Actually,
17:32can you both
17:32turn around?
17:33The eye contact
17:33there is quite
17:34intense.
17:35I can see you.
17:36Amazing.
17:38The dragons
17:38have tried out
17:39spending a penny.
17:41Hey,
17:42you are there.
17:43Let me out.
17:44A very deep
17:45squat,
17:45I like that.
17:46It's like a
17:46jack-in-the-box.
17:48But will they
17:49be willing
17:49to spend
17:50£100,000?
17:54Hello,
17:55Hazel and
17:56Amber.
17:56Hello.
17:57Thank you for that.
17:58What is the
17:59time-saving
18:00versus that
18:01or a port-a-loop?
18:02Why do I need to
18:03step into it?
18:03Why can't I just
18:04open the door
18:04and come in?
18:06Can you explain
18:06that one for me?
18:07So we have
18:08removed micro
18:09time wasters
18:09that we identified
18:10in our research.
18:11So opening
18:12and closing the
18:12door is one
18:13of those.
18:13But we also
18:14remove any
18:15sort of natural
18:18slowing down.
18:18When you're in
18:19a private space,
18:19you might check
18:20your phone.
18:21You might do
18:21your makeup
18:22in the mirror.
18:23But because
18:24it's semi-private,
18:25it means that
18:25you're just peeing
18:26and then you're
18:26off.
18:27So you're
18:28incentivized to
18:29get in and
18:29get out and
18:30that's it.
18:31No, that makes
18:31sense.
18:32So what
18:32festivals have
18:33they been at
18:34and have they
18:34been a success?
18:36So after
18:36launching at
18:37Glastonbury,
18:38we have gone
18:39to most major
18:40festivals in the
18:40UK.
18:41Last year,
18:4220.
18:42This summer,
18:43we're on track
18:43for 40.
18:44It's really
18:45awesome.
18:46So we're from
18:46Shambhala to
18:47We Out Here
18:48to a military
18:49tattoo event
18:50to two weeks
18:51ago,
18:51London Marathon.
18:52We're really
18:53seeing this
18:53massive rollout
18:54across all
18:55events.
18:55So if I'm at
18:56Glastonbury now,
18:57I'm near the
18:58toilet,
18:59I'm going to
18:59the Port-A-Loo's,
19:00is there no
19:01more Port-A-Loo's
19:02and is there
19:03just this or
19:04is this a section
19:05within the
19:05Port-A-Loo
19:06section?
19:07So if you're at
19:08a festival,
19:08you'll see
19:09portable toilets
19:10or vacuum
19:10toilets or
19:11compost toilets
19:11and then you'll
19:12see Pequel on
19:12the side,
19:13like you see
19:14male urinals on
19:14the side.
19:15It's a choice,
19:16but it's like a
19:17speedy lane so
19:17women can be
19:18like,
19:18oh,
19:18I really want
19:19to go to the
19:19bar,
19:20I'm going to
19:20quickly pee in a
19:20Pequel and
19:21make it to the
19:22front of the
19:22crowd.
19:23Thank you,
19:23that was so
19:24clear.
19:24Now I think I
19:25was struggling
19:26to visualise it
19:26and I was like,
19:27if people just
19:28stood there like,
19:28no,
19:28I needed a poo,
19:29it was just
19:30these.
19:30Now I get it,
19:31okay.
19:33Hazel Amber.
19:34So is anybody
19:36else doing it
19:36and do you have
19:38protection on the
19:38design?
19:39Yes,
19:40so we have two
19:41different kinds of
19:42competitors.
19:43The first is
19:44direct women's
19:44urinals and
19:45they're mostly
19:46international and
19:47then the other
19:48competitors are
19:49existing infrastructure,
19:50so like portable
19:51toilets and we're
19:52different to women's
19:53urinals because we
19:54are more effective
19:55to transport and
19:56we're compared to
19:57portable toilets.
19:58Our new design
19:59is even more
20:00efficient to use
20:01than portable
20:01toilets and much
20:03better for the
20:03user.
20:04And what about
20:05protection?
20:06Yes,
20:07thank you for the
20:07reminder.
20:08We have lots of
20:09IP,
20:09so our current
20:11design have got
20:12multiple granted
20:13patents.
20:13We have a granted
20:14patent in the UK,
20:15the EU,
20:16the US and a
20:17utility patent in
20:18China and on our
20:20new product that we
20:20want to scale with,
20:22we have already
20:23filed patents for
20:24that and they're
20:24pending.
20:25And is this your,
20:26you talk about a
20:27new product,
20:27is this your new
20:28product?
20:28This is our
20:29current product.
20:30Our new product is
20:31not just on the left
20:32there, fit for
20:33international scale up
20:34because we're getting
20:34so much international
20:35demand, we're limited
20:37by capacity, not by
20:39demand.
20:39So this is what the
20:40investment will go
20:41towards, is to build
20:42these products that
20:43we want to scale
20:44quickly and be able to
20:45reach many more
20:45events and many more
20:46women.
20:48You're so impressive.
20:50I mean, I'm looking,
20:50seriously, I'm looking
20:51at a couple of steps and
20:52a plastic cubicle with a
20:54potty in it and I'm
20:55thinking of investing.
20:56Fantastic.
20:57Sell the vision,
20:58eh?
21:01But, what makes you
21:03at the moment believe
21:04that this has a 5
21:05million value?
21:06So it comes from
21:08historical revenue
21:09growth.
21:10In 2023 we generated
21:12121k, last year was
21:15246k, this year we're
21:16on track for just over
21:17800k.
21:18And then the net
21:19profit forecast for this
21:20year?
21:20So that's 23k and that's
21:23because we're investing
21:24in the tooling.
21:24Hang on, hang on, hang
21:25on.
21:26That doesn't justify a
21:28valuation of 5 billion,
21:29does it?
21:30You'll forecast for the
21:31next 12 months you're
21:32going to make 20,000
21:34pounds.
21:34Yes.
21:35And you value your
21:35business at 5 million.
21:37Yes.
21:37But if we look to the
21:38next year, that's already
21:40recognised by producing a
21:42net profit of, sorry, so
21:44next year we're generating
21:461.7 million at a net of
21:491.2 and a gross of
21:51850k.
21:52Okay.
21:53And again, so how does
21:54that generate or why does
21:56that value your business
21:57at 5 million today?
21:59Because we're showing the
22:00growth historically and
22:02also to our future.
22:03By 2027, net profit of
22:062.4 million.
22:08Thinking about our
22:08industry and events.
22:10Now that would be good.
22:11Okay.
22:12Can I invest then then?
22:13At the same rate?
22:14We might be a
22:15different.
22:15You might have
22:16missed the boat then.
22:18Girls, I'm going to
22:19tell you where I am.
22:22I'm really upset with you.
22:26I am.
22:29I'm upset because I think
22:30you've asked for too
22:31much money.
22:34And I really want to
22:36find a way to invest in
22:38two great entrepreneurs
22:40of the future.
22:43but I think you've way,
22:44way overvalued your
22:45business to a level
22:46that's, that just
22:48doesn't make it
22:49investable.
22:50It would mean that
22:51having to take a large
22:52chunk of your business
22:53at this stage and that
22:54makes me feel really
22:55uncomfortable too.
22:57So, I'm going to have to say
22:59that I'm out.
23:02But it's not a reflection
23:03of you.
23:04I'd love to have
23:05invested in you but it's
23:05just too much money for
23:07too little equity.
23:08Thank you so much.
23:10Hazel and Amber.
23:12Hi.
23:12Hi.
23:13I love your passion and
23:15I think you're natural
23:16entrepreneurs but
23:19sometimes success can put
23:22a flag up to the
23:23competition.
23:24Yeah.
23:25So, you've said that
23:26you're putting these
23:28amongst other
23:29urinals in
23:31Glastonbury and
23:32whatever.
23:33Yeah.
23:33Now, if I was a CEO
23:35of one of those
23:36companies, I'd want to
23:38know more about it and
23:39say to my team, what
23:40can we do?
23:41Yes.
23:42And what will happen,
23:44they will employ a
23:45design and say, that's
23:47the competition, they'll
23:48make it better.
23:49And they will undercut
23:50you and all of a
23:51sudden, you get
23:52squeezed out.
23:54So, I'm going to say,
23:55for that reason, I'm
23:56out.
23:57Thank you very much.
24:01Hazel and Amber,
24:03this is a, it's so
24:04difficult because I am,
24:08I believe that you're
24:10going to be successful
24:11and I believe that your
24:14success is going to result
24:15in me seeing these
24:16everywhere I go, at every
24:17festival, probably every
24:18marathon.
24:19But still, with all of
24:21that knowledge and
24:21foresight of knowing how
24:22successful this is going
24:23to be, it wasn't clear
24:25cut for me.
24:26And it reminded me how
24:27important passion is in
24:28my investment strategy
24:29because that's what
24:30energizes me.
24:31And I couldn't quite get
24:33there.
24:34So, I'm going to say
24:35that I'm out, but I wish
24:35you the very best.
24:39Hazel, Amber, hi.
24:40Hi.
24:41I agree with what
24:42everyone is saying.
24:43You two are so
24:43impressive.
24:45But I think for me to
24:46actually invest, it's not
24:47something that I hold as
24:49much passion with
24:50yourselves in.
24:52So, for that reason, I
24:53am out.
24:53I wish you all of the
24:54best.
24:55Thank you so much.
24:59Guys, I think you're
25:00clearly excellent, but
25:03there are some big
25:04issues that you probably
25:06could do with some
25:06guidance on.
25:07Absolutely.
25:11So, I clearly understand
25:13the hospitality side of
25:15things.
25:15I'm not pretending, although
25:16I am appearing at
25:17Glastonbury this year.
25:18Surprise, surprise.
25:19I will come and find you.
25:20I might use the green
25:22room blues.
25:23That's the only thing,
25:24but I will.
25:25We are in quite a few
25:26VIP spaces.
25:27Are you?
25:28We can meet you there.
25:29What song are you going
25:30to sing, Debra?
25:31I haven't decided yet.
25:33It's not the pyramid
25:34stage.
25:35Okay.
25:37But honestly, there's so
25:39much I love about you, and
25:40I think it mainly is you.
25:43I do think that whilst you
25:45have done everything you
25:45can to protect yourself,
25:47there aren't that many
25:49barriers to entry.
25:50So, I think you're
25:51completely right to try and
25:53go at this.
25:54at speed.
25:55But I also recognise an
25:57industry that is trying to
25:59buy a new product and
26:00innovate, and they're
26:01looking for people like
26:02you to come up with
26:03something new and
26:04something different, you
26:05know, so that's great.
26:07So, you asked for 100,000
26:09for 2%, and I've got to
26:10say, I think your
26:10valuation is way off.
26:13So, I'm going to make you
26:14an offer.
26:15I'm going to offer you
26:15all of the money, but I
26:18want 5% of the business.
26:20Okay.
26:20Okay.
26:21A little curtsy there, I
26:22like that.
26:24Milady.
26:29Thank you so much for your
26:33offer.
26:34We wanted to ask you if you'd
26:36be open for 100,000
26:37investment at 4%.
26:46Do you know, I think I've
26:47made you a fair offer.
26:51Okay.
26:52And I think it's the offer I
26:54would feel comfortable
26:54at.
26:55And you need to feel
26:56comfortable as well, you
26:57know, if it's not right for
26:58you, then you say that, but
26:59I think I'm going to stick at
27:005%.
27:01Okay, thank you.
27:03And we want to thank you
27:04all for your time today and
27:06your advice, but we would
27:09love to accept your offer.
27:11Good.
27:11Good.
27:12I thought for a horrible
27:13minute there, you're going to
27:15make the wrong decision.
27:16And that would be the first
27:17mistake you'd have made.
27:18No, no.
27:19No, honestly, you're
27:20brilliant.
27:20Thank you so much.
27:20You are absolutely brilliant.
27:22Bye.
27:23Well done.
27:23Well done.
27:25Amber and Hazel are flushed
27:27with success.
27:33They leave the den with a
27:35hundred thousand pounds.
27:36You smashed it.
27:37You smashed it.
27:38Put it there.
27:39Having teamed up with a
27:40dragon with the CV to
27:43supercharge sales of their
27:45WC.
27:46I mean, Deborah Meaden,
27:47what an icon.
27:48Oh my gosh.
27:49That's crazy.
27:50She just shares so many of
27:52our values that we're really
27:53excited to be able to say
27:54yes.
27:55Do you know what?
27:55Deborah, when they came
27:56back at 4% and I thought
27:58they were taking the
27:58people.
28:16My name's Tony Corbett.
28:19My business is called
28:20Right Tackle.
28:22Fishing.
28:23Fishing.
28:24Fishing.
28:26Oh, it's fishy.
28:28Well, there is a fish down
28:29on the floor down there
28:30in a net.
28:31Yeah, there's something
28:32fishy about this one.
28:36I think it'd be worth a
28:37dragon for taking a punt
28:38on me today because I think
28:40this will grow to be a
28:41million pound business
28:42within the next three to
28:43five years.
28:44Tucker Sullivan would be
28:46a great one for the
28:46actual manufacturing side of
28:48it.
28:50I'm fairly nervous about
28:51going into the den.
28:53I'm good at a lot of
28:54things but probably not
28:55pitching.
28:56It's a challenge for me.
28:58Can I remember my script?
28:59Can I remember my script?
29:00Can I remember my script?
29:02Can I remember my script?
29:22Hello, dragons.
29:23My name's Tony and I'm the
29:25founder of a company called
29:27Right Tackle.
29:27I'm here today to ask for
29:30£50,000 of investment for
29:3210% share in my business.
29:34The UK tackle market is
29:36roughly about £500 million
29:37per annum and there are
29:39approximately 1.6 million
29:41anglers in the UK regularly
29:42going out fishing.
29:44My business so far I've mainly
29:47done online through my own
29:49website and other online
29:51platforms.
29:52My first product was called
29:53a Rightway which is a
29:54fishing scale.
29:57It attaches between your
29:59net and your pole and
30:02basically as soon as you
30:03catch a fish you can read
30:05on the scale there exactly
30:07however the fish is.
30:08So far I've sold over 6,000
30:10units and I've done £170,000
30:13worth of sales and £28,000
30:16of net profit.
30:21Where I'm looking for help is
30:23my next range of products.
30:25The first product is called a
30:26Right Count which is a fish
30:27counter.
30:29Basically it's mainly used by
30:30match anglers for keeping
30:32within net limits because in
30:33match fishing you can only
30:35normally put about £50 in a
30:36keep net.
30:37If you go over that limit you
30:38actually lose the whole net and
30:40get disqualified from the
30:41competition.
30:42So when you turn the knob it
30:43actually turns to the weight of
30:46the fish.
30:47So if that one was £2 I'll just
30:48move that £2 and I know
30:50exactly then how much I've got
30:51in each keep net.
30:53My second product which you saw
30:55me walk in with is called a
30:56Right Shuttle which is a
30:58premium tackle transporter that
31:00I've designed to be strong,
31:02stable and manoeuvrable.
31:09I've had ones that have just
31:11fallen to pieces and broken so
31:12I decided to design my own.
31:15It has a handle system that can
31:18adapt to the height of any of
31:20the anglers and it also has
31:22steering.
31:23Not many legs that you go to are
31:24actually square or straight so
31:26basically you can steer around
31:27it.
31:30So I think there's a massive
31:31market for the fishing tackle
31:32transporters.
31:33And I reckon that within the
31:35next three to five years this
31:36could be a million pound
31:37business and I'd like to work
31:40with at least one of you on
31:41that journey.
31:45Inventive angler Tony Corbett
31:47got through his pitch hitch
31:49free.
31:50I'm sorry I did mean to say
31:52that you've also got some
31:53samples underneath your seats.
31:54Yeah.
31:56Having already taken some scales
31:58to market Tony wants £50,000
32:01to add a tackle transporter
32:03and a gadget for helping
32:05competition fishers tally their
32:07match catches to his product
32:09portfolio.
32:12In return he'll give away 10% of
32:16his business.
32:18Peter Jones is first up with the
32:20questions.
32:24Tony.
32:26Hello Peter.
32:28You've done well.
32:29You're nervous aren't you?
32:30I'm very nervous.
32:31Yeah.
32:31What I'll say is my strength isn't
32:33pitching.
32:33My strength is up there making things
32:36and selling.
32:37There's nothing wrong with your pitch.
32:39It's the only thing being really
32:41candid.
32:43I don't fish.
32:45So I'm trying to understand what the
32:47size of the market and the
32:48opportunity is and you very rightly
32:50said that you know there's 1.6
32:51million anglers.
32:52So there's your market.
32:54Is that right?
32:55Yeah that's the market.
32:56I mean the age of anglers seems to
32:58be on the increase at the moment.
33:00So the need for and say the increased
33:02amount of tackle that we actually
33:03carry now.
33:04So to a match I'll carry 70 kilos of
33:06fishing tackle.
33:06So there is definitely going to be a
33:09bigger need for tackle transporters.
33:12Okay so for me then I'd like to just
33:13have a couple of questions on the
33:15business.
33:15You said that you want to make this
33:17into a million pound business.
33:18Yes.
33:19Is that a million pounds turnover?
33:20Million pound turnover in the next
33:21three to five years.
33:23Tell me where you are at the moment.
33:24So in total in the last say 12
33:27months how much have you generated in
33:29in sales?
33:30The last 12 months has probably been
33:32one of my slowest 12 months.
33:36I've generated about £28,000
33:39worth of sales and my net margin is
33:42normally around about 20%.
33:44So you've made what £5,600?
33:46£5,600 in the last 12 months.
33:49And this is a hobby isn't it for you?
33:51No.
33:52Well it is sort of.
33:54I am semi-retired.
33:56I've got a little workshop in my house.
33:58I've got a little lathe and
33:59drilling machine and I made all the
34:01parts to make one of these.
34:02OK so £28,000 the last 12 months.
34:05That's not bad.
34:06No it's not bad.
34:07My first year I did £75,000 so I've
34:09actually got degenerative sales.
34:11But the main reason, which is
34:13annoying, but the main reason for
34:15that is one it was a new product and
34:16everybody wanted one.
34:18And two I've basically run out of
34:20marketing campaigns that I can
34:22possibly do to reach more and more
34:23people and that's where I need this
34:25kind of help is to regenerate sales.
34:31Tony, I've done a little bit of
34:33fishing, a tiny bit.
34:34I've never caught a fish.
34:37So I don't know if that counts as
34:38fishing or just sitting on a boat.
34:39Yeah, it's not called catching,
34:41it's called fishing.
34:42Yeah, so I've done a sitting on a
34:44boat and I love it.
34:46I love it because it's really
34:48meditative and calming and relaxing.
34:51And these items I think are really,
34:52really cool.
34:53It's really innovative.
34:56Where are people buying the product?
34:57Is it on your website?
34:58It's on my website and Amazon and eBay.
35:01Okay.
35:01So you do have some customer details.
35:03So when you come up with new products
35:05you can speak to the customer directly.
35:06Yeah.
35:07I've got nearly 3,000 Facebook friends
35:10as well and I'm also in a lot of
35:11fishing groups on Facebook.
35:13I'm trying to figure out, I guess,
35:15I guess I'm trying to figure out if
35:15this is a great lifestyle business for
35:18you that you can run at your pace
35:19that will generate money for you or
35:21whether this is an investment.
35:23And if I look at the last 12 months sales
35:24there's been roughly £5,000 profit
35:27generated, £5,600.
35:29Yeah.
35:30Okay, so that's really the most
35:32critical number here because if you
35:33were to pay out a dividend to an
35:35investor, my investment would be
35:37£50,000 and at the offer you've made
35:40me today at 10%, I would get
35:4110% of your profit.
35:43Yes.
35:44And on the current profit over the
35:45last 12 months, I would get
35:47£560 paid to me.
35:48Yes.
35:50How does that change?
35:51Because as an investor you want
35:52multiple, so you want a multiple on
35:54your investment.
35:55How does it change?
35:56It changes with the new products.
35:57The product you've got in the hand
35:59there, I actually 3D printed that.
36:01Oh.
36:01Okay.
36:02Where I need some investment, I need
36:03to buy some moulding tools which are
36:05approximately about £10,000.
36:07Then those will be produced for about
36:0920 pence and sell for about £10
36:11each.
36:12But where the money will be is in the
36:14tackle transporters.
36:15There's massive margins to be made in
36:17these.
36:17The basic model there I can make for
36:21about £70 to £80 and probably sell for
36:23in the region of £300.
36:27Tony, I know nothing about fishing.
36:29Okay.
36:30But I know about products.
36:32I know.
36:33Look at your pitch.
36:35You went over a lot of products, which
36:38means you're going to need a lot of money
36:41even to stock it.
36:43Yeah.
36:44£50,000 will go nowhere.
36:47And I think if I had to ask you, if you
36:50had to pick one product and say, with
36:53that, I can build a business.
36:55Yeah.
36:56It will be the tackle transporter.
36:57Fine.
36:57No doubt.
36:58So which country is that from?
37:00It's from China.
37:01From China, yeah.
37:02So if we take that product there, you've got
37:06two products actually.
37:07Yeah.
37:07Take the smaller ones.
37:09Yeah.
37:10What would that cost you out of China?
37:12The smaller one for all the component
37:14parts would cost me about £45 for the
37:19smaller one.
37:20Landed?
37:21Landed.
37:21I have to do some manufacturing to that.
37:23I have to drill some holes.
37:25You have to do what, sorry?
37:26I have to drill some holes to make it all
37:27fit together.
37:28Why do you have to draw some holes?
37:29Well, I can get them to actually drill
37:30the holes.
37:31I mean, the important thing about China is
37:34that they manufacture it, they box it and
37:36ready to go.
37:37You don't want to touch it.
37:39No.
37:39And that's exactly why I need the help of a
37:41dragon like yourself that could put me in
37:43touch with the right people.
37:49Tony, I have a huge amount of admiration for
37:52your inventiveness.
37:55As I look at the business, the thing I'm
37:58struggling with is I think I would have to
38:00be incredibly active in this business across
38:03several areas in order to ever deliver a
38:05return.
38:06And so I conclude that ultimately this is
38:08probably a lifestyle business for you.
38:10That's going to do well for you.
38:12Yeah.
38:12So I'm going to say that I'm out, but I wish
38:14you the very best.
38:14Okay.
38:16Tony.
38:17And Tony.
38:18Snap.
38:19Snap.
38:20Tony, this feels to me like if you are going
38:24to take on board an investor, it's because
38:28an investor would love phishing, completely
38:30get it, because I, like Stephen, cannot see
38:35the moment of return.
38:37So I'm out.
38:38Okay.
38:39Thank you, Deborah.
38:41Tony, hi.
38:43Hi.
38:43So phishing is not my passion.
38:46And to kind of say what Deborah just said, you
38:48need someone in this business with you that
38:50loves phishing as much as you do.
38:52So it's not an investment for me.
38:54And I am out, but I wish you the best of
38:55luck.
38:56Thank you for your time.
39:00Tony.
39:02It's a breath of fresh air to see you walk
39:04into the den.
39:06And I know you've been angling to get a dragon.
39:09Well, Bob, give us an moment to applaud you,
39:11Peter, surely.
39:12Of course, there's a pun there.
39:14I was hoping I might be able to reel one of you in.
39:16But there you go.
39:17Oh, I was just going to say, you know, you
39:18could reel us in.
39:20We'll get a few, Bob.
39:21But I do think as a business, there's a lot here
39:23to tackle.
39:23Oh, I'm going to throw up.
39:27Tony, it is a breath of fresh air.
39:30And I'll tell you why.
39:31It's because there are not many times or an
39:36opportunity where you get to invest in innovation
39:39or new products and that sort of stuff.
39:43You're brave enough to walk through here and pitch
39:45to us.
39:45And I know you were absolutely.
39:47Yes.
39:49Crap on yourself.
39:49You know, you were scared.
39:51And but look at you now.
39:53Your pitch shone through.
39:56It's just purely down to how on earth can we make a
39:59return on this business?
40:00And that is the issue.
40:03So I'm going to say that I'm out.
40:05But it's a pleasure to meet you.
40:06I would like to say I am an inventor.
40:10I've probably got about another 10, 12 things.
40:12But the margins that we can achieve on that,
40:16particularly with the help of somebody like Tuca,
40:18are absolutely massive.
40:20I think Tuca is your perfect partner.
40:22You wouldn't need to sell many of those to make a
40:24big return.
40:29Tony, the pitch was a good pitch, but it was very broad.
40:34And the product that you want to move forward with,
40:36you've got no history on.
40:38No.
40:39Yep.
40:40So you were talking about a brand new business.
40:43Yes.
40:44Unproven.
40:46There could be another business there.
40:48Yeah.
40:49But you haven't come here and said, look, guys,
40:51I've had the first batch.
40:53I've sold out.
40:55I need money to buy more.
40:57And this is the results on it.
41:01Yep.
41:02Yes.
41:02So it's not investable as it stands.
41:06However, if you need any help,
41:09I'm very willing to do a Zoom call with you as a mentor.
41:15That I can offer you.
41:17That would be absolutely fantastic too.
41:19And then I can guide you in any way.
41:21But from what you've pitched today, it's not investable.
41:24So I'm out.
41:25Okay.
41:26Thanks, Tony.
41:26Thank you, Tony.
41:27Thank you all for your time.
41:30That's it for Tony, who departs the den without the investment he came for.
41:35But with the offer of mentorship from Tuca Suleiman, he did at least manage to get a bite.
41:44When I came into the den, my one dragon, which I was hoping to get a deal with, was actually
41:49Tuca.
41:50So the offer of assistance from Tuca is absolutely fantastic, and I will be taking him up on that.
41:56Good.
41:56He didn't reel us in.
41:58Do you want to get them all out now?
41:59You must have more.
42:00You've got more.
42:01You've got more.
42:03He's always got more.
42:04Is that what you just do, right?
42:06Your notes are just puns.
42:08Any more?
42:09No, I'm going to stop.
42:26It looks scary, doesn't it?
42:28I'll be fine.
42:29I got this.
42:30My name's Temmie.
42:31This is Ash, and we're from London.
42:34Yeah, pleasant to be doing it with you, though.
42:35Should be fun.
42:36Yeah, me too, mate.
42:37Yeah.
42:38I got this.
42:39Pickling is our passion, and...
42:41Yeah, we're kind of obsessed.
42:42Yeah, not even kind of.
42:43Full-on pickleheads.
42:44Yeah.
42:46It's a problem.
42:49Make your own pickles.
42:51Debra used to be able to say this perfectly.
42:53Peter, piper, piper, piper, piper, piper, piper, piper, piper, piper, piper, piper, piper, piper, piper, piper.
42:57Oh, I can only do it when I'm drunk.
43:13Hi, Dragons.
43:15My name's Ash.
43:16And my name's Temmie, and we're the co-founders of Silk Pickling.
43:19Our aim is to drive a pickling revolution through the use of our award-winning pickling liquids and delectable pickles.
43:25We're looking for £20,000 today for 5% equity in our business.
43:29We fell in love with pickling because it's such a great way to incorporate new and exciting flavours into your
43:34cooking.
43:35However, as consumers, we're left frustrated by the number of options in the pickling aisles of UK supermarkets,
43:40and how tedious and smelly it was to do it yourself from scratch.
43:45That's why we launched Silk, to make pickling a breeze, and to make it fun and exciting by incorporating bold
43:51and unique flavours.
43:52So all you do is take any produce you have, chop it up, pour over some pickling liquid, and just
43:58like that, you've pickled.
44:00Pickling is also a really good way to eat more seasonally and can help you reduce food waste in your
44:05own home.
44:061.3 million tonnes of edible salad and vegetables are thrown away every year.
44:10And that's why we launched Wonky Pickles, where we take out-of-spec produce from UK suppliers, pickle them in
44:17our award-winning pickling liquids.
44:18When we first started the business, our aim was to understand if there was indeed a product market fit.
44:22But it wasn't until August 2023, when I took the plunge to go full-time, that we started to see
44:27some genuine growth.
44:28We grew our revenue five-fold and took on 60-plus new retailers, including prestigious names such as Selfridges.
44:35So thank you very much for listening to us, Dragons.
44:37We'd like to welcome you to Pickle Yourself Silly, and Ash is going to show you how.
44:42A range of flavoured pickling liquids, along with a selection of ready-made pickles, are the offerings from Ash Mikuski
44:50Ringhus and Temiola Benga.
44:53Can we just get the puns out of the way? I'm in a pickle.
44:58They're asking for £20,000.
45:01Pickled pineapple, that's in the Scotch Bonnet and lemon pickling liquid.
45:04In return for a 5% share of their company.
45:08And then it's the Wonky Pickles, that's pickled in the dill and mustard.
45:12Pickled peppers may be hard to pronounce, but other pickles are hard to resist for Deborah Meaden.
45:20Go on, ask me what my favourite treat is, a fridge treat.
45:25What's your favourite fridge treat?
45:27Pickled gherkins.
45:28Oh, fantastic.
45:29Oh, I'd love a pickle gherkins, but they've got to be well pickled.
45:32They have to be well pickled, you're absolutely right.
45:34Right, so just so I understand the scale of the business, you talked about you've grown five times revenue,
45:41and I think that means your revenue is quite small.
45:44Because had it been big, you'd have said we're turning over half a million pounds.
45:49So, what stage are you at at the moment in numbers?
45:53So, in the last 12 months, we've generated £32,000 in revenue with a gross profit of £21,000.
46:00A gross profit of £21,000?
46:02Yes.
46:02All right, so your margin's quite high.
46:04And a net loss?
46:06Of £60,000.
46:08I like the way you didn't say that, as if I wasn't going to ask you.
46:12I was just going to wait for you to ask you.
46:14OK.
46:15All right, and I'm just trying to imagine why I would use you,
46:19because actually, my husband, Paul, pickles, but he just uses normal vinegar.
46:24We've got a big vegetable garden, loads of, you know, loads of produce.
46:28So, we do actually pickle it, and it's not that hard, is it?
46:32So, why?
46:33You know, why would I spend...
46:34How much is that, for instance?
46:35Oh, sorry, that, pickling.
46:36So, for a litre, it's £8.99.
46:39Yeah, so, if it was just pickling vinegar,
46:42how much would that cost me?
46:43About £4.
46:44Yeah, so, twice the price, because you've infused it with...
46:47Yes, with the dairy and the mustard.
46:49So, you get the flavour profile that comes through almost immediately
46:52as you've tasted it there.
46:54Yeah, that feels like quite a premium.
46:56I mean, Paul is a brilliant cook,
46:58so, you know, he will add all of his own stuff anyway,
47:01but that does feel like quite a premium.
47:05Ash and Temi, where did you get the £60,000 from
47:09that formed the net loss in your first year?
47:12Yeah, it was a mix of money we've put in ourselves
47:15and then support from friends and family
47:18and then some sort of bank loans as well.
47:20Okay, and how big are the bank loans that you have?
47:22That's £25,000 in total across two.
47:25Okay, fine.
47:26And what have you done so far this year in terms of revenue?
47:28We have done so far in the first six months of the year about £18,000.
47:34And what are you forecasting for the last six months?
47:36So, it's quite a big jump.
47:39We are forecasting about £300,000.
47:42Why is it always a big jump in the future?
47:45We can justify it.
47:46Okay, please justify it.
47:48We're in conversations about a massive order
47:52of thousands of litres of pickling liquids.
47:55From who?
47:56From an agency that works for a client
48:00to they're doing a brand activation.
48:02They want 7,000 litres of pickling liquid.
48:07Ash. Ash and Temi.
48:10I've tried it. It's lovely. It tastes great.
48:12So, this clearly, at the moment, is quite a small business.
48:17Yes.
48:17And you've got a loan. You said you've got a bank loan.
48:20How much did you borrow?
48:22£25,000 in total.
48:23And how are you paying that?
48:26Through, just through sales, essentially, at the moment.
48:29And then, as we said as well, through the friends and family.
48:32So, we've got £25,000 invested from friends and family.
48:36And then we've also got...
48:42around £25,000 in loans from friends and family.
48:44£25,000 in loans from them?
48:46Yeah.
48:47Does that keep you up at night, that you are worried about that?
48:51It's stressful at times, yeah.
48:53But what we see is, you know, we see the potential.
48:57We have...
48:58No, I get the belief.
49:00Yeah.
49:00I get that.
49:04I love pickles, by the way.
49:06Being of military and origin, we love pickles.
49:10How big is the industry?
49:12So, that's a question we've tried to answer.
49:14And the closest we've got is the sauces and condiments market,
49:18which includes pickles and vinegar,
49:20because we're sort of scaddling the two.
49:22And that's expected to reach £1.4 billion by 2027.
49:26In the UK?
49:26In the UK.
49:28Now, do you outsource all this?
49:31Not at the moment, no.
49:32Ah.
49:33And that's...
49:33You make it where?
49:34Your kitchen?
49:35We have a commercial kitchen,
49:37or a shared commercial kitchen,
49:38in South London at the moment.
49:40Right.
49:41And have you got all the accreditations?
49:43No.
49:44So, that's why we're in the process
49:45of trying to find a call packer now.
49:47That's one of the key priorities for the next year.
49:50So, we can...
49:50Because without that, you can't really go...
49:53No, yeah.
49:53...supply anybody big.
49:54Yeah.
49:54And that's been kind of one of our issues with growing it.
49:57Okay.
49:58Because what worries me,
49:59you're so small,
50:01that in order to go to a big packer,
50:04you're going to be wanting minimum order quantities.
50:07You know?
50:07Mm-hmm.
50:08Mm-hmm.
50:08So, it's a chicken egg, really.
50:10It's like, without big orders,
50:12you can't go there.
50:14Where you are now,
50:15you can't go to the big guys.
50:17And you've got...
50:18I know where you are.
50:20Exactly know where you are.
50:21In order to grow this business,
50:24you need...
50:25You need time.
50:26You need a lot more than 20 grand.
50:30Ashlyn, tell me.
50:32The product's lovely,
50:33but I think there's a reality.
50:35You've done £30,000 revenue,
50:38haven't really sold that many.
50:40You're up against it financially.
50:43I mean, I actually think you're in a real pickle.
50:47Yeah, I think we have...
50:48We have challenges,
50:50but actually, with the wonky pickles,
50:52and I think the context,
50:54we launched those two weeks ago,
50:55so it's...
50:56There aren't many, many, many sales for them.
50:59So it's new.
50:59Yes, it's very, very new.
51:02Look, I think I need to declare where I am.
51:05I do think it's quite early stage,
51:07and I believe in you,
51:09but I'm not sure that this is going to become a business.
51:12I think you need a lot more than £20,000.
51:14I really, genuinely do.
51:16And I'm slightly worried for you,
51:17because you've taken...
51:18You've got a level of debt you need to get out of.
51:22But it's not something for me to invest in.
51:24I'm going to say that I'm out.
51:26But good luck.
51:29Ash and Temu,
51:31why are you doing this?
51:34The wonky pickles?
51:35Yeah.
51:35Just to clarify,
51:36just so I have it clear in my head.
51:38Why are you doing pickles in a jar?
51:39Did you do this because this was struggling?
51:42Is that really what happened?
51:43In part, we'll be honest, yeah.
51:45Yeah, because people come up with these, like,
51:46stories in hindsight to make it make sense,
51:48but it doesn't make sense.
51:50When you make this product,
51:51you go into a red ocean where it's super competitive.
51:53It's a complete...
51:54For me, that's a different game to this.
51:56Yeah.
51:57This is interesting,
51:58because I've never heard about this before.
51:59This is something fun.
52:00It's different.
52:01It's an uncontested ocean.
52:03Yeah.
52:04I just want to be honest.
52:05I think the decisions that have been made
52:06around the product are concerning.
52:12Hmm.
52:17The reason I'm still sat here
52:18is because I think you're good guys
52:19and I like you.
52:20Yeah.
52:21And there's a part of my heart
52:22which is, like, willing you to be successful
52:24and thinking,
52:24how can I help you be successful?
52:26But that's not what my job is here.
52:28My job is to invest my money in businesses
52:30that I really believe in
52:31and that I believe I can help scale.
52:34So, I'm going to say that I'm out,
52:35but I wish you the very best.
52:39Ash and Tammy, hi.
52:40Hi.
52:41So, yeah, when you first came in,
52:42you're like,
52:43I want to start a revolution.
52:44And I was like,
52:45yeah, I love a revolution.
52:46I love change.
52:47And I,
52:48that is change,
52:50this one here.
52:51And I agree with everything Stephen said.
52:52He literally took the words
52:53out of my mouth.
52:54I was literally staring at them like,
52:56revolution is this.
52:58Okay, this is difficult,
52:59so we'll just not start the revolution.
53:01So, you're almost like
53:02going against your purpose
53:03and you're not doing the revolution here.
53:06So, I think,
53:06because I've not been convinced
53:07that this is a revolution,
53:08I don't feel like
53:10I can get on board with it.
53:13So, for that reason,
53:14I am out.
53:15I wish you all the best.
53:16Thank you so much.
53:19Guys,
53:20I think the problem for it is
53:23that it's actually quite easy to do.
53:26And if this was
53:28around and about the same price
53:29as, you know,
53:30the straightforward, boring one,
53:31that wouldn't be a problem.
53:33The problem is
53:33you're asking people
53:34to pay more than twice the price
53:35for this.
53:37So, I'm really sorry,
53:38but I won't be investing.
53:39I'm out.
53:40Thank you very much.
53:40Thank you very much.
53:44Guys,
53:45it really puts me
53:46in a difficult position.
53:50Because I like you guys.
54:06OK, this is how
54:07it's going to work out.
54:08So, you've come in here
54:09asking $20,000 for 5%.
54:12And I'm saying,
54:13there's a lot to do here.
54:15Right?
54:16And I'm giving you a lifeline
54:19to see what we can do with it.
54:22I will give you
54:23all of the money.
54:26But I want to be
54:27a third shareholder.
54:29And I will lend you the money
54:32to take out your loan
54:34interest-free for a year.
54:38My business needs to tell me
54:39I should not invest.
54:41But my heart tells me I should.
54:43So, I'm making you that offer.
54:50Do you want to go back
54:51and have a chat, guys?
54:52Yes.
54:59That's interesting.
55:02There is a lot to do.
55:07On the fence.
55:09Yeah.
55:09That's really tricky.
55:28We've given it a think.
55:30Thank you very much
55:31for the offer.
55:33We believe in it.
55:35And we think we can
55:37get out of where we are now.
55:39And, you know,
55:40we're seeing...
55:42We're seeing good potential.
55:43And it's way above
55:45the red line
55:46without coming here.
55:47I'm really happy
55:48that you're confident.
55:49Yeah.
55:49Yeah.
55:50And honestly,
55:50we appreciate the fact
55:51that you all think
55:52we're so nice.
55:53What's the decision?
55:55We're not going out.
55:56I'm going to say,
55:57no, thank you.
55:58I understand.
55:58So, for that reason,
55:59I'm out.
56:00Yeah.
56:02Thank you, everyone.
56:03OK, guys, good luck.
56:04Good luck.
56:06And purveyors
56:07pass on Tuker's offer,
56:11preferring to preserve
56:12their business intact
56:13rather than give up
56:15a third of their company.
56:18So, Tuker's offer
56:19was certainly
56:20outside the box.
56:22That was way above
56:23the red line we'd set.
56:25No, I think
56:26that was the right decision
56:28for us.
56:28We have to
56:30stay true to ourselves.
56:31I don't think we do.
56:33But definitely
56:34there was a lot
56:34of good advice
56:35for us in order
56:35to, you know,
56:37take it to the next level.
56:38I don't think
56:39you desperately
56:40wanted it, Tuker.
56:41You were helping them out.
56:42Two great guys.
56:43Because I was
56:44the last dragon,
56:45there was any chance
56:46I could help them out
56:47and I wouldn't help them.
56:48Anyway, let's go
56:48and get pickled.
57:02I haven't got a single
57:03ball in.
57:03Next time.
57:04Tuker, you are useless.
57:05I'm useless.
57:06Honestly, I could
57:07do this tomorrow.
57:08You're like two old guys
57:09trying to get fit
57:10in the living room.
57:11Gary, how long
57:11were you an athlete
57:12for again?
57:13Not long enough.
57:13This might surprise you.
57:15I was born into
57:15a travelling fairground.
57:17You can see where
57:17I'm going here.
57:18I hope you can.
57:19No.
57:20More than anything,
57:21you've got an incredible heart.
57:22Am I going to make
57:23you an offer?
57:25Yes.
57:29A murder in the Arctic
57:30and a case where
57:31nobody's safe.
57:32Watch Series 3,
57:33A Vigil,
57:34all episodes on
57:35BBC iPlayer now.
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57:37across the BBC
57:38is made possible
57:39because we're funded
57:40by you.
57:42Now, with little time
57:43and no evidence,
57:45Ludwig follows next.
57:46...
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