THINGS didn’t quite go to plan for an original Dragons Den star after securing investment.
Entrepreneur Charles Ejogo appeared in the BBC show’s first-ever episode back in 2005.
Charles Ejogo appeared in the first episode of Dragons Den[/caption]
The entrepreneur pitched his idea for an umbrella vending machine[/caption]
He secured support from two Dragons – including Duncan Bannatyne[/caption]
Facing the panel of experts, he successfully pitched an umbrella vending machine business.
Charles agreed to a joint £150,000 offer from Dragons Duncan Bannatyne and Peter Jones, securing 20 per cent each.
Chatting to Evan Davis after the pitch, he said: “I think we got a good deal. The dragons can add a lot of value. They’ve got a massive amount of experience.”
However, the deal would ultimately collapse just seven months later.
Speaking one year after his episode aired, Charles said: “Since the dragons pulled out last year, we have found it increasingly difficult to raise the capital required to grow the business, as it is simply too large for friends and families, but too small for the banks and venture capital firms.
“Our adverts are as much a last attempt to find investment for our business, which will otherwise collapse, but also an attempt to highlight the lack of options available to small high-growth businesses seeking investment in the UK today.”
Following advice from Peter, Charles’ next step was to set up a new company without his former business partners.
In turn, this allowed for his idea – Umbrolly – to have a fresh start.
He collaborated with Seymour Powell to develop and launch a revised, smaller umbrella vending machine.
In relaunching the business, Charles managed to secure significant equity from Burlington Investment Partners.
The following few years saw the company grow nationally and internationally, including expansion into the Republic of Ireland, France, the Netherlands, Germany and the US.
In the end, the business’ UK arm stopped trading after losing its operating partner but it still provides overseas sales and consultative services.
Earlier this year, a businesswoman who entered Dragons Den accused BBC producers of “messing with the narrative” surrounding her pitch and questioning.
Anna Brightman, alongside brother William, had hoped to secure an investment for their range of beauty products.
Appearing in 2018, the duo faced a line-up comprising Peter Jones, Deborah Meaden, Touker Souleyman, Tej Lalvani and Jenny Campbell.
Despite securing investment from Tej and Touker, watching the episode back left a sour taste in Anna’s mouth.
She told GB News: “They definitely do mess with the narrative.
“There were snippets that were put in as answers to different questions.
“Huge portions of what happened are left out. It seems very strange looking back on it.”
Peter Jones gave Charles advice after the Dragons Deal collapsed[/caption]
Classic Dragons line-up: James Caan, Duncan Bannatyne, Deborah Meaden, Peter Jones, Theo Paphitis[/caption]
