Things got awkward when numbers were brought into the equation (Picture: BBC)
A pair of entrepreneurs who ventured onto Dragons’ Den managed to scrape through with a last-minute save after ‘completely messing up’ their pitch with ‘appalling’ numbers.
On the final episode of the current series of BBC’s Dragons’ Den, jewellers Kirstie MacLaren and Katie Pell were the last people to pitch their business to the experts.
They explained that they were asking for a £50,000 investment for a 10% share of their business for ring-making kits, with their company called The Workbench London.
The Dragons were highly impressed with their product, allowing people to design and carve their own rings made out of recycled solid silver at home, before sending the pieces off to be cast and polish by the firm.
However, when they were interrogated on their numbers, the business partners fell flat, mistaking net profit for gross profit and leaving the Dragons completely perplexed.
Peter Jones told them that he liked their product and their presentation, before delivering a harsh truth, stating: ‘But at the moment, I’m surprised you’ve even got here, because your numbers are appalling. That’s what really concerns me. It’s not ok actually.’
Kirstie casts a worried look at her colleague as finances are brought up (Picture: BBC)
Tej Lalvani reiterated that they should have ‘done their homework’, saying that they had ‘shot themselves in the foot’ as they were unable to make it clear how ‘healthy’ their financials are.
With Kirstie and Katie becoming more dejected by the minute, Peter added that they needed some ‘tough love’ when they came onto Dragons’ Den, adding: ‘It looks ok what you’ve done, but you’ve completely messed up.’
However, all was not lost, as Deborah Meaden turned to Sara Davies for her expertise, having founded her lucrative company Crafter’s Companion when she was university.
‘With all due respect, I think I’ve probably got a better picture of your business now than what you’ve got,’ Sara said, after going over the numbers.
Peter told the pair that they had ‘completely messed up’ – but all was not lost (Picture: BBC)
The businesswoman told the jewellers that while she thought their product was ‘exceptional’, they ‘haven’t got a business bone’ between them, which is why if she were to invest in their company, she believed she would need to effectively run the business.
Therefore, Sara put forward the offer of giving them all of the money they were asking for, to receive a 45% share of the business, which could be reduced to 30% after she receives her money back.
After an extremely quick tête-à-tête, Kirstie and Katie were ecstatic to accept Sara’s offer, bounding out of the den with happiness.
‘I’m under no illusion that they’re going to drive me around the bend. But honestly, that is going to be a big money maker,’ Sara told the other Dragons.
Tonight’s episode of Dragons’ Den marked the last of the 18th series.
When Dragons’ Den returns later this year for its 19th series, Tej Lalvani will be replaced by Steven Bartlett, the youngest Dragon ever to appear on the show.
Dragons’ Den is available to watch on BBC iPlayer.
Credit: Original article published here.