Dragon’s Den viewers were left screaming at the TV last night after Deborah Meaden withdrew her investment offer – over a blunder from a pair of entrepreneurs.
Lee Denny and Julia Lowe, from London, appeared on the BBC show where they were pitching Camp Wildfire – which they described as ‘the UK’s first summer camp for adults’ – to the Dragons.
They were asking the business people for a 5 per cent stake in their company in return for a £75,000 investment.
Deborah appeared impressed by the idea, telling them she liked it and would be happy to provide all of the money – for a 25 per cent stake in the business.
However in a shocking moment, the entrepreneurs tried to negotiate with Deborah to meet their original 5 per cent ask – with the Dragon saying she found it so offensive, she no longer wanted to invest.
Dragon’s Den viewers were left screaming at the TV last night after Deborah Meaden withdrew her investment offer – over a blunder from a pair of entrepreneurs
Many viewers of the show were left stunned by the moment, with one writing: ‘Deborah doesn’t get out of her sleeping bag for 5 per cent! Ffs.’
Another wrote: ‘Deborah with a withering putdown. Ouch.’
A third added: ‘OMG what a complete disaster. I was screaming at the TV to just take the 25 per cent. Big mistake. HUGE.’
A fourth commented: ‘Clearly that’s why Deborah Meaden is as rich as she is! Withdrawing from that was genius.
‘The counteroffer was laughable – as Deborah pointed out that said everything about them in terms of running a business.’
Another wrote: ‘What fools! I’d have bitten off Deborah’s hand! Although it looks like someone has already tried that.’
Appearing on the programme, the pair said they wanted to reinvent the experience of festival-going.
They confessed they hoped to impress Deborah as their favourite Dragon, and were keen to work with the business woman on their brand.
They explained they had worked in festivals for a decade, telling the Dragons: ‘At Camp Wildfire, you would venture by day and party by night.
‘There’s a choice of over 100 activities and 50 bands and DJs.
‘You’ll spend your days driving quad bikes, firing arrows, climbing trees and building rafts, and as night falls, you’ll feast on banquets, party in the forest, and cosy up around campfires.’
Many viewers of the show were left stunned by the moment, with one calling it a ‘big mistake’ from the couple
They said they expected net profits of £315,000 for the upcoming year, impressing the judges and wowing Deborah.
She told the pair: ‘I really like it. ‘When I was in the holiday park industry, people coming in an providing a ‘wow’ piece for my customers was absolute gold dust.
‘So, I can clearly see what we can do with this.’
Despite confessing there were ‘serious structural problems’ to be ironed out with the business, she said she was willing to work with the couple to help.
She offered the pair all of the money they had asked for – but said she wanted a 25 per cent stake in the business in exchange.
She told them it was a ‘much more realistic valuation’ for their company.
Lee and Julia took a moment to deliberate, with Julia telling her partner: ‘Obviously, Deborah is amazing, but I just think that we don’t want to give away too much.’
Going back to the panel, Lee thanked Deborah for her offer, but produced a counter offer for her.
The pair said they expected net profits of £315,000 for the upcoming year, impressing the judges and wowing Deborah
After Deborah revealed her offer, it was rebutted by Lee, who asked if she would be willing to drop her share down to 5 per cent – leaving the Dragon stunned
He said: ‘We would like to ask if it would be possible to do 20 per cent and, if we hit our numbers, which we believe we can, in the next season we run £315k, would you be willing to roll back to the 5 per cent that we pitched?’
However Deborah appeared stunned by their suggestion, saying: ‘5 per cent? No! That kind of misses the point.
‘Because, if I’m having an impact on this business, then I’ll be part of you achieving the £315k.
‘I mean, it’s completely illogical! So, no, is the answer.’
Lee then asked her if she was willing to offer the 75k for 20 per cent of their business.
However Deborah appeared flummoxed by their bravery and said she had decided their suggestions had put her off investing at all.
She said: ‘Do you know, in your last counteroffer, I have to tell you, I nearly fell off my chair.
‘And that really worried me.’
‘I’m getting insights into how you are going to be when you go out there and you do business and, do you know what?
‘I’m afraid I withdraw my offer. I’m out.’
And while the other Dragons were left stunned by Deborah’s move, Lee and Julia were forced to leave the den without an offer on the table.
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