1 00:00:06,640 --> 00:00:10,160 The doors to the den are open once again... 2 00:00:12,280 --> 00:00:14,880 ..and our five multi-millionaires 3 00:00:14,880 --> 00:00:17,840 are keen to dig deep and invest their cash 4 00:00:17,840 --> 00:00:20,680 to help the next generation of entrepreneurs 5 00:00:20,680 --> 00:00:23,080 find fortune and glory. 6 00:00:25,480 --> 00:00:28,720 They'll occasionally be joined by some special guests, 7 00:00:28,720 --> 00:00:31,920 including health and fitness heavyweight Joe Wicks... 8 00:00:31,920 --> 00:00:34,560 Got to give you a little cuddle cos I'm feeling a bit emotional now 9 00:00:34,560 --> 00:00:36,920 cos you're struggling a little bit. It's all right, mate. 10 00:00:36,920 --> 00:00:39,920 ..superstar fashion founder Emma Grede... 11 00:00:39,920 --> 00:00:42,440 This is my opportunity just to pay it forward 12 00:00:42,440 --> 00:00:44,640 and we'll do some great business together. 13 00:00:44,640 --> 00:00:48,600 ..and style guru turned beauty mogul Trinny Woodall. 14 00:00:48,600 --> 00:00:51,640 I mean, I literally... Can I imagine going into business with you? 15 00:00:51,640 --> 00:00:54,160 That's the thing. I just don't know. 16 00:00:54,160 --> 00:00:57,560 Now the hunt is on to find the next big deal. 17 00:01:06,040 --> 00:01:08,000 Hi, I'm Luke. And I'm Owen. 18 00:01:08,000 --> 00:01:09,120 Oh, gosh. 19 00:01:09,120 --> 00:01:11,240 And we're from Berkshire, and we're nonidentical twins 20 00:01:11,240 --> 00:01:12,800 three minutes apart. 21 00:01:12,800 --> 00:01:14,480 How's this? 22 00:01:14,480 --> 00:01:17,920 Yeah. How about me? Yeah, I think so. 23 00:01:17,920 --> 00:01:20,760 There's normally a mix of people saying that we do look the same. 24 00:01:20,760 --> 00:01:22,880 Other people say that they can clearly tell us apart, 25 00:01:22,880 --> 00:01:26,280 usually followed by shortly calling us the wrong name. 26 00:01:26,280 --> 00:01:28,200 We do definitely get the twin telepathy. 27 00:01:28,200 --> 00:01:30,800 There is occasions where we'll both say the exact same thing 28 00:01:30,800 --> 00:01:33,400 at the exact same time. 29 00:01:33,400 --> 00:01:36,040 Luke and Owen might have a secret weapon - 30 00:01:36,040 --> 00:01:38,040 their sibling sixth sense - 31 00:01:38,040 --> 00:01:42,200 but facing the Dragons remains a source of trepidation. 32 00:01:42,200 --> 00:01:44,640 A mix of excitement and nerves, I guess. 33 00:01:44,640 --> 00:01:47,320 A little bit apprehensive. It's probably more the unknown 34 00:01:47,320 --> 00:01:50,000 about how it's going to go, what they're going to ask. 35 00:01:50,000 --> 00:01:52,040 Trying to remember the numbers. Yeah. 36 00:01:52,040 --> 00:01:54,640 Hopefully they'll be nice. Yeah. Fingers crossed. 37 00:01:58,800 --> 00:02:00,720 Hello, Dragons. I'm Owen. And I'm Luke. 38 00:02:00,720 --> 00:02:03,920 And we're the twin founders behind the brand Doughboys Pizza, 39 00:02:03,920 --> 00:02:07,960 a dynamic and engaging pizza brand disrupting the frozen pizza market. 40 00:02:07,960 --> 00:02:11,320 Today, we're here to ask for a £90,000 investment 41 00:02:11,320 --> 00:02:15,160 in exchange for a 5% stake in our thriving business. 42 00:02:15,160 --> 00:02:17,840 Our journey began when I was working in the kitchen at my local pub 43 00:02:17,840 --> 00:02:20,480 and experienced first hand the challenges faced by venues 44 00:02:20,480 --> 00:02:22,440 striving to offer a high-quality food menu, 45 00:02:22,440 --> 00:02:25,120 especially amongst a growing skilled labour shortage. 46 00:02:25,120 --> 00:02:27,120 Many hospitality venues have had to resort to using 47 00:02:27,120 --> 00:02:29,840 ready-made food products such as inauthentic, highly processed 48 00:02:29,840 --> 00:02:32,840 frozen pizzas as a quick and easy food option which doesn't require 49 00:02:32,840 --> 00:02:34,640 a highly skilled chef. 50 00:02:34,640 --> 00:02:37,600 Similarly, within retail, the UK frozen pizza category 51 00:02:37,600 --> 00:02:40,120 is dominated by a handful of big manufacturers 52 00:02:40,120 --> 00:02:43,040 and lacking handmade, authentic Italian pizza options. 53 00:02:43,040 --> 00:02:44,560 And so Doughboys was born. 54 00:02:44,560 --> 00:02:48,240 At Doughboys, we specialise in crafting premium, genuine Italian 55 00:02:48,240 --> 00:02:52,480 frozen pizzas specifically for the hospitality and retail sectors. 56 00:02:52,480 --> 00:02:54,920 All of our products are hand-stretched, hand-topped 57 00:02:54,920 --> 00:02:58,120 and stone baked in Italy using fresh and locally sourced 58 00:02:58,120 --> 00:03:01,520 Italian ingredients. We've already experienced significant growth 59 00:03:01,520 --> 00:03:03,920 over the last few years, supplying our multi-award winning 60 00:03:03,920 --> 00:03:06,520 pizza products to over 1,000 hospitality establishments 61 00:03:06,520 --> 00:03:10,120 across the UK. In addition to this, at the end of last year, 62 00:03:10,120 --> 00:03:12,240 we launched our very first retail range, 63 00:03:12,240 --> 00:03:15,360 securing a listing with Ocado more or less straight away. 64 00:03:15,360 --> 00:03:17,640 Since starting the company about three years ago, 65 00:03:17,640 --> 00:03:20,240 we've sold just shy of two million pizzas 66 00:03:20,240 --> 00:03:24,720 and generated a turnover exceeding £2.6 million. 67 00:03:24,720 --> 00:03:26,880 Thank you for your time and, before we welcome any questions, 68 00:03:26,880 --> 00:03:28,920 we'd love for you to try our pizzas. 69 00:03:28,920 --> 00:03:31,120 Ooh, yes! 70 00:03:31,120 --> 00:03:34,920 Frozen pizzas, which have been handmade in Italy... 71 00:03:34,920 --> 00:03:36,440 Right, here we go. 72 00:03:36,440 --> 00:03:39,640 ..are the offering from Luke and Owen Buckmaster. 73 00:03:39,640 --> 00:03:41,920 And, for Deborah, we've got our plain base and we've added 74 00:03:41,920 --> 00:03:44,080 our own toppings to it, which is all plant-based. 75 00:03:44,080 --> 00:03:46,280 Lovely, thank you. 76 00:03:46,280 --> 00:03:51,000 They're seeking £90,000 in exchange for 5% of their business. 77 00:03:51,000 --> 00:03:55,560 We've got our margherita and also our mixed vegetable one. Great. 78 00:03:55,560 --> 00:03:59,000 Their product samples appear to be going down a treat. 79 00:03:59,000 --> 00:04:01,040 That's good. Thank you. 80 00:04:01,040 --> 00:04:04,400 But will the duo be able to lay their hands on a slice 81 00:04:04,400 --> 00:04:06,040 of the Dragons' dough? 82 00:04:09,560 --> 00:04:11,200 So, let me get this right, 83 00:04:11,200 --> 00:04:14,520 this was made and frozen in Italy? 84 00:04:14,520 --> 00:04:16,640 Yep. And shipped over to here? 85 00:04:16,640 --> 00:04:19,400 Yep. And then cooked? 86 00:04:19,400 --> 00:04:20,720 Correct. Yeah. 87 00:04:20,720 --> 00:04:24,320 So, how come you two know so much about pizzas? 88 00:04:24,320 --> 00:04:26,920 So, it's mainly... We don't really, as such. 89 00:04:26,920 --> 00:04:30,120 We left school and I wanted to become a chef, 90 00:04:30,120 --> 00:04:35,160 so I went and started working at my local pub doing an apprenticeship. 91 00:04:35,160 --> 00:04:37,720 Erm, that was kind of exactly where initially... 92 00:04:37,720 --> 00:04:40,200 They were just trying to simplify the menu as much as possible. 93 00:04:40,200 --> 00:04:42,320 And pizza was one of the obvious options, 94 00:04:42,320 --> 00:04:44,520 but the products that they were using and that they could access 95 00:04:44,520 --> 00:04:48,800 were just these frozen sort of cookie cutter-type pizzas. 96 00:04:48,800 --> 00:04:53,320 And we, yeah, kind of came together and thought, "We'll give this a go." 97 00:04:53,320 --> 00:04:54,960 How do you know each other? 98 00:04:54,960 --> 00:04:56,640 Twins. 99 00:04:56,640 --> 00:04:59,280 Twin brothers?You missed that. I missed that. 100 00:04:59,280 --> 00:05:01,040 Thought you were mates! 101 00:05:01,040 --> 00:05:04,200 How old are you? We're 24. 24. 102 00:05:04,200 --> 00:05:05,720 And where were you based again? 103 00:05:05,720 --> 00:05:07,680 In Reading, Berkshire, but we're from... 104 00:05:07,680 --> 00:05:10,360 Well, used to... We used to be based in Maidenhead. 105 00:05:10,360 --> 00:05:13,040 So, just talk me through your financials 106 00:05:13,040 --> 00:05:16,240 from the first year starting up to where we are today. 107 00:05:16,240 --> 00:05:19,680 So, in year one, we generated a turnover for the six months 108 00:05:19,680 --> 00:05:23,080 of that year of £320,000. 109 00:05:23,080 --> 00:05:29,040 We made a gross of 130 and a net of 40,000. 110 00:05:29,040 --> 00:05:34,840 Year two, we turned over 580,000 111 00:05:34,840 --> 00:05:39,880 and we had a gross of 130,000... 112 00:05:39,880 --> 00:05:41,920 Sorry, 230,000 gross, 113 00:05:41,920 --> 00:05:44,680 and then another net of 40,000. 114 00:05:44,680 --> 00:05:47,400 And then, the year just finished, our third year, 115 00:05:47,400 --> 00:05:51,840 we turned over £1,045,000, 116 00:05:51,840 --> 00:05:55,160 and we had a gross of 370 117 00:05:55,160 --> 00:05:58,040 and our net was 100,000. 118 00:05:59,520 --> 00:06:02,720 I'll tell you what, makes for good reading, doesn't it? 119 00:06:02,720 --> 00:06:06,640 I mean, I was thinking, "Surely, if they taste this good, 120 00:06:06,640 --> 00:06:09,200 "there's got to be a catch somewhere." And I'm yet to find it. 121 00:06:09,200 --> 00:06:12,480 No. Great start, lads. Thank you. Thank you. 122 00:06:12,480 --> 00:06:17,160 Luke, Owen, the next phase of your journey, 123 00:06:17,160 --> 00:06:19,160 cos you have done quite... Well, the last year 124 00:06:19,160 --> 00:06:21,640 particularly is good growth, isn't it?Yeah. 125 00:06:21,640 --> 00:06:23,840 What's year four and five looking like? 126 00:06:23,840 --> 00:06:26,400 So, right now, this year, we're on track to turn over 127 00:06:26,400 --> 00:06:28,160 1.8 million in revenue. 128 00:06:28,160 --> 00:06:31,120 We've got a gross of 875,000 129 00:06:31,120 --> 00:06:34,880 and a net of 165,000. 130 00:06:34,880 --> 00:06:39,000 So, 1.8, 875, 165. 131 00:06:39,000 --> 00:06:40,800 So, you're really growing the sales 132 00:06:40,800 --> 00:06:43,080 and you're growing your gross profit. 133 00:06:43,080 --> 00:06:47,800 Yeah. But you're only increasing your net profit in the year by 65K, 134 00:06:47,800 --> 00:06:51,640 and yet you're generating another four... What was it? 135 00:06:51,640 --> 00:06:55,040 500,000 in gross margin? 136 00:06:55,040 --> 00:06:57,600 Did you say 875 from 370? 137 00:06:57,600 --> 00:07:00,520 Yeah. There's a lot of efficiencies that, as we're scaling up, 138 00:07:00,520 --> 00:07:02,440 that we're kind of coming across, so... 139 00:07:02,440 --> 00:07:04,280 Well, efficiencies should actually... 140 00:07:04,280 --> 00:07:08,280 It should help. ..should help. Yeah. So, yeah, we're also... 141 00:07:08,280 --> 00:07:10,920 We are still... As we're obviously growing, 142 00:07:10,920 --> 00:07:13,920 we're trying to invest in things like trade shows, things like that, 143 00:07:13,920 --> 00:07:18,000 which is probably going to be affecting our numbers a little bit. 144 00:07:18,000 --> 00:07:21,480 Erm... We're starting to look at employing our first staffs as well. 145 00:07:21,480 --> 00:07:24,040 Yeah. So, it's just been me and Luke in the business. 146 00:07:24,040 --> 00:07:26,960 We think that by getting a salesperson 147 00:07:26,960 --> 00:07:29,160 and getting more support in marketing and stuff, 148 00:07:29,160 --> 00:07:31,720 we'll be able to substantially increase our sales 149 00:07:31,720 --> 00:07:33,400 and drive it much further. 150 00:07:33,400 --> 00:07:35,720 Yeah, no, I get that. It's just... I'm trying to fill that gap. 151 00:07:35,720 --> 00:07:38,200 It's quite a lot of money you're spending. 152 00:07:38,200 --> 00:07:39,440 Yeah. 153 00:07:39,440 --> 00:07:41,480 So where's that money going? 154 00:07:41,480 --> 00:07:45,040 Yeah, it... God, I don't know, off the top of my head, to be honest. 155 00:07:45,040 --> 00:07:48,440 Erm... And what do you guys pay yourselves? 156 00:07:48,440 --> 00:07:53,240 Right now, we pay ourselves our basic allowance of 12 grand a year, 157 00:07:53,240 --> 00:07:55,120 and then we... At the end of the year, 158 00:07:55,120 --> 00:07:58,800 we'll process dividends depending on what we have, 159 00:07:58,800 --> 00:08:01,600 but we don't necessarily pull that from the company straight away. 160 00:08:01,600 --> 00:08:04,440 So you're paying yourselves way below minimum wage. 161 00:08:04,440 --> 00:08:06,320 Yeah. Yeah. 162 00:08:06,320 --> 00:08:09,280 We obviously want the company to make a profit first 163 00:08:09,280 --> 00:08:11,760 and to reinvest it in the growth. 164 00:08:11,760 --> 00:08:15,440 You know, hopefully it will, you know, pay later down the line 165 00:08:15,440 --> 00:08:17,280 as the company scales. 166 00:08:18,960 --> 00:08:20,720 Guys, I'll tell you where I am. 167 00:08:20,720 --> 00:08:22,600 I think you're great. 168 00:08:22,600 --> 00:08:25,120 Thank you. I honestly do. I think 24-year-old, 169 00:08:25,120 --> 00:08:28,520 to where you've come is fantastic. 170 00:08:28,520 --> 00:08:31,400 However, in order to go further, 171 00:08:31,400 --> 00:08:33,520 you need to employ more people. Yeah. Yeah. 172 00:08:33,520 --> 00:08:38,080 And when you put your infrastructure in to run a proper business, 173 00:08:38,080 --> 00:08:41,040 is this going to be one of those businesses 174 00:08:41,040 --> 00:08:45,520 where you turn over a lot but don't make any money? 175 00:08:45,520 --> 00:08:47,120 That concerns me... 176 00:08:48,160 --> 00:08:49,880 ..and because of that... 177 00:08:51,800 --> 00:08:54,240 ..I'm not going to make you an offer, unfortunately, 178 00:08:54,240 --> 00:08:56,760 and I'm out. Thank you. Thank you anyway. 179 00:08:58,720 --> 00:09:02,040 Luke, Owen, erm, I... I think I've sat here for quite a long time 180 00:09:02,040 --> 00:09:06,000 because I... You're so investable, and I always feel like you should 181 00:09:06,000 --> 00:09:08,720 back entrepreneurs first and foremost. 182 00:09:08,720 --> 00:09:11,120 However, I don't actually eat pizza, 183 00:09:11,120 --> 00:09:14,560 although, you know, today was a bit of an exception, 184 00:09:14,560 --> 00:09:18,920 but I just... I'm not excited about pizza. 185 00:09:18,920 --> 00:09:21,120 So, for that reason, I'm going to say that I'm out. 186 00:09:23,160 --> 00:09:26,440 Guys, I think... I think you've done really well. 187 00:09:26,440 --> 00:09:27,960 Really well. Thank you. Thanks. 188 00:09:27,960 --> 00:09:30,640 Erm, so, my sister had holiday parks - 189 00:09:30,640 --> 00:09:32,960 she sold her last one about a year ago. 190 00:09:32,960 --> 00:09:34,840 And it's just... 191 00:09:34,840 --> 00:09:37,000 It's funny, you're describing a scenario 192 00:09:37,000 --> 00:09:39,720 that I was having the discussion with her 193 00:09:39,720 --> 00:09:43,560 about how is she going to deliver a quality product, you know, 194 00:09:43,560 --> 00:09:47,600 with the inconsistencies of pizza chefs? Yeah. 195 00:09:47,600 --> 00:09:50,280 Sorry, I've just offended every pizza chef in the world now. 196 00:09:50,280 --> 00:09:52,520 But, you know, let's face it, they move on, 197 00:09:52,520 --> 00:09:55,560 they don't turn in, you know? Yeah. No different to a lot, you know, 198 00:09:55,560 --> 00:09:57,680 a lot of what's going on in hospitality, 199 00:09:57,680 --> 00:09:59,800 so this kind of solves that. 200 00:09:59,800 --> 00:10:03,640 Erm, I think you're right to be in here now. 201 00:10:03,640 --> 00:10:06,160 You're at a tender moment. 202 00:10:06,160 --> 00:10:08,560 Yeah. Erm, because you are going... 203 00:10:08,560 --> 00:10:11,280 You've got a lot of decisions to make ahead of you, 204 00:10:11,280 --> 00:10:13,360 and your risk will be - you choose the wrong path, 205 00:10:13,360 --> 00:10:16,360 hire the wrong people, go in the wrong direction... 206 00:10:16,360 --> 00:10:19,560 ..and-and-and-and... 207 00:10:19,560 --> 00:10:22,960 ..you know, ruin this thing that you've so carefully nurtured 208 00:10:22,960 --> 00:10:27,000 to this point. Yeah. Erm, and I think I can help you with that. 209 00:10:28,600 --> 00:10:31,280 So I, erm... 210 00:10:31,280 --> 00:10:33,280 I'm going to make you an offer. 211 00:10:33,280 --> 00:10:36,720 Thank you. Erm, and I'm going to offer you all of the money 212 00:10:36,720 --> 00:10:38,200 for 10% of the business. 213 00:10:38,200 --> 00:10:40,320 Cool. Thank you. Thank you very much. 214 00:10:42,480 --> 00:10:45,080 I'll tell you where I'm at, guys. 215 00:10:45,080 --> 00:10:48,840 Erm, I think it's a great business. 216 00:10:48,840 --> 00:10:53,280 I think you've got a really good offer from Deborah. Erm... 217 00:10:53,280 --> 00:10:55,520 I was keen to make an offer. 218 00:10:55,520 --> 00:10:58,640 I'm not quite sure it was that good... 219 00:11:00,080 --> 00:11:02,040 ..but I'll make it anyway. 220 00:11:02,040 --> 00:11:04,520 So, I would be prepared to offer you all 90,000 221 00:11:04,520 --> 00:11:07,000 that you're asking for, 222 00:11:07,000 --> 00:11:11,000 but I wouldn't be willing to look at anything less than 15%. 223 00:11:11,000 --> 00:11:14,120 OK. Thank you. Thank you for the offer. 224 00:11:14,120 --> 00:11:16,480 I'd also take another slice of pizza if you're offering. 225 00:11:16,480 --> 00:11:18,720 There's plenty. Thank you. 226 00:11:20,080 --> 00:11:21,920 Luke, Owen... 227 00:11:21,920 --> 00:11:24,520 ..I've paused and sitting here quietly for quite a long time, 228 00:11:24,520 --> 00:11:27,600 because I'm also a Maidenhead lad as well. 229 00:11:27,600 --> 00:11:29,800 I've seen you around. Have you? 230 00:11:29,800 --> 00:11:32,600 I've seen you round, yeah, at the petrol station and stuff. Oh, God. 231 00:11:32,600 --> 00:11:34,120 He pumps his own petrol? 232 00:11:34,120 --> 00:11:37,080 I'm sure I saw you at the petrol station down the road from us once 233 00:11:37,080 --> 00:11:41,480 in a classic car. Yeah, yeah, I drove here - that's how I got here. 234 00:11:41,480 --> 00:11:43,760 The fact that you're quite local and I was picking on that, 235 00:11:43,760 --> 00:11:46,560 because, when you're investing in people, you know, 236 00:11:46,560 --> 00:11:49,280 it is nice to be able to meet, because we're all used to Teams 237 00:11:49,280 --> 00:11:51,960 or Zoom or something, and it's tough. Yeah. 238 00:11:51,960 --> 00:11:54,920 But I think you've done really, really well. 239 00:11:54,920 --> 00:11:57,800 And there is no way 240 00:11:57,800 --> 00:12:01,600 I can let this go to Deborah Meaden. No chance. 241 00:12:01,600 --> 00:12:06,320 So I'm coming in to compete here, because I think that... I think... 242 00:12:06,320 --> 00:12:09,280 I think I could really help you scale this business... 243 00:12:09,280 --> 00:12:13,000 Thank you. ..at speed, actually, without the pitfalls 244 00:12:13,000 --> 00:12:15,760 that happens when you scale a business at pace. 245 00:12:15,760 --> 00:12:19,720 Yeah. So I'm going to offer you all of the money... 246 00:12:21,720 --> 00:12:23,560 ..at 10% as well. 247 00:12:23,560 --> 00:12:26,560 OK. Same as Deborah. 248 00:12:26,560 --> 00:12:30,760 And, yes, I am completely copying Deborah here. 249 00:12:30,760 --> 00:12:34,440 But I did it first! Thank you. Thank you. 250 00:12:34,440 --> 00:12:36,640 All right to have a chat to the wall? Go ahead. 251 00:12:36,640 --> 00:12:38,520 Thank you. Thank you. 252 00:12:38,520 --> 00:12:40,760 I thought twins had, like, telepathy or something. 253 00:12:42,320 --> 00:12:46,320 Luke and Owen have three competing bids to consider, 254 00:12:46,320 --> 00:12:51,640 with Sara Davies offering £90,000 in exchange for 15% - 255 00:12:51,640 --> 00:12:54,200 triple the equity originally on offer... 256 00:12:54,200 --> 00:12:56,160 Do we just accept it as it is? 257 00:12:56,160 --> 00:12:58,960 ..while Deborah Meaden and Peter Jones 258 00:12:58,960 --> 00:13:00,880 have both gone in at 10%. 259 00:13:00,880 --> 00:13:02,960 Yeah. Do you want me to say? 260 00:13:06,000 --> 00:13:08,480 Cool. Thank you again for all of your offers. 261 00:13:08,480 --> 00:13:10,960 Yeah, thank you all for the offers, really do appreciate it. 262 00:13:12,800 --> 00:13:15,920 Erm, Peter, we would love to accept your offer. 263 00:13:15,920 --> 00:13:17,440 Yeah. 264 00:13:18,520 --> 00:13:20,360 Wow. Thank you so much. Thank you. 265 00:13:20,360 --> 00:13:22,400 Brilliant. Thank you. Thank you, guys. 266 00:13:22,400 --> 00:13:27,320 A moment of triumph for nonidentical twins Luke and Owen, 267 00:13:27,320 --> 00:13:31,720 who leave the den with £90,000 and the backing of a Dragon 268 00:13:31,720 --> 00:13:34,600 who can help them earn more than just a crust. 269 00:13:36,680 --> 00:13:38,360 Thank God that's over. 270 00:13:38,360 --> 00:13:41,920 We're really thrilled to have Peter on our team now. 271 00:13:41,920 --> 00:13:44,320 We think he adds huge amounts of value. 272 00:13:44,320 --> 00:13:47,280 He's local to us as well, so we don't have to travel very far. 273 00:13:47,280 --> 00:13:49,120 Well, the gauntlet's down, Mr Jones. 274 00:13:49,120 --> 00:13:51,160 It's only because I'm more local than you, 275 00:13:51,160 --> 00:13:54,720 that's the only reason why. Oh, is that...? OK. 276 00:13:54,720 --> 00:13:56,240 I'm not sure about that, Mr Jones. 277 00:13:56,240 --> 00:14:00,040 I think you won that fair and square, but I will remember this. 278 00:14:16,360 --> 00:14:19,000 Hi, I'm Rachel, and this is Holly, my wife. 279 00:14:19,000 --> 00:14:21,040 And we're the owners and the directors 280 00:14:21,040 --> 00:14:22,600 of The Chocolate Cocktail Club. 281 00:14:22,600 --> 00:14:24,880 "London's sweetest bar." 282 00:14:26,560 --> 00:14:29,000 Oh, espresso martinis. With chocolate. 283 00:14:29,000 --> 00:14:33,040 Chocolate martinis. Oh! This is heaven. 284 00:14:33,040 --> 00:14:38,120 The prospect of some free samples has put Peter Jones on cloud nine. 285 00:14:38,120 --> 00:14:40,440 But prepping their pitch 286 00:14:40,440 --> 00:14:44,320 has involved more than just blue-sky thinking for Rachel and Holly. 287 00:14:44,320 --> 00:14:48,480 We've been practising a lot over and over again to each other constantly 288 00:14:48,480 --> 00:14:52,000 and, I think, to anyone that will really listen at the moment! Yeah. 289 00:14:52,000 --> 00:14:54,600 And we've got a six-week-old baby, 290 00:14:54,600 --> 00:14:57,320 so every time I walk around the street, little Ted 291 00:14:57,320 --> 00:14:59,920 has known the speech probably more than Holly does. 292 00:14:59,920 --> 00:15:02,360 So I think his first words might be "Dragons' Den". 293 00:15:02,360 --> 00:15:04,600 THEY CHUCKLE 294 00:15:04,600 --> 00:15:06,920 I'm hoping the dragons will see the passion that we've got 295 00:15:06,920 --> 00:15:08,280 behind our business. 296 00:15:08,280 --> 00:15:11,320 We've got blood, sweat and tears - and chocolate - in this business. 297 00:15:11,320 --> 00:15:14,320 And I really believe that they will see that. 298 00:15:14,320 --> 00:15:18,240 We definitely think now is our time. And with the help, we can be big. 299 00:15:27,880 --> 00:15:28,920 Hi, Dragons. 300 00:15:28,920 --> 00:15:32,280 My name's Rachel and this is my wife and my business partner, Holly, 301 00:15:32,280 --> 00:15:34,240 and we're the owners and the directors 302 00:15:34,240 --> 00:15:36,120 of The Chocolate Cocktail Club. 303 00:15:36,120 --> 00:15:39,480 And we're here in the den today to ask for £80,000 304 00:15:39,480 --> 00:15:41,960 in exchange for 8% of our business. 305 00:15:41,960 --> 00:15:44,520 Imagine a world filled with the indulgence of chocolate 306 00:15:44,520 --> 00:15:46,480 and the sophistication of cocktails. 307 00:15:46,480 --> 00:15:48,760 Welcome to The Chocolate Cocktail Club - 308 00:15:48,760 --> 00:15:52,320 the UK's first - and only - chocolate cocktail bar. 309 00:15:52,320 --> 00:15:55,800 Established in 2018, after five sold-out pop-ups, 310 00:15:55,800 --> 00:15:57,960 we now have a permanent London home, 311 00:15:57,960 --> 00:16:00,200 which we've held for the past three years, 312 00:16:00,200 --> 00:16:03,280 celebrating two of our nation's favourite things - 313 00:16:03,280 --> 00:16:05,320 chocolate and cocktails. 314 00:16:05,320 --> 00:16:07,760 Since the launch of our first permanent site, 315 00:16:07,760 --> 00:16:09,920 we've turned over £700,000. 316 00:16:09,920 --> 00:16:14,120 We have over 25 variations of chocolate cocktails on the menu, 317 00:16:14,120 --> 00:16:17,320 ranging from classic pairings to chocolatey twists, 318 00:16:17,320 --> 00:16:20,680 making us the number one destination for chocoholics 319 00:16:20,680 --> 00:16:22,640 and cocktail enthusiasts alike. 320 00:16:22,640 --> 00:16:24,880 So join us on this delicious journey, 321 00:16:24,880 --> 00:16:26,640 and let's take The Chocolate Cocktail Club 322 00:16:26,640 --> 00:16:28,360 to new cities, new markets, 323 00:16:28,360 --> 00:16:31,680 and help us become the number one destination for chocoholics. 324 00:16:31,680 --> 00:16:34,000 Oliver's now just going to present you 325 00:16:34,000 --> 00:16:37,480 with five of our different cocktails. After you, Oli. 326 00:16:39,440 --> 00:16:44,000 Two of the nation's favourite indulgences - booze and chocolate - 327 00:16:44,000 --> 00:16:45,680 are at the heart of the offering 328 00:16:45,680 --> 00:16:49,560 from married couple Rachel and Holly Wisson-Brooks. 329 00:16:49,560 --> 00:16:52,080 So which is your favourite? MY favourite? 330 00:16:52,080 --> 00:16:53,720 I quite like the Clockwork Orange here. 331 00:16:53,720 --> 00:16:56,920 OK, come on, then. Clockwork Orange here. 332 00:16:56,920 --> 00:17:02,440 They're seeking £80,000 in return for an 8% share in their business. 333 00:17:02,440 --> 00:17:06,760 Oliver? Well done. You're very welcome. 334 00:17:06,760 --> 00:17:09,800 Ahh! Tipple time for Touker Suleyman. 335 00:17:09,800 --> 00:17:12,960 Cheers, Dragons. Cheers. 336 00:17:12,960 --> 00:17:16,960 But while Rachel and Holly have already managed to raise glasses... 337 00:17:16,960 --> 00:17:19,520 Actually, I'm going to put that down before I start asking questions. 338 00:17:19,520 --> 00:17:20,880 LAUGHTER 339 00:17:20,880 --> 00:17:23,240 ..can they also raise investment? 340 00:17:26,120 --> 00:17:27,600 Good pitch. Thank you. 341 00:17:27,600 --> 00:17:30,600 You're up and running. So where is your first club? 342 00:17:30,600 --> 00:17:32,760 Cen... In... London - whereabouts? 343 00:17:32,760 --> 00:17:34,360 Clerkenwell, Farringdon. 344 00:17:34,360 --> 00:17:38,160 And how big? It's only a 24-25 seat capacity venue. 345 00:17:38,160 --> 00:17:39,560 It's only small. 346 00:17:39,560 --> 00:17:41,920 That's why we essentially would like some investment, 347 00:17:41,920 --> 00:17:46,400 is to go into Soho, Central London, and where there's more footfall. 348 00:17:46,400 --> 00:17:49,080 So you talked about a £700,000 turnover - 349 00:17:49,080 --> 00:17:51,320 what does that mean in terms of profit? 350 00:17:51,320 --> 00:17:55,720 So 2021 to 2022, we turned over 115,000. 351 00:17:55,720 --> 00:17:58,680 Our gross was 87 and our net was 11. 352 00:17:58,680 --> 00:18:01,520 Then in 2022 to 2023, 353 00:18:01,520 --> 00:18:06,480 we turned over 275,000. 354 00:18:06,480 --> 00:18:09,120 Our gross was 208,000 355 00:18:09,120 --> 00:18:12,120 and our net was 84,000. 356 00:18:12,120 --> 00:18:14,400 Then in 2023 to 2024, 357 00:18:14,400 --> 00:18:16,760 we turned over 297,000. 358 00:18:16,760 --> 00:18:19,440 Our gross profit was 232 359 00:18:19,440 --> 00:18:22,440 and our net was 74,000. 360 00:18:22,440 --> 00:18:25,000 OK, so I can see what's happening here - 361 00:18:25,000 --> 00:18:27,160 you have pretty much hit a ceiling in your current... 362 00:18:27,160 --> 00:18:30,160 That's exactly it. ..venue. We're max capacity. 363 00:18:30,160 --> 00:18:31,920 OK. 364 00:18:31,920 --> 00:18:36,160 Now, um... So your current venue is not prime location? 365 00:18:36,160 --> 00:18:39,040 No. No. So have you worked out what happens 366 00:18:39,040 --> 00:18:44,200 if you go into prime location, in terms of size and rent? 367 00:18:44,200 --> 00:18:47,240 Yeah. You have - I thought you probably had, to be honest, 368 00:18:47,240 --> 00:18:48,560 cos you're all over it. 369 00:18:48,560 --> 00:18:51,440 Um, so what's - you know, what does that... What would that look like - 370 00:18:51,440 --> 00:18:52,960 your next perfect venue? 371 00:18:52,960 --> 00:18:55,640 So ideally I would say approximately about 50 covers. 372 00:18:55,640 --> 00:18:58,680 Yeah. Yeah. And what are you going to pay in terms of rent? 373 00:18:58,680 --> 00:19:04,040 So it would be approximately 200,000...to 100,000. 374 00:19:04,040 --> 00:19:06,320 Yeah, I think it depends on the venue and the location. 375 00:19:06,320 --> 00:19:09,400 It could be, you know, if it was maybe a 50 capacity, 376 00:19:09,400 --> 00:19:12,160 it could be from 80,000-plus. 377 00:19:12,160 --> 00:19:14,320 But you must have modelled forward. 378 00:19:14,320 --> 00:19:16,680 So what does that model... What does that look like? 379 00:19:16,680 --> 00:19:20,320 So we've estimated 100,000, is what we've... 100,000 rent. 380 00:19:20,320 --> 00:19:23,920 So what turnover have you got to do to make that work? 381 00:19:23,920 --> 00:19:27,480 So I've estimated that in year two we could turn over a million, 382 00:19:27,480 --> 00:19:31,120 based on doubling what we currently do with the two venues. 383 00:19:33,920 --> 00:19:38,080 Rachel, Holly. Looking at your financials...it... 384 00:19:38,080 --> 00:19:41,720 To me, it looks like you'd be able to get funding for this new site 385 00:19:41,720 --> 00:19:45,880 by other means...but also you'd be able to go to a landlord and get 386 00:19:45,880 --> 00:19:49,560 a fit-out contribution if you went to a Central London location. 387 00:19:49,560 --> 00:19:52,520 So... I mean, is anything I said there incorrect? 388 00:19:52,520 --> 00:19:55,680 And also if so, if it is correct, then why are you here? 389 00:19:55,680 --> 00:19:57,840 Essentially for yourselves, as well. 390 00:19:57,840 --> 00:20:00,000 Yeah. Er... We want to really propel now. 391 00:20:00,000 --> 00:20:02,040 Like, we've had so many people come to us, 392 00:20:02,040 --> 00:20:04,680 "Are you a chain?", "Oh, my God, have you not franchised this?" 393 00:20:04,680 --> 00:20:06,640 You know, "We could see this in Edinburgh", 394 00:20:06,640 --> 00:20:08,440 "We could see this in Manchester." 395 00:20:08,440 --> 00:20:12,760 And we really would like the help to really push that. 396 00:20:12,760 --> 00:20:14,680 So it's not about the money, necessarily. 397 00:20:14,680 --> 00:20:17,160 Because you could... I mean... The money... ..you're asking for 80K... 398 00:20:17,160 --> 00:20:18,960 How much cash have you got in the bank at the moment? 399 00:20:18,960 --> 00:20:20,520 About... 100,000. Yeah. 400 00:20:20,520 --> 00:20:22,920 So you've got enough money in the bank theoretically... Yeah. 401 00:20:22,920 --> 00:20:25,560 ..to at least... Yeah. ..do a deal with a landlord. 402 00:20:25,560 --> 00:20:27,480 Yeah. Essentially. Yeah. 403 00:20:29,040 --> 00:20:30,520 And what is the brand? 404 00:20:30,520 --> 00:20:33,640 The Chocolate Cocktail Club. The Chocolate Cocktail Club. 405 00:20:33,640 --> 00:20:35,200 Because it does look like there's 406 00:20:35,200 --> 00:20:37,760 a little bit of franchise potential here. Yeah. Yeah. 407 00:20:37,760 --> 00:20:39,560 We've discussed franchising. 408 00:20:39,560 --> 00:20:42,600 Obviously, the scare is you don't want someone to ruin 409 00:20:42,600 --> 00:20:46,080 what you've built, with giving trust to someone else. 410 00:20:46,080 --> 00:20:48,560 But it's not off the table. Yeah. 411 00:20:51,000 --> 00:20:53,400 Can I take over for a second? Touk... 412 00:20:53,400 --> 00:20:55,520 Did you have an empty glass delivered? 413 00:20:55,520 --> 00:20:57,240 Wow. 414 00:20:57,240 --> 00:20:58,560 They're good! 415 00:20:58,560 --> 00:21:01,080 I did drink a couple of sips for him. 416 00:21:01,080 --> 00:21:02,720 I've been waiting for your questions. 417 00:21:02,720 --> 00:21:04,680 You've been waiting for my questions? Yeah, here we go. 418 00:21:04,680 --> 00:21:07,120 Right, um, Rachel and Holly. Hiya. 419 00:21:08,880 --> 00:21:11,800 To have one venue... 420 00:21:11,800 --> 00:21:15,960 ..it's easier to manage...the risk. Yeah. Yeah. 421 00:21:15,960 --> 00:21:18,600 The moment you start building venues, 422 00:21:18,600 --> 00:21:21,520 the more fixed overheads you'll get. Yeah. Yeah. 423 00:21:21,520 --> 00:21:26,320 You need area managers to control. Yeah. You need monetary systems. 424 00:21:26,320 --> 00:21:29,760 You get a bad week and you've got six stores... 425 00:21:29,760 --> 00:21:31,000 You know? Yeah. 426 00:21:31,000 --> 00:21:35,040 Um, although you're very successful and I think the product's great, 427 00:21:35,040 --> 00:21:37,640 how do you get out there without the exposure? 428 00:21:37,640 --> 00:21:40,280 Now, of course, franchise is one way. Yeah. 429 00:21:40,280 --> 00:21:42,680 Which is the obvious way, of course. Yeah. 430 00:21:42,680 --> 00:21:46,880 Um, but building up your own chain, I would be... 431 00:21:46,880 --> 00:21:49,080 I'd say to you, think twice. 432 00:21:50,440 --> 00:21:51,760 And my last question is... 433 00:21:51,760 --> 00:21:53,840 You haven't asked them a question, Touker, 434 00:21:53,840 --> 00:21:57,080 you've been talking to them! Right. The question I'm going to ask you 435 00:21:57,080 --> 00:22:00,000 is this one, how many square feet is it? 436 00:22:00,000 --> 00:22:02,400 1,000. 1,200. 437 00:22:02,400 --> 00:22:04,880 So it's a good size. Yeah. Yeah. 438 00:22:04,880 --> 00:22:06,840 So if you're going to go to a bigger size 439 00:22:06,840 --> 00:22:08,400 and you're going to go more central, 440 00:22:08,400 --> 00:22:11,000 you'll pay a lot more than 100 grand rent. Yeah. Yeah. 441 00:22:12,280 --> 00:22:16,360 Guys...can I just say, you've given me three numbers. 442 00:22:16,360 --> 00:22:19,560 This is a masterclass in how fantastic numbers are. 443 00:22:19,560 --> 00:22:21,720 And I always say I never particularly like numbers. 444 00:22:21,720 --> 00:22:24,120 Let me tell you about yourself. 445 00:22:24,120 --> 00:22:26,720 You're good operators. Thank you. 446 00:22:26,720 --> 00:22:29,480 And you've got yourself high margins. 447 00:22:29,480 --> 00:22:33,080 In the latest year, you've increased your margins. 448 00:22:33,080 --> 00:22:36,560 You've increased your margins because your overheads have gone up. 449 00:22:36,560 --> 00:22:39,680 Yeah. And you spotted that early enough to think, 450 00:22:39,680 --> 00:22:41,600 "We're going to have to respond to this, 451 00:22:41,600 --> 00:22:44,680 "we're going to have to drive our margins really, really hard." 452 00:22:46,080 --> 00:22:48,680 So that tells me that you are all over it. 453 00:22:48,680 --> 00:22:51,480 And I just stopped for a moment because I'm forever saying 454 00:22:51,480 --> 00:22:54,360 to people, "You only need to know three numbers in your business." 455 00:22:54,360 --> 00:22:56,640 And this is like a masterclass in, 456 00:22:56,640 --> 00:23:00,040 you know, how you can read how people are operating 457 00:23:00,040 --> 00:23:02,840 their businesses from a very few level of numbers. 458 00:23:02,840 --> 00:23:05,680 So well done, you guys. Thank you. Thank you. Um... 459 00:23:05,680 --> 00:23:07,040 There's a "however." 460 00:23:07,040 --> 00:23:09,560 I was waiting for it. Yeah. 461 00:23:09,560 --> 00:23:12,760 I think franchising is going to be difficult for you. 462 00:23:12,760 --> 00:23:14,880 And when you look at franchising, 463 00:23:14,880 --> 00:23:17,440 you don't have enough money in here to excite them. 464 00:23:17,440 --> 00:23:19,120 Because if you think about this, 465 00:23:19,120 --> 00:23:21,760 they're going to need to pay for premises, 466 00:23:21,760 --> 00:23:23,760 they're going to be paying their own staff, 467 00:23:23,760 --> 00:23:25,440 they're going to have all of your costs, 468 00:23:25,440 --> 00:23:29,280 AND they're going to be paying a franchise fee. 469 00:23:29,280 --> 00:23:31,440 And when you look at your net profit, 470 00:23:31,440 --> 00:23:33,040 even YOU haven't proved enough 471 00:23:33,040 --> 00:23:36,080 that it's going to be worth the risk of the high investment 472 00:23:36,080 --> 00:23:37,640 that they're going to have to take, 473 00:23:37,640 --> 00:23:39,960 and you're not going to make your business model... 474 00:23:39,960 --> 00:23:41,720 Doesn't give them that for a return, 475 00:23:41,720 --> 00:23:44,480 it's not going to be worth taking that risk. Yeah. 476 00:23:44,480 --> 00:23:47,040 I think franchising is going to be difficult for you... Yeah. 477 00:23:47,040 --> 00:23:51,600 ..until you can really drive home some of those profits. 478 00:23:51,600 --> 00:23:54,760 I, um... I've got quite a lot of insight into this. 479 00:23:54,760 --> 00:23:57,840 I'm really good friends with a lady called Sarah Willingham... Yeah. 480 00:23:57,840 --> 00:24:00,400 ..as you probably know, owns the London Cocktail Clubs, 481 00:24:00,400 --> 00:24:02,280 and it's really hard at the moment... Yeah. 482 00:24:02,280 --> 00:24:05,000 ..so you're doing really well in a tough environment. 483 00:24:05,000 --> 00:24:08,160 But it's not something that, right now, I want to walk into 484 00:24:08,160 --> 00:24:10,920 because they're incredibly good operators and it's tough. 485 00:24:10,920 --> 00:24:12,160 Yeah. Yeah. 486 00:24:12,160 --> 00:24:14,600 So I'm afraid, right now, it's not an investment for me, so I'm out. 487 00:24:14,600 --> 00:24:16,800 Thank you. Thank you very much. Thank you. 488 00:24:18,680 --> 00:24:20,960 So, Rachel. Holly. Hello. 489 00:24:20,960 --> 00:24:22,520 I've owned a bar and restaurant. 490 00:24:22,520 --> 00:24:24,960 I had one in Windsor, and we had, like, the longest... 491 00:24:24,960 --> 00:24:28,280 It was a cocktail bar. OK, yeah. And we did... It was incredible. 492 00:24:28,280 --> 00:24:30,920 We felt like we, like, did really well... 493 00:24:32,360 --> 00:24:36,920 ..but it's really, really brutally tough to make a business out of it. 494 00:24:36,920 --> 00:24:39,560 Having sort of been on this journey before, 495 00:24:39,560 --> 00:24:42,920 and knowing how difficult and brutal it is, 496 00:24:42,920 --> 00:24:45,680 it's not an investment for me today. I'm going to say that I'm out. 497 00:24:45,680 --> 00:24:48,720 No problem. But well done. Thank you. Thanks. 498 00:24:50,480 --> 00:24:55,080 Rachel and Holly. Hello. So this is my personal opinion, 499 00:24:55,080 --> 00:24:58,640 and take on board what you want of this, OK? 500 00:24:58,640 --> 00:25:02,800 I look at this and, as Deborah said, you are clearly smart businesswomen. 501 00:25:02,800 --> 00:25:05,440 Yeah. And you can go one of two ways now. 502 00:25:05,440 --> 00:25:07,440 You can either use your retained profits 503 00:25:07,440 --> 00:25:10,520 to open a second, bigger site and push the business that way, 504 00:25:10,520 --> 00:25:14,720 or to fund expansion through a franchise operation and go that way. 505 00:25:14,720 --> 00:25:16,160 Erm... 506 00:25:16,160 --> 00:25:19,400 My advice to you would be go this way 507 00:25:19,400 --> 00:25:22,040 because you could take the knowledge, 508 00:25:22,040 --> 00:25:23,520 the experience you've got, 509 00:25:23,520 --> 00:25:26,640 and you two run a way more successful bar 510 00:25:26,640 --> 00:25:30,680 on a much bigger scale and earn a really, really good living for it, 511 00:25:30,680 --> 00:25:32,640 for you guys to have a great living. 512 00:25:32,640 --> 00:25:35,760 Yeah. Or you could work really, really hard 513 00:25:35,760 --> 00:25:38,320 managing hundreds of people up and down the country 514 00:25:38,320 --> 00:25:40,200 who aren't as passionate about it as you, 515 00:25:40,200 --> 00:25:42,400 who aren't quite going to make it the same success you are, 516 00:25:42,400 --> 00:25:44,360 and then they're going to drive you round the bend. 517 00:25:44,360 --> 00:25:46,320 Yeah! Yeah. Probably make less money 518 00:25:46,320 --> 00:25:48,520 than you would do if you went this way. Yeah. 519 00:25:48,520 --> 00:25:52,040 So my personal opinion is, I don't think it's right to invest. 520 00:25:52,040 --> 00:25:55,760 OK. Thank you. Good luck, but I'm out. Thank you very much. Thank you. 521 00:25:57,200 --> 00:25:59,840 Rachel, Holly. I think what you've done is great. 522 00:25:59,840 --> 00:26:02,080 I think it's really, really difficult to operate a business 523 00:26:02,080 --> 00:26:05,840 in this economic climate, that's in the space that you're in, 524 00:26:05,840 --> 00:26:08,720 that's turning a pretty consistent profit year over year. 525 00:26:08,720 --> 00:26:11,000 So I think that's really something to applaud. 526 00:26:11,000 --> 00:26:12,920 And when I think about this as an investor, 527 00:26:12,920 --> 00:26:14,960 this isn't an investment for me. OK. OK. 528 00:26:14,960 --> 00:26:17,360 So I'm going to say that I'm out, and wish you well. 529 00:26:17,360 --> 00:26:18,880 Thank you. Thank you very much. 530 00:26:21,440 --> 00:26:23,840 Question mark - you're in Clerkenwell. 531 00:26:23,840 --> 00:26:26,960 Yeah. You're full to capacity, yes? 532 00:26:26,960 --> 00:26:29,400 Yeah. Yeah. So if you had a bigger store, 533 00:26:29,400 --> 00:26:33,000 would you attract the same amount or more because you've got the space? 534 00:26:33,000 --> 00:26:35,680 More. More. Fine, you've answered my question. 535 00:26:35,680 --> 00:26:38,440 I would not think about a second store. 536 00:26:38,440 --> 00:26:42,440 Two lots of overhead. Two lots of rent. Two lots of staff. 537 00:26:42,440 --> 00:26:46,120 Can you double what you're doing now with a bigger store? 538 00:26:46,120 --> 00:26:48,280 That's what you've got to ask yourselves. Yeah. Yeah. 539 00:26:48,280 --> 00:26:51,640 And I think what you need is a bigger cocktail bar 540 00:26:51,640 --> 00:26:54,960 where you've still got control, you're still there, 541 00:26:54,960 --> 00:26:57,000 you keep the same staff, 542 00:26:57,000 --> 00:27:00,960 and hopefully you create more of an experience. Yeah. Yeah. 543 00:27:00,960 --> 00:27:04,800 And if you believe that you can attract more people 544 00:27:04,800 --> 00:27:07,560 cos you've got the space, you don't need a second store. 545 00:27:07,560 --> 00:27:10,760 You need to look for a bigger store in Clerkenwell. Yeah. Yeah. 546 00:27:10,760 --> 00:27:12,880 And you might think I'm crazy... THEY LAUGH 547 00:27:12,880 --> 00:27:16,320 Right? But when it comes to retail, I'm the best. Yeah. Yeah. 548 00:27:16,320 --> 00:27:20,160 I can't see the opp... I can't see myself coming to a bar, and advis... 549 00:27:20,160 --> 00:27:24,000 I've given you the advice for free. You're like you're in the bar now. 550 00:27:24,000 --> 00:27:25,640 LAUGHTER 551 00:27:25,640 --> 00:27:28,640 Um, anyway... Would you mind? 552 00:27:28,640 --> 00:27:33,760 So... So I think...this journey is not for me. Yeah. Yeah. 553 00:27:33,760 --> 00:27:36,000 And I wish you all the best, but I'm out. Thank you. Thank you. 554 00:27:36,000 --> 00:27:38,520 Well, thank you very much. Thank you very much for having us. Good luck. 555 00:27:38,520 --> 00:27:41,160 Well done, though. And you've got a good business. Thank you very much. 556 00:27:41,160 --> 00:27:42,800 Bye. Bye. Well done. 557 00:27:44,000 --> 00:27:46,760 That's it for Rachel and Holly, 558 00:27:46,760 --> 00:27:50,280 who depart the den without the investment they were seeking, 559 00:27:50,280 --> 00:27:54,160 as the Dragons call time on a deal. 560 00:27:54,160 --> 00:27:57,240 You all right? Yeah, yeah. You OK? Yeah. 561 00:27:57,240 --> 00:27:59,320 Relieved that it's over. 562 00:27:59,320 --> 00:28:01,600 Yeah. It's quite daunting, having to stand up there 563 00:28:01,600 --> 00:28:05,000 in front of all the Dragons. So... Yeah, I think it would be, um, 564 00:28:05,000 --> 00:28:08,320 be good for our son not to hear our pitch 24/7 now. 565 00:28:08,320 --> 00:28:10,080 Yeah! So I can now focus on being a mum 566 00:28:10,080 --> 00:28:11,480 as well as being an entrepreneur. 567 00:28:11,480 --> 00:28:14,720 I think people know what to do now, Touker, to get some Touker time - 568 00:28:14,720 --> 00:28:17,320 just give you some drinks. Ohh... 569 00:28:17,320 --> 00:28:19,960 Maybes another cocktail and he might have invested! 570 00:28:19,960 --> 00:28:22,600 LAUGHTER 571 00:28:37,960 --> 00:28:41,440 Hi, I'm Aaron, I'm 23, and this is Zara, the person I'm married to, 572 00:28:41,440 --> 00:28:43,440 they're 24. GLASSES CLINK 573 00:28:43,440 --> 00:28:46,040 We're in business together, which is quite unusual for our age, 574 00:28:46,040 --> 00:28:48,120 and being married. But we love working together, 575 00:28:48,120 --> 00:28:49,840 and I can't wait to see where we take it. 576 00:28:49,840 --> 00:28:52,720 How are you feeling? Good. I think it's good. Yeah. 577 00:28:52,720 --> 00:28:55,640 I think one of the downsides, though, is... 578 00:28:55,640 --> 00:28:58,080 I'll give you the example of our anniversary dinner. 579 00:28:58,080 --> 00:29:01,760 Erm, we went after a full day of work, 580 00:29:01,760 --> 00:29:06,680 and we kind of didn't know what to talk about that wasn't work! 581 00:29:06,680 --> 00:29:08,440 I'm going to take a second to remember this. 582 00:29:08,440 --> 00:29:10,960 It hasn't really sunk in yet. 583 00:29:10,960 --> 00:29:13,480 I grew up watching Dragons' Den, 584 00:29:13,480 --> 00:29:19,120 so it just feels like, I guess, an emotionally loaded event. 585 00:29:19,120 --> 00:29:22,000 My mum sent me the article when Steven Bartlett 586 00:29:22,000 --> 00:29:24,840 actually joined as being, you know, the youngest Dragon ever, 587 00:29:24,840 --> 00:29:26,360 and I was like, "It would be..." 588 00:29:26,360 --> 00:29:28,320 You know, I want to be in his position someday, 589 00:29:28,320 --> 00:29:31,640 so I feel like this is the first step of being in the chair myself. 590 00:29:36,720 --> 00:29:40,760 Hello, Dragons. I'm Zara and this is my husband, Aaron, 591 00:29:40,760 --> 00:29:44,440 and we're the founders of Choppity, an AI video editor 592 00:29:44,440 --> 00:29:46,800 which allows people to do complex video editing 593 00:29:46,800 --> 00:29:49,360 quickly and easily. 594 00:29:49,360 --> 00:29:53,960 We're asking for £100,000 for a 6% equity stake. 595 00:29:53,960 --> 00:29:56,280 Since Choppity is such a visual product, 596 00:29:56,280 --> 00:30:00,080 I'm going to hand over to my lovely husband to give a demo now. 597 00:30:00,080 --> 00:30:03,480 So, as you as you can see here, I've got a podcast video. 598 00:30:03,480 --> 00:30:05,160 This one's about four minutes long, 599 00:30:05,160 --> 00:30:07,600 but it could just as easily be a best man speech 600 00:30:07,600 --> 00:30:09,920 that you've recorded on your phone at a wedding. 601 00:30:09,920 --> 00:30:12,480 So, what I've been tasked with is I want to turn this 602 00:30:12,480 --> 00:30:15,520 into lots of short videos to share on social media. 603 00:30:15,520 --> 00:30:18,000 So, what I'm going to do is, I'm going to open up our website. 604 00:30:18,000 --> 00:30:20,000 I'm going to click upload. 605 00:30:20,000 --> 00:30:22,640 And, as you can see, now it's being uploaded. 606 00:30:22,640 --> 00:30:24,720 So, because it takes a few minutes to analyse, 607 00:30:24,720 --> 00:30:26,800 I'm just going to leave that to the side for one second, 608 00:30:26,800 --> 00:30:28,800 and I've previously uploaded the video. 609 00:30:28,800 --> 00:30:30,760 So I'm going to open up that folder. 610 00:30:30,760 --> 00:30:32,880 And what you can see is that Choppity's automatically 611 00:30:32,880 --> 00:30:34,680 made all of these projects for me. 612 00:30:34,680 --> 00:30:37,400 So, I'm going to click play on one of those just so you get an idea 613 00:30:37,400 --> 00:30:38,600 of what they are. 614 00:30:40,000 --> 00:30:41,720 I think goal setting is important, 615 00:30:41,720 --> 00:30:43,600 it's also why I think 616 00:30:43,600 --> 00:30:46,240 having the right people around you is important, but... 617 00:30:46,240 --> 00:30:48,160 So, I'm going to pause it there just for a second, 618 00:30:48,160 --> 00:30:50,840 but you can see it's turned what was originally a landscape video 619 00:30:50,840 --> 00:30:53,240 into a portrait one. It's detected the faces. 620 00:30:53,240 --> 00:30:55,920 And when there were two people, it stacked them on top of each other. 621 00:30:55,920 --> 00:30:57,680 And it's added this background music 622 00:30:57,680 --> 00:30:59,840 and these animated captions automatically. 623 00:30:59,840 --> 00:31:01,760 So, on top of that, on the left-hand side here, 624 00:31:01,760 --> 00:31:03,600 you can see that there's a transcript. 625 00:31:03,600 --> 00:31:05,240 And, on the right-hand side over here, 626 00:31:05,240 --> 00:31:07,720 you can see that there's an AI-generated title. 627 00:31:07,720 --> 00:31:09,760 But it isn't made for just making one video, 628 00:31:09,760 --> 00:31:12,760 it makes a bunch of them. So, here I've got a 30-second video. 629 00:31:12,760 --> 00:31:14,320 This one's about 28 seconds long. 630 00:31:14,320 --> 00:31:17,640 And, actually, from what was originally a 45-minute-long video, 631 00:31:17,640 --> 00:31:20,240 it's automatically made all of these clips. 632 00:31:20,240 --> 00:31:22,480 So, at this point, what you could do is you could click download 633 00:31:22,480 --> 00:31:25,000 on any one of these and post it to social media. 634 00:31:25,000 --> 00:31:29,400 But if, for example, you want to edit it, you can just click edit. 635 00:31:29,400 --> 00:31:32,720 Now, editing videos is usually a really daunting task, 636 00:31:32,720 --> 00:31:36,000 and what we've tried to do is make it as simple as possible. 637 00:31:36,000 --> 00:31:38,920 So, if what I wanted to do is make this video shorter, 638 00:31:38,920 --> 00:31:42,240 all I need to do is... You see this purple bit here that's selected? 639 00:31:42,240 --> 00:31:44,960 I can just drag this handle and trim it like this, 640 00:31:44,960 --> 00:31:46,320 and now it's shorter. 641 00:31:46,320 --> 00:31:47,960 So, if you can edit a word document, 642 00:31:47,960 --> 00:31:50,240 you can edit a video in Choppity, is the idea. 643 00:31:50,240 --> 00:31:52,640 So, the video that I uploaded at the start of the demo 644 00:31:52,640 --> 00:31:54,040 has already been edited. 645 00:31:54,040 --> 00:31:56,720 Again, I've touched nothing apart from just uploading it. 646 00:31:56,720 --> 00:31:58,160 So, I'm going to open that one up, 647 00:31:58,160 --> 00:32:00,160 and you can see it's made all of these clips. 648 00:32:00,160 --> 00:32:01,760 So, I'm just going to click on this one 649 00:32:01,760 --> 00:32:04,000 so you can see how it's edited it. 650 00:32:04,000 --> 00:32:05,880 But the thing is, like, I also... 651 00:32:05,880 --> 00:32:09,600 I mean, it's not that I'm never, like, up late or... 652 00:32:09,600 --> 00:32:12,320 So, you can see it's added some nice pink animated captions. 653 00:32:12,320 --> 00:32:14,200 It's added our logo in the top left corner 654 00:32:14,200 --> 00:32:15,640 that appeared and animated in, 655 00:32:15,640 --> 00:32:18,000 some background music and even some zooms. 656 00:32:18,000 --> 00:32:21,000 So, at this point, these videos are ready to go out on social media. 657 00:32:23,240 --> 00:32:28,080 AI video editing software designed with social media in mind 658 00:32:28,080 --> 00:32:32,520 is the brainchild of Aaron Morris and Zara Paul. 659 00:32:32,520 --> 00:32:38,400 The couple are seeking £100,000 in return for 6% of their business 660 00:32:38,400 --> 00:32:42,400 and their product demo has clearly made an impression on Sara Davies. 661 00:32:45,360 --> 00:32:49,560 Wow. Like, just wow. 662 00:32:49,560 --> 00:32:52,480 Thank you. That is exceptional. Thank you very much. Thank you. 663 00:32:52,480 --> 00:32:56,640 What is it about you two t hat has given you the skills 664 00:32:56,640 --> 00:32:58,600 that has set you off in this market? 665 00:32:58,600 --> 00:33:01,480 What's happened to get you to this point here? 666 00:33:01,480 --> 00:33:04,960 So, Aaron and I met in uni, 667 00:33:04,960 --> 00:33:07,440 and we got together pretty quickly 668 00:33:07,440 --> 00:33:11,600 and have basically been building together ever since. 669 00:33:11,600 --> 00:33:15,560 We spent a year working on a graphic design app, 670 00:33:15,560 --> 00:33:19,760 and we took a lot of the skills that we'd learned from building that tech 671 00:33:19,760 --> 00:33:22,800 and transferred it over to the video space. 672 00:33:22,800 --> 00:33:25,120 And just a little bit on me as well, my background. 673 00:33:25,120 --> 00:33:28,000 So, I've been developing since I was about 13 years old 674 00:33:28,000 --> 00:33:29,920 and that's really my speciality. 675 00:33:29,920 --> 00:33:32,080 And I have a bit of experience, background, of video editing, 676 00:33:32,080 --> 00:33:34,800 but that's more just as a hobby. 677 00:33:34,800 --> 00:33:38,120 And how long have you been working on it to get it to this stage? 678 00:33:38,120 --> 00:33:42,560 We started development in November of 2022 679 00:33:42,560 --> 00:33:46,400 and we launched in January of 2023. 680 00:33:46,400 --> 00:33:51,320 And what have you spent on the development of the product so far? 681 00:33:51,320 --> 00:33:52,480 Development - zero. 682 00:33:52,480 --> 00:33:54,840 There are running costs, but development, zero, 683 00:33:54,840 --> 00:33:58,320 cos it was all done in-house. Mm. Wow. 684 00:33:58,320 --> 00:34:00,160 Well done. Thank you. Thank you. 685 00:34:01,560 --> 00:34:03,240 Guys. Hello. 686 00:34:03,240 --> 00:34:06,480 I'm the least tech-person you could imagine, 687 00:34:06,480 --> 00:34:08,720 but I've got fashion businesses... Uh-huh. 688 00:34:08,720 --> 00:34:10,880 ..and we create videos. Mm-hm. 689 00:34:10,880 --> 00:34:13,840 So, erm, how do I 690 00:34:13,840 --> 00:34:18,160 use your technology and get the consumer's attention? 691 00:34:18,160 --> 00:34:21,760 Er, so one of the common requirements 692 00:34:21,760 --> 00:34:23,760 is just, first off, branding. 693 00:34:23,760 --> 00:34:26,760 So, imagine if, instead of just having one of those videos, 694 00:34:26,760 --> 00:34:28,240 you have 50. 695 00:34:28,240 --> 00:34:31,280 To every single... For every single one of those to add the logo, 696 00:34:31,280 --> 00:34:34,760 add a little outro animation, put background music, 697 00:34:34,760 --> 00:34:37,240 if you need to correct any audio, like, if it's muffled, 698 00:34:37,240 --> 00:34:38,560 there's background noise - 699 00:34:38,560 --> 00:34:41,000 all of those sort of things can be done instantly 700 00:34:41,000 --> 00:34:42,320 for every single one of them, 701 00:34:42,320 --> 00:34:44,280 as opposed to having to do it one by one. 702 00:34:44,280 --> 00:34:50,120 Right. So, where do you believe you're going to end up with this... 703 00:34:51,280 --> 00:34:53,640 ..in two, three years' time? 704 00:34:55,040 --> 00:34:59,040 So, we want to be in every business. 705 00:34:59,040 --> 00:35:04,200 We want every marketer in the world to be using Choppity 706 00:35:04,200 --> 00:35:07,360 for all of the videos that they need to be making. 707 00:35:07,360 --> 00:35:11,320 Very impressive, you guys. Thank you. Even though I'm not in tech. 708 00:35:13,040 --> 00:35:14,880 I think it's because we're not in tech 709 00:35:14,880 --> 00:35:17,360 that we're... we're a little bit like, 710 00:35:17,360 --> 00:35:19,480 "Whoa, this is really clever." 711 00:35:19,480 --> 00:35:22,400 I know you guys... Like, you live in this world 712 00:35:22,400 --> 00:35:26,960 and you see stuff like this all the time, and I'm just like, "Yeah." 713 00:35:26,960 --> 00:35:28,440 Thank you. Thank you. 714 00:35:29,520 --> 00:35:32,200 Aaron, Zara, erm... 715 00:35:32,200 --> 00:35:35,440 ..it's really cool. I think it's really cool. Thank you. 716 00:35:35,440 --> 00:35:38,520 To say I know this space, this tool, 717 00:35:38,520 --> 00:35:41,800 what it does, every competitor that exists... Mm-hm. 718 00:35:41,800 --> 00:35:45,720 ..is an understatement. Erm, I actually part own a company 719 00:35:45,720 --> 00:35:47,840 which is essentially doing the same thing, taking long form, 720 00:35:47,840 --> 00:35:49,520 turning it into clips. Mm. 721 00:35:49,520 --> 00:35:52,960 And there is a lot of products that are trying to do the same thing. 722 00:35:52,960 --> 00:35:54,360 There's a lot of them. 723 00:35:54,360 --> 00:35:57,320 And, with these businesses, sometimes, you know, 724 00:35:57,320 --> 00:35:59,400 it's hard to forecast the disruptive forces 725 00:35:59,400 --> 00:36:01,200 that come out of nowhere, right? Yeah. For sure. 726 00:36:01,200 --> 00:36:03,960 Because one of the... You know, you could have a Photoshop 727 00:36:03,960 --> 00:36:05,960 or an Adobe, I'm sure that's probably a little bit... 728 00:36:05,960 --> 00:36:09,000 Keeps you up a little bit at night, who introduce similar features 729 00:36:09,000 --> 00:36:12,040 in their video editing software for long form video. 730 00:36:12,040 --> 00:36:15,680 What happens to you in that situation? What do you do? 731 00:36:15,680 --> 00:36:19,800 So, Aaron and I, we're very determined and driven people 732 00:36:19,800 --> 00:36:22,720 and we're also very resourceful. 733 00:36:22,720 --> 00:36:27,480 Whatever the landscape looks like, we'll figure something out. 734 00:36:27,480 --> 00:36:30,240 Maybe not with this. If this is a sinking ship, 735 00:36:30,240 --> 00:36:33,040 we'll let the ship sink and we'll go and do something else. 736 00:36:33,040 --> 00:36:36,040 We don't want to lose anyone else's money or time, 737 00:36:36,040 --> 00:36:38,760 that's not our attitude towards doing anything. 738 00:36:40,200 --> 00:36:42,400 So, I'm going to tell you where I am, 739 00:36:42,400 --> 00:36:45,920 just to make things a little bit easier for everybody. 740 00:36:45,920 --> 00:36:49,600 When I think about who wins in this space, 741 00:36:49,600 --> 00:36:53,480 many of these games are won by resource. Mm-hm. 742 00:36:53,480 --> 00:36:56,600 And some of these games are winner-takes-all... 743 00:36:56,600 --> 00:36:57,840 ..to some degree. 744 00:36:57,840 --> 00:37:00,320 You know, I'm not saying that there will be just one winner - 745 00:37:00,320 --> 00:37:03,680 there's typically maybe three, you know, big, big names. 746 00:37:03,680 --> 00:37:05,240 And then I look at the ask, 747 00:37:05,240 --> 00:37:08,280 and this is for me, actually, where it falls down, 748 00:37:08,280 --> 00:37:11,280 because 100K for 6%, 749 00:37:11,280 --> 00:37:13,560 it's actually the 100K piece 750 00:37:13,560 --> 00:37:17,080 that I... If you'd come in and that number was lower, 751 00:37:17,080 --> 00:37:19,680 I think I would have had a shot at this. 752 00:37:19,680 --> 00:37:23,720 But with what I know, the risk equation at that level... 753 00:37:23,720 --> 00:37:26,080 ..doesn't add up for me, unfortunately. 754 00:37:26,080 --> 00:37:28,480 Erm, so I'm going to say that I'm out, 755 00:37:28,480 --> 00:37:31,320 but I wish you the very, very best. Thank you. Thank you. 756 00:37:33,040 --> 00:37:35,280 So... So, erm... 757 00:37:35,280 --> 00:37:38,040 That was interesting, because, erm, I have to be honest, 758 00:37:38,040 --> 00:37:42,200 I...I don't live in the... I don't know the landscape of this. 759 00:37:42,200 --> 00:37:45,000 I do live in this world, I just don't know the landscape 760 00:37:45,000 --> 00:37:47,080 because I'm not on the tech side of things. 761 00:37:47,080 --> 00:37:52,240 Erm, and...and I have to say that Steven's comments 762 00:37:52,240 --> 00:37:53,640 have wobbled me, 763 00:37:53,640 --> 00:37:57,480 and they've wobbled me because, if I know a landscape, 764 00:37:57,480 --> 00:38:00,120 any of these other Dragons can say what they like. 765 00:38:00,120 --> 00:38:02,080 I know what I know. 766 00:38:02,080 --> 00:38:06,880 In this particular situation, you guys are really impressive... 767 00:38:08,280 --> 00:38:13,120 ..I can see exactly why this product is needed and how it would be used, 768 00:38:13,120 --> 00:38:16,480 but I have... I'm going to take into account 769 00:38:16,480 --> 00:38:20,680 Steven's summary of the landscape. 770 00:38:22,000 --> 00:38:25,880 So I am really sorry, I am really sorry... 771 00:38:25,880 --> 00:38:29,920 ..I won't be investing. I'm out. Thank you. I appreciate it. 772 00:38:32,440 --> 00:38:34,400 Aaron and Zara. 773 00:38:34,400 --> 00:38:37,120 Look, I think this is really... I think it's great what you've done. 774 00:38:37,120 --> 00:38:39,280 It's without doubt, erm... 775 00:38:40,320 --> 00:38:42,040 ..really admirable, 776 00:38:42,040 --> 00:38:45,200 and you are both really credible. 777 00:38:45,200 --> 00:38:47,680 Thank you. Thank you. 778 00:38:47,680 --> 00:38:50,600 It's really interesting because I do think you... 779 00:38:50,600 --> 00:38:54,000 You do have something here. Erm... 780 00:38:54,000 --> 00:38:56,800 ..and I think I could really help... 781 00:38:56,800 --> 00:39:00,240 ..erm, help you build the business. 782 00:39:00,240 --> 00:39:03,800 One of my best friends, the group CEO of a very large business 783 00:39:03,800 --> 00:39:06,680 in the UK that does a lot of this sort of stuff. 784 00:39:06,680 --> 00:39:09,560 But I have to take more than... 785 00:39:09,560 --> 00:39:11,960 ..the 6% because of the risk. 786 00:39:13,280 --> 00:39:15,680 So, I am going to offer you all of the money... 787 00:39:17,560 --> 00:39:19,720 ..but I'm doing it at 15%. 788 00:39:19,720 --> 00:39:21,960 OK. Mm. That's my offer. 789 00:39:21,960 --> 00:39:24,040 Thank you. Thank you very much for your offer. 790 00:39:25,760 --> 00:39:29,280 How are you going to feel if I put my money in today 791 00:39:29,280 --> 00:39:33,160 and we spend this 100,000 pursuing this... 792 00:39:33,160 --> 00:39:37,000 ..this Choppity product, erm... 793 00:39:37,000 --> 00:39:41,280 ..and it doesn't work, and then you're starting from scratch 794 00:39:41,280 --> 00:39:45,760 with something new, but you only own 94% of it? 795 00:39:45,760 --> 00:39:50,520 Your value isn't the money that you're putting in. 796 00:39:50,520 --> 00:39:54,160 Your value is you. The same with us. 797 00:39:54,160 --> 00:39:59,160 And we would see it as going in as a partnership. 798 00:39:59,160 --> 00:40:01,800 That was a great answer. That made my mind up. 799 00:40:01,800 --> 00:40:05,400 Thank you. Thank you so much. Erm, I don't have expertise in this area. 800 00:40:05,400 --> 00:40:08,520 I'm not investing in this product or this area, 801 00:40:08,520 --> 00:40:10,160 I'm happy to back you two. 802 00:40:10,160 --> 00:40:12,320 Wow, thank you. Thank you. Thank you so much. Thank you so much. 803 00:40:12,320 --> 00:40:15,480 So I will offer you what you're asking for at what you're offering. 804 00:40:15,480 --> 00:40:18,000 I'll offer you the whole 100,000 at the 6%. 805 00:40:18,000 --> 00:40:20,280 Thank you very much. Thank you so much. Thank you. 806 00:40:22,000 --> 00:40:24,600 Well, you got two offers. Mm-hm. 807 00:40:24,600 --> 00:40:26,080 Erm... 808 00:40:28,040 --> 00:40:31,640 I like you guys. You really are great. 809 00:40:31,640 --> 00:40:35,680 You know? Thank you. So I'm going to offer you all the money... 810 00:40:37,160 --> 00:40:39,880 ..but I also want 15% like Mr Jones. 811 00:40:39,880 --> 00:40:41,960 OK, thank you so much. Thank you. 812 00:40:41,960 --> 00:40:44,720 Do you want to go and have a chat with yourselves at the wall? 813 00:40:44,720 --> 00:40:47,080 Yes, please. Thank you. Thanks for your offers. 814 00:40:48,680 --> 00:40:53,160 Aaron and Zara have three competing bids to consider, 815 00:40:53,160 --> 00:40:56,480 with Sara Davies having met the couple's original ask - 816 00:40:56,480 --> 00:41:00,040 £100,000 in return for 6%... 817 00:41:01,440 --> 00:41:04,360 15 might be too high. 818 00:41:04,360 --> 00:41:07,320 ..whilst Peter Jones and Touker Suleyman 819 00:41:07,320 --> 00:41:09,680 have both demanded 15%. 820 00:41:09,680 --> 00:41:12,200 INAUDIBLE 821 00:41:22,840 --> 00:41:27,280 So, thank you guys so much for your offers. 822 00:41:27,280 --> 00:41:29,360 Erm... 823 00:41:29,360 --> 00:41:34,160 ..Peter, we're really interested in your connections. 824 00:41:35,520 --> 00:41:39,000 But we were wondering if you would consider dropping 825 00:41:39,000 --> 00:41:43,040 your equity ask... 826 00:41:43,040 --> 00:41:44,680 ..to 12.5%. 827 00:41:47,160 --> 00:41:51,040 I would drop it if I get my 100K back 828 00:41:51,040 --> 00:41:54,440 because then I've got no cash at risk and I own 12.5%. 829 00:41:54,440 --> 00:41:56,080 I would be happy with that. 830 00:41:59,280 --> 00:42:01,080 I think that's good. Yeah. 831 00:42:01,080 --> 00:42:03,000 We'd like to accept your offer. 832 00:42:03,000 --> 00:42:04,120 Yay! 833 00:42:06,240 --> 00:42:09,560 Thank you. Such a pleasure. Thank you so much. 834 00:42:09,560 --> 00:42:12,120 An amazing outcome for Aaron and Zara... 835 00:42:12,120 --> 00:42:14,160 Thank you so much, guys. Bye. 836 00:42:14,160 --> 00:42:18,000 ..who leave the den £100,000 better off, 837 00:42:18,000 --> 00:42:20,080 having clinched a deal with a Dragon 838 00:42:20,080 --> 00:42:23,720 who has a wealth of experience in the world of tech. 839 00:42:25,600 --> 00:42:29,440 It doesn't feel like that was real. I feel like I'm waking up right now. 840 00:42:30,520 --> 00:42:32,200 They were brilliant. 841 00:42:32,200 --> 00:42:34,400 Brilliant. We could not have let them walk out of this den 842 00:42:34,400 --> 00:42:37,280 without getting investment. They're the most sort of... 843 00:42:37,280 --> 00:42:40,560 They're the best we've seen in the den. 844 00:42:40,560 --> 00:42:43,480 We're super delighted to have Peter on board. 845 00:42:43,480 --> 00:42:48,000 He just has so much industry experience and, yeah, super excited 846 00:42:48,000 --> 00:42:49,240 to be working with him. 847 00:43:02,080 --> 00:43:04,960 My name's Alex Street. I'm originally from South London, 848 00:43:04,960 --> 00:43:06,600 but now I'm living in Nottingham. 849 00:43:06,600 --> 00:43:08,920 We made it. Come on. 850 00:43:08,920 --> 00:43:11,120 I love football shirts from all different years, 851 00:43:11,120 --> 00:43:14,600 they have a history and a nostalgia that I just absolutely love. 852 00:43:16,000 --> 00:43:17,840 Where's Gary Neville when you need him? 853 00:43:17,840 --> 00:43:20,480 I wash an awful lot of football shirts every week. 854 00:43:20,480 --> 00:43:22,680 We don't have any that look like that in our house. 855 00:43:24,120 --> 00:43:27,600 Alex has dressed up especially for the Dragons. 856 00:43:27,600 --> 00:43:29,000 I've put on a full suit today, 857 00:43:29,000 --> 00:43:31,000 a little three-piece cheeky number. 858 00:43:31,000 --> 00:43:33,440 Most of the time I'm wearing football shirts in the office. 859 00:43:33,440 --> 00:43:36,560 Yeah, it feels nice to put on proper clothes. 860 00:43:37,640 --> 00:43:42,400 The last time he was in formal wear was a much more sombre occasion. 861 00:43:42,400 --> 00:43:44,520 It's been a really challenging couple of months. 862 00:43:44,520 --> 00:43:47,600 I lost my dad and we had his funeral about a month ago, 863 00:43:47,600 --> 00:43:49,080 but I'm here now. 864 00:43:49,080 --> 00:43:51,200 I'm ready to deliver the best pitch I possibly can. 865 00:43:51,200 --> 00:43:53,040 Don't shoot, you don't score. 866 00:43:53,040 --> 00:43:56,240 And hopefully the Dragons will see a real, authentic, quality business 867 00:43:56,240 --> 00:43:58,080 that they can get behind and invest. 868 00:44:01,720 --> 00:44:03,560 Oh. 869 00:44:03,560 --> 00:44:05,760 Hello, Dragons. My name is Alex Street 870 00:44:05,760 --> 00:44:07,920 and I'm the co-founder of Mystery Jersey King. 871 00:44:07,920 --> 00:44:11,280 I'm here today looking for an investment of £50,000 872 00:44:11,280 --> 00:44:14,440 for a 10% equity share in my business. 873 00:44:14,440 --> 00:44:18,280 Mystery Jersey King is the home of the football shirt mystery box. 874 00:44:18,280 --> 00:44:22,000 The business is based on an idea for football fans and consumers 875 00:44:22,000 --> 00:44:26,400 to purchase a mystery box experience and subscription service. 876 00:44:26,400 --> 00:44:29,200 It is a new and exciting concept to collect football shirts 877 00:44:29,200 --> 00:44:32,640 from all around the world at an amazing price. 878 00:44:32,640 --> 00:44:36,680 Since starting the business from my spare room in February 2021, 879 00:44:36,680 --> 00:44:40,760 we made our first move to our new office space in the same year 880 00:44:40,760 --> 00:44:43,120 and then we took on four members of staff 881 00:44:43,120 --> 00:44:45,520 to help with the day-to-day running. 882 00:44:45,520 --> 00:44:49,000 This then allowed us to spend more time building relationships 883 00:44:49,000 --> 00:44:52,520 with manufacturers, retailers and football clubs, 884 00:44:52,520 --> 00:44:55,400 which in turn has given MJK the opportunity 885 00:44:55,400 --> 00:44:59,480 to present a broad collection of unique and unexpected shirts, 886 00:44:59,480 --> 00:45:01,880 which we present on our social media platforms, 887 00:45:01,880 --> 00:45:05,520 which has over 100,000 followers. 888 00:45:05,520 --> 00:45:07,520 We are really pleased to say we've accumulated 889 00:45:07,520 --> 00:45:10,520 over £1 million worth of sales revenue. 890 00:45:10,520 --> 00:45:13,120 Thank you for your time and, before we go on to the questions, 891 00:45:13,120 --> 00:45:16,480 I've got a wonderful, cheeky little mystery box for each one of you. 892 00:45:16,480 --> 00:45:20,200 Ooh. OK. Better be Manchester United. 893 00:45:20,200 --> 00:45:22,320 Yours will be Chelsea, the best team. 894 00:45:23,720 --> 00:45:26,560 A mystery box containing a football shirt 895 00:45:26,560 --> 00:45:28,560 sourced from anywhere around the globe 896 00:45:28,560 --> 00:45:32,320 and delivered to your door is the offering from Alex Street. 897 00:45:33,880 --> 00:45:37,000 I love purple. Top colour. 898 00:45:37,000 --> 00:45:42,960 He's seeking £50,000 in return for a 10% share in his business. 899 00:45:42,960 --> 00:45:45,800 That is Pena Deportiva, yeah? Yes. 900 00:45:45,800 --> 00:45:49,040 That captures the essence of the island which they call Ibiza. 901 00:45:49,040 --> 00:45:51,440 Ooh. So it's got a big DJ on it. Funky colours. 902 00:45:51,440 --> 00:45:54,320 That's me. You have got me down to a T. 903 00:45:55,480 --> 00:45:59,400 Alex might have successfully sized up Deborah Meaden, 904 00:45:59,400 --> 00:46:01,200 but his shirts also fit the bill 905 00:46:01,200 --> 00:46:04,720 for self-confessed soccer mum Sara Davies. 906 00:46:08,040 --> 00:46:10,120 Wow, Alex. 907 00:46:10,120 --> 00:46:14,120 Hi. My kids would love this. 908 00:46:14,120 --> 00:46:17,120 I mean, yeah, it's...it's amazing. Thank you. 909 00:46:17,120 --> 00:46:19,520 I can see it, it's brilliant. 910 00:46:19,520 --> 00:46:21,640 So, what's the premise in terms of 911 00:46:21,640 --> 00:46:24,080 how often do people receive the subscription? 912 00:46:24,080 --> 00:46:26,960 OK, so we work on a subscription basis where we work on 913 00:46:26,960 --> 00:46:30,920 one a month and we charge 29.99 including delivery. 914 00:46:30,920 --> 00:46:35,520 And so what is your average cost on one of those shirts 915 00:46:35,520 --> 00:46:36,840 and delivered to a customer? 916 00:46:36,840 --> 00:46:39,000 All the shirts that we actually source all come at different 917 00:46:39,000 --> 00:46:42,320 sort of prices, so we could be sourcing the shirts at £6 to £7, 918 00:46:42,320 --> 00:46:45,640 up to £14 to £15. 919 00:46:45,640 --> 00:46:48,400 It all depends on the relationships we have with the manufacturers. 920 00:46:48,400 --> 00:46:51,280 OK, so I can totally see how it's a win-win. 921 00:46:51,280 --> 00:46:53,320 I can see how, from the manufacturer's standpoint, 922 00:46:53,320 --> 00:46:55,880 they're getting rid of excess stock that they wouldn't be able to sell. 923 00:46:55,880 --> 00:46:58,360 From your standpoint, you'd be able to negotiate, 924 00:46:58,360 --> 00:47:00,520 buy at brilliant prices. And the consumer is happy, 925 00:47:00,520 --> 00:47:02,960 because they're accepting, "I'm going to get something different 926 00:47:02,960 --> 00:47:05,040 "and I'm getting it at a good price for a football shirt." 927 00:47:05,040 --> 00:47:08,960 Yeah. Exactly right. I like...I like win-win businesses. This is great. 928 00:47:08,960 --> 00:47:11,600 Sorry if it's a bit simple, but, like, erm... 929 00:47:11,600 --> 00:47:14,720 ..it works. Simple's best. And I'm a pretty simple geezer, just enjoy it 930 00:47:14,720 --> 00:47:18,040 and I love what we do - trying to make these little deals. 931 00:47:18,040 --> 00:47:20,440 Like, I had this guy the other day called Pedro. 932 00:47:20,440 --> 00:47:24,760 He went to me, "Oh, Alex, 600 shirts, FC Porto, last season." 933 00:47:24,760 --> 00:47:27,880 So, I've managed to source them in at 13 euros, right? 934 00:47:27,880 --> 00:47:31,760 So, if you receive that in a £30 mystery box - amazing. 935 00:47:31,760 --> 00:47:34,840 You've got right value for money cos if you Googled that actual shirt, 936 00:47:34,840 --> 00:47:37,760 it's going to be £60, £70, £80. 937 00:47:37,760 --> 00:47:39,480 I feel like I want a pint of beer 938 00:47:39,480 --> 00:47:41,920 just to sit here and have a chat with Alex in the pub 939 00:47:41,920 --> 00:47:44,280 and chat some football. You can have a glass of water, 940 00:47:44,280 --> 00:47:45,800 not quite the same. 941 00:47:45,800 --> 00:47:48,520 Erm, right, so how many people 942 00:47:48,520 --> 00:47:51,560 do you have in the subscription model today? 943 00:47:51,560 --> 00:47:55,360 We have 700 subscribers as of today, that's where we're at. 944 00:47:55,360 --> 00:47:58,520 It will fluctuate because, you know, some go up, some go down. 945 00:47:58,520 --> 00:48:00,920 Well, I want to understand your attrition. Like, how...? OK. 946 00:48:00,920 --> 00:48:03,840 So, how long, generally, are you keeping a customer? 947 00:48:03,840 --> 00:48:05,760 What's your retention rate month on month? 948 00:48:05,760 --> 00:48:08,120 And then I also want to understand what your cost per acquisition 949 00:48:08,120 --> 00:48:09,280 for a customer is. 950 00:48:09,280 --> 00:48:12,040 HE EXHALES Those are great questions. 951 00:48:12,040 --> 00:48:14,800 They are great questions - that's why I sit in this chair, mate. 952 00:48:14,800 --> 00:48:17,520 And I would love...I would love to give you the answer to those. 953 00:48:17,520 --> 00:48:21,440 Yep, I'm hoping you will. Yeah, erm, so, we just basically... 954 00:48:21,440 --> 00:48:23,840 Every month, we just track how many subscribers we've got 955 00:48:23,840 --> 00:48:26,040 and we work it out on a month-by-month basis. 956 00:48:26,040 --> 00:48:28,320 And, so, roughly... So, if we take... 957 00:48:28,320 --> 00:48:30,080 At the moment, you've got 700. 958 00:48:30,080 --> 00:48:33,000 Do you know how many new customers have come in this month? 959 00:48:34,520 --> 00:48:36,600 No. No. 960 00:48:36,600 --> 00:48:39,360 Apologies that I don't know that number. 961 00:48:39,360 --> 00:48:41,360 Have you got any data at all 962 00:48:41,360 --> 00:48:44,280 I can work with to kind of analyse how well the business is doing? 963 00:48:44,280 --> 00:48:46,960 I've got some numbers. So, once I can get rid of these numbers, 964 00:48:46,960 --> 00:48:50,200 cos I've got a lot of numbers, I can kind of then just relax and... 965 00:48:50,200 --> 00:48:52,080 I wouldn't take anything for granted. 966 00:48:52,080 --> 00:48:53,360 I'm not sure you'll be relaxing. 967 00:48:53,360 --> 00:48:57,040 I'll just manage that expectation now. OK, OK. OK. 968 00:48:57,040 --> 00:49:02,000 So, for year one, the turnover was 365K 969 00:49:02,000 --> 00:49:04,800 with a net profit of 62K. 970 00:49:04,800 --> 00:49:09,000 Our second year, the turnover was 688K 971 00:49:09,000 --> 00:49:11,160 with a net profit of 62K. 972 00:49:11,160 --> 00:49:16,360 And for year three, the turnover was...600 and... 973 00:49:16,360 --> 00:49:18,960 ..672K, 974 00:49:18,960 --> 00:49:21,240 with a net profit of 95K. 975 00:49:21,240 --> 00:49:22,480 Mm-hm. 976 00:49:23,640 --> 00:49:26,320 Alex, good to meet you. Hi, Peter. 977 00:49:26,320 --> 00:49:30,560 700 subscribers... Yeah. ..paying 29.99 a month. 978 00:49:30,560 --> 00:49:33,600 Yeah. That's where you are today. Yeah. 979 00:49:33,600 --> 00:49:37,320 That's about, what, 21K a month coming in? Yeah. 980 00:49:37,320 --> 00:49:40,040 And yet the numbers that you've already done previously last year 981 00:49:40,040 --> 00:49:44,080 were nearly three times that. Yeah, so... What's happened? 982 00:49:44,080 --> 00:49:47,040 OK, so, last year, we kind of dilly and dallied about 983 00:49:47,040 --> 00:49:51,320 with, like, another... We basically got a lot of training gear in 984 00:49:51,320 --> 00:49:53,360 and we used to sell it on eBay, 985 00:49:53,360 --> 00:49:55,640 but then it was just taking away our attention from the main thing, 986 00:49:55,640 --> 00:49:57,760 which is the brand and the mystery box element 987 00:49:57,760 --> 00:50:00,600 and experience that people get when they open up. 988 00:50:00,600 --> 00:50:03,120 OK, so that's why. So your revenue has dropped. 989 00:50:03,120 --> 00:50:06,360 Yeah. But you're focusing back on your core offer. 990 00:50:06,360 --> 00:50:07,920 Yeah, which is the brand. 991 00:50:09,120 --> 00:50:10,720 And one question I had is - 992 00:50:10,720 --> 00:50:13,680 could you tell me the proportion of revenue that's coming from eBay 993 00:50:13,680 --> 00:50:15,840 versus Mystery Jersey King? 994 00:50:15,840 --> 00:50:18,200 I-I'm really sorry. I-I don't know the answer to that. 995 00:50:18,200 --> 00:50:20,840 I'm really sorry. I-I should have come here more prepared. 996 00:50:20,840 --> 00:50:25,640 But, so, listen, I would allow some leeway for not knowing. 997 00:50:25,640 --> 00:50:28,520 I'm not so pernickety about some things, because, you know, 998 00:50:28,520 --> 00:50:31,840 I'm sure there's some things you can walk out of this den and find out. 999 00:50:31,840 --> 00:50:34,800 Yeah. But this isn't the complicated stuff. 1000 00:50:34,800 --> 00:50:37,440 This isn't me asking you to read out your balance sheet 1001 00:50:37,440 --> 00:50:38,920 and quizzing you on it. Yeah. 1002 00:50:38,920 --> 00:50:42,280 I'm just asking how much money you made from eBay. 1003 00:50:42,280 --> 00:50:43,960 Yeah. 1004 00:50:43,960 --> 00:50:47,200 I'd be guessing and I wouldn't want to do... I wouldn't want to do that. 1005 00:50:48,600 --> 00:50:52,000 I'm going to tell you where I am. I don't feel like I'm able to invest 1006 00:50:52,000 --> 00:50:55,480 because, admittedly, you don't know the numbers. 1007 00:50:55,480 --> 00:50:58,040 OK. Erm, so I'm going to say that I'm out, 1008 00:50:58,040 --> 00:51:00,080 but well done. Thank you so much. 1009 00:51:00,080 --> 00:51:02,400 You know, I'm going to learn so much from this experience. 1010 00:51:04,280 --> 00:51:07,720 You've got a great business and I would say congratulations, 1011 00:51:07,720 --> 00:51:11,160 because you are generating 20K a month, 1012 00:51:11,160 --> 00:51:14,400 but your business, even the name of your business, 1013 00:51:14,400 --> 00:51:16,120 actually reflects 1014 00:51:16,120 --> 00:51:18,000 the numbers in it as well 1015 00:51:18,000 --> 00:51:20,960 because it's...it's beyond me. 1016 00:51:20,960 --> 00:51:23,240 It's a mystery that we can't even get... 1017 00:51:23,240 --> 00:51:25,920 THEY LAUGH We can't get to the bottom 1018 00:51:25,920 --> 00:51:28,200 of the detail of the numbers. 1019 00:51:28,200 --> 00:51:32,600 I mean, football shirt market is worth, like, £4 billion. 1020 00:51:32,600 --> 00:51:34,440 Like, people... Yeah, I know, but... 1021 00:51:34,440 --> 00:51:37,360 You know, how is it possible to invest? 1022 00:51:37,360 --> 00:51:42,640 Neither of us know actually what this business has done 1023 00:51:42,640 --> 00:51:46,360 and that's really a challenge to try and find a way to invest. 1024 00:51:46,360 --> 00:51:48,400 So, look, I'm going to say that I'm out. 1025 00:51:51,400 --> 00:51:54,800 Alex, you don't have to be an accountant, 1026 00:51:54,800 --> 00:51:58,480 but you do need to know the numerical mechanics 1027 00:51:58,480 --> 00:52:01,200 of your business. It's not that complicated. 1028 00:52:01,200 --> 00:52:02,720 Yeah, OK. 1029 00:52:02,720 --> 00:52:06,520 So, I'm afraid I won't be investing. I'm out. Thank you so much. 1030 00:52:09,000 --> 00:52:13,160 Look, you are a trader at heart 1031 00:52:13,160 --> 00:52:16,200 and traders are entrepreneurs, 1032 00:52:16,200 --> 00:52:21,200 and entrepreneurs sometimes are mavericks. 1033 00:52:23,840 --> 00:52:26,880 Am I building the picture? Yeah. 1034 00:52:26,880 --> 00:52:30,080 But, honestly, can you imagine you and I having a board meeting, 1035 00:52:30,080 --> 00:52:32,160 and I come to you and say, "Alex..."? 1036 00:52:32,160 --> 00:52:34,240 THEY LAUGH I actually can. 1037 00:52:34,240 --> 00:52:36,680 Yeah, I'd actually buy tickets to see you two have a board meeting. 1038 00:52:36,680 --> 00:52:38,960 I'd say, "Alex, give me the numbers." You'd say... 1039 00:52:38,960 --> 00:52:41,840 I think you two having a board meeting 1040 00:52:41,840 --> 00:52:45,600 will actually sell like billy-o. Touker, I'll tell you what... 1041 00:52:45,600 --> 00:52:48,920 Touker, I'll give you the money, invest in the man. 1042 00:52:48,920 --> 00:52:52,880 You hear this? He'll put the money up. No, no, what I'm saying... 1043 00:52:52,880 --> 00:52:54,520 What I'm trying to get to 1044 00:52:54,520 --> 00:52:58,120 is that you are a personality in your own self. 1045 00:52:58,120 --> 00:53:02,360 Thank you. You are the trader. You're the entrepreneur 1046 00:53:02,360 --> 00:53:06,320 and I believe that you would find it very difficult 1047 00:53:06,320 --> 00:53:09,080 to bring an investor on board, 1048 00:53:09,080 --> 00:53:12,680 so, for those reasons, I'm out. 1049 00:53:12,680 --> 00:53:13,840 OK. 1050 00:53:17,520 --> 00:53:19,000 Alex... 1051 00:53:19,000 --> 00:53:22,160 Yeah. Stressful, isn't it? HE SIGHS 1052 00:53:22,160 --> 00:53:24,880 And we're being really nice to you tonight. 1053 00:53:24,880 --> 00:53:28,440 You didn't know any of your numbers and none of us have got fiery. 1054 00:53:28,440 --> 00:53:31,200 You've been really lucky. Thank you. 1055 00:53:31,200 --> 00:53:33,240 Erm, what is it you've come in here for? 1056 00:53:33,240 --> 00:53:35,960 What do you think you want a Dragon for? 1057 00:53:35,960 --> 00:53:38,920 Just to move on to the next level. You know, 1058 00:53:38,920 --> 00:53:41,480 we've got a lovely little business with a couple of members of staff. 1059 00:53:41,480 --> 00:53:44,960 We're doing well. I just think you guys can open new doors for me. 1060 00:53:44,960 --> 00:53:48,080 And I just think, with one of your guys' help, 1061 00:53:48,080 --> 00:53:53,000 this can really go. You know, we can absolutely nail this, I know it. 1062 00:53:55,840 --> 00:53:59,160 Do you know what, Alex? I'm going to throw you a lifeline. OK. 1063 00:53:59,160 --> 00:54:01,920 Cos I think you're a top bloke. Thank you. 1064 00:54:01,920 --> 00:54:04,640 However, I totally agree with absolutely everything 1065 00:54:04,640 --> 00:54:07,720 that has been said by every other Dragon, OK? 1066 00:54:07,720 --> 00:54:10,240 And you not knowing your numbers, 1067 00:54:10,240 --> 00:54:12,720 this is a really, really risky business, OK? 1068 00:54:12,720 --> 00:54:15,480 Just because I... I'm putting my money into you, 1069 00:54:15,480 --> 00:54:18,560 and I don't quite know that you know how you're going to give me a return 1070 00:54:18,560 --> 00:54:20,680 as an investor, OK? OK. 1071 00:54:20,680 --> 00:54:24,000 So, what I'd be prepared to do is give you the 50,000 1072 00:54:24,000 --> 00:54:25,520 you're asking for 1073 00:54:25,520 --> 00:54:28,840 and I would want to do that for 15% of the business. 1074 00:54:28,840 --> 00:54:34,200 OK. And as long as you return my money to me within 18 months, 1075 00:54:34,200 --> 00:54:38,160 which I think is reasonable... Yeah. ..then I'm no longer at risk. 1076 00:54:38,160 --> 00:54:41,760 Yep, OK. And I'll drop down to the 10% shareholder that you want. 1077 00:54:41,760 --> 00:54:44,040 I think that's really fair and reasonable 1078 00:54:44,040 --> 00:54:46,960 given the absolute dog's dinner you've made your numbers today. 1079 00:54:46,960 --> 00:54:50,320 Yeah, OK. So that's my offer. Thank you. OK. 1080 00:54:51,720 --> 00:54:54,000 I must be mad. 1081 00:54:54,000 --> 00:54:57,920 You're not. You're not. You can bank on a geezer like me. 1082 00:54:57,920 --> 00:54:59,720 So does that mean we've got a deal? 1083 00:54:59,720 --> 00:55:01,800 100% yes. Brilliant! 1084 00:55:01,800 --> 00:55:04,480 Absolutely! Oh, bless you. 1085 00:55:04,480 --> 00:55:06,800 It's a massive win for Alex... 1086 00:55:06,800 --> 00:55:08,640 Well done. Thank you so much. Well done. 1087 00:55:08,640 --> 00:55:13,000 ..who can't resist the opportunity to try and strike one more deal 1088 00:55:13,000 --> 00:55:14,600 before he leaves the den. 1089 00:55:14,600 --> 00:55:16,600 Are you playing Soccer Aid on Sunday? I am. 1090 00:55:16,600 --> 00:55:18,560 Couple of cheeky tickets, couple of cheeky... 1091 00:55:18,560 --> 00:55:21,440 STEVEN LAUGHS Sorry. 1092 00:55:21,440 --> 00:55:24,440 Couple of cheeky tickets? They're ten quid. 1093 00:55:24,440 --> 00:55:28,000 Alex departs without his tickets, 1094 00:55:28,000 --> 00:55:31,680 but, crucially, he does have £50,000... 1095 00:55:31,680 --> 00:55:33,160 HE EXCLAIMS 1096 00:55:34,880 --> 00:55:36,760 ..and the backing of a Dragon 1097 00:55:36,760 --> 00:55:40,680 who understands how to take a business to the top of its league. 1098 00:55:40,680 --> 00:55:42,640 That was for you, Dad. 1099 00:55:44,280 --> 00:55:45,760 He just needs a bit of help. 1100 00:55:45,760 --> 00:55:48,560 He does. He needs putting in touch with a decent accountant. 1101 00:55:48,560 --> 00:55:50,480 Do you know what? I think you'll have a great time. 1102 00:55:50,480 --> 00:55:54,000 I think he's great. He's lovely. And I can't wait to go and ring the kids 1103 00:55:54,000 --> 00:55:58,160 and tell them I've invested in a football shirt company. Whoa! 1104 00:55:58,160 --> 00:56:00,240 I thought the final whistle had been blown on me. 1105 00:56:00,240 --> 00:56:02,960 You know, they all fell like dominoes - one, two - 1106 00:56:02,960 --> 00:56:06,000 and then a shining light came on - my substitute. 1107 00:56:06,000 --> 00:56:08,880 She smashed a goal, she believed in me, and... 1108 00:56:08,880 --> 00:56:11,880 Yeah, I'm... Yeah. 1109 00:56:24,040 --> 00:56:25,520 Come on, let's have it. 1110 00:56:26,720 --> 00:56:28,680 Next time... Saves time, doesn't it? 1111 00:56:28,680 --> 00:56:31,240 Cos you can poo and wash your hands... At the same time. 1112 00:56:31,240 --> 00:56:32,960 That's quite a big piece of information 1113 00:56:32,960 --> 00:56:34,240 you've just divulged there. 1114 00:56:34,240 --> 00:56:38,840 That was one of the best pitches I've seen in the den. 1115 00:56:38,840 --> 00:56:40,400 Oh, yes! Wow. 1116 00:56:40,400 --> 00:56:44,240 When you build your life again, this is driving you a lot. 1117 00:56:44,240 --> 00:56:47,280 Gosh, I feel a bit choked up. This is all about contacts. 1118 00:56:47,280 --> 00:56:49,840 I think Sara and I would be a great team on this. 1119 00:56:49,840 --> 00:56:51,880 I would never go against my wife. 1120 00:56:51,880 --> 00:56:55,640 I'm glad someone can understand my point of view!