I am actually, you know...physical
tremors in my hands and my legs,
so pretty nervous!
But Wayne thinks his wife Anna
is just as stressed dealing
with a tricky situation
back home in Norfolk.
I've got two young sons and both
of my sons have just got chickenpox.
So yeah, she's under pressure
at home at the moment as well.
What are they, do you think?
Er, they're dangly bits.
Dangly bits. Definitely dangly bits.
Really helpful. Thanks, Theo.
Wayne is hoping that bagging
a Dragon investor can make his
part-time business start going
through the gears.
At the moment, I do still work five
days a week at software companies.
So it's a little bit of a juggling
act to work this in my spare time.
Hi. I'm Wayne and I'm the founder
of Rehook, and I'm looking
for £50,000 for a 15% share
in the company.
Rehook is the original tool that
gets your chain back on your bike
without the mess. It's really
lightweight, and it attaches
onto your bike frame, so it's always
ready whenever you need it.
It's very simple to use.
If your chain comes off, simply grab
the chain with the tool.
Put it over the top, spin,
and you're back on your bike.
I had the idea for the tool
after dropping a chain on the way
to a meeting and arriving
late, with oil-stained hands
and a soiled shirt.
There was no effective solution
on the market, so I developed
the product. Over the last
two and a half years,
we've done £150,000 in revenue,
on roughly 40% year-on-year growth.
All of this has been achieved
in my spare time,
outside of working full-time at the
start of the company, renovating
a house, as well as having two
young sons.
Thank you for listening.
Why don't we go up and have a look?
A tool for getting a slip chain back
on a bicycle is the product
that software developer Wayne Taylor
is hoping will hook a Dragon.
Can you do it without the tool now?
Yeah, sure!
I'll do it, I'll do it.
Will you get greasy hands?
Is there grease all over that?
Of course I'm going to get greasy
hands. Oh!
You can't make an omelette that
break a egg!
Wayne's offering to hand
over 15% of his company
in return for £50,000.
Right.
Can you show us your hands?
SHE LAUGHS
I mean, that wouldn't stop me
going into a meeting, would it?
Tej Lalvani is first to get to grips
with the cycling gizmo.
Wayne, so basically, you invented a
hook that can rehook and that's
why it's called Rehook. It's...yeah.
It's a very simple product.
It's a finger spanner for a bike.
HE LAUGHS
Yeah. It's...you know, it's a
specific tool for a specific job.
See, I thought I've seen something
like this before,
where you can...use to get
the chain back on in a simple way.
Um, I mean, there isn't a specific
tool designed for this purpose,
so it's unique. Wayne, has it ever
concerned you
that the reason there is no tool
designed for this purpose
is because there isn't a demand
for one?
People are quite happy to use
their finger. Yeah.
But...
The minute I made that statement,
I remembered you said you'd had
£150,000 of sales in
two and a half years... Yeah.
..which actually doesn't fit well
with the statement I just made.
I actually was in the same point
of view when I first started -
I was, like, "Is this a real thing?"
but it's reached the point now where
it needs to be taken more seriously,
I think.
Theo Paphitis backpedals
as he realises the entrepreneur's
impressive sales figures mean
it might be prudent to reserve
judgment about his product.
Peter Jones now wants to know
about Wayne's work commitments
that are keeping the bike
business a side business.
Wayne, what do you do?
What's your job?
Um, so I work at software companies
as a chief technology officer.
What do you earn normally?
I earn £62,500 at the moment.
Do you think that you're going
to earn enough money
from this to actually have a career
or a business,
or have you got other
ideas that you're going to grow?
I've got other ideas to bring into
Rehook to broaden the product range.
What's your other ideas?
Anything more exciting than this?
So, we've got, um, we've got a
performance cycling product as well,
which I'd like to sort of introduce
for time trialist cyclists.
That sounds like a very small
niche opportunity.
Well, I mean, the number of time
trialists is, um, yeah,
it's vastly increasing.
So, what's your last year's sales?
So we did £80,000 in revenue.
£80,000. Yeah.
OK, and your net profit?
Net profit for this last year was
£20,000.
OK, so what do you expect to do
this year?
This year, I hope to do 160,000.
And based on sort of growth rates
we've seen,
looking at £1 million revenue over
the next three years,
which is half a million pounds
in year three.
The entrepreneur's bold projections
about the growth of his business
have piqued the interest
of all five Dragons.
Sara Davies is next to grill
the gadgeteer.
Wayne, what impresses me is
when you're saying,
with very minimal effort,
because you're doing this around
a busy family life and a job,
you've made £80,000 worth of sales
last year and £20,000 worth of
profit.
That, to me, is you proving
that there's a concept.
I want to make you an offer.
But it's nothing like what you came
in asking for, because I'm sat here
thinking, "I don't know if this guy
should be even giving up his job."
So, I think I've come up with
a compromise. OK.
What I'd like to propose you do is,
you drop down to just three days
a week,
so you keep your income coming
along,
and I'll put the 50,000
into the business,
but not to pay your salary, because
you're going to keep working, OK?
I'm taking all the risk here.
So, for that, I'd want half
of the business with you.
However, however -
if you can repay me my money in 12
months, which should be really easy,
I would drop my shareholding
down to 30%.
Sara Davies becomes the frontrunner
in the race by tabling an offer,
but, unusually, she wants the
entrepreneur to continue working,
to give an element of stability
within the deal.
Earlier, Theo Paphitis manually
replaced a chain with a minimum of
mess.
Has that made him put the brakes
on the opportunity to invest?
Wayne, I don't agree with Sara.
I think the way she's made
an offer to you...
..it's like you're playing at this.
Ooh!
You carry on part-time.
I think anybody who goes
and creates
something that replaces
a mucky finger and then sells
150,000 quid's worth...
..has convinced me.
I can put it into 300 outlets
overnight,
but my view is, I DO want you to
pack up what you're doing,
because the value for me is not
just this alone.
The value is YOU.
So I will give you the £50,000.
In return, though, I want 40%
of the business.
OK.
Wayne, you've just had two
awful offers!
And I would - if I was standing
there - feel quite disrespected.
HE LAUGHS
I think you're incredibly
investable,
and I'm going to offer you
all of the money.
And no buy-back options, no stealing
nearly all of your company -
I'm going to offer you all
of the money for 30%.
OK.
Is that a deal?
Don't feel under pressure!
Peter Jones undercuts his fellow
Dragons,
and offers Wayne better terms for
his cycle-product business.
Tej Lalvani is now ready
to have his say
on the tightening tool.
Wayne.
You've made quite an impression,
and I think there's a lot
you can do with this in terms
of growing this product.
I think internationally,
you're scratching the surface.
We can sell in so many countries -
China, India, the whole world.
What's beautiful about it
it's so simple.
So I'm going to make an offer, too.
OK.
My offer is £50,000.
For 25% of the business.
So, Wayne, this is a really nice
product.
It looks good. I love the branding.
It clearly has got a lot about it.
People are buying it without really
enough exposure,
so, it won't surprise you that I'm
going to make you an offer.
I'm going to offer you all
of the money.
I want 25% of the business.
The entrepreneur's product has
caused a chain reaction of offers
from all five Dragons, who are now
competing to get their claws
into a deal.
Wayne, before you go and talk
to the wall... OK.
..I'd like to work with you, but
I realise my offer is no longer
the best offer on the table.
I stand by that I want a controlling
stake in your business
until I'm paid back.
But I'd be willing to drop
to 25%, longer-term.
I have done exactly
what you've done.
My journey is exactly the journey
you're about to go on.
The difference is, I did it in the
craft market, you're about to do in
the cycling market,
which is a bigger market
and a bigger opportunity.
This is now a bit boring.
Wayne, would you like to just think
before you get bombarded
with a load of words?
Wayne, go to the back.
Have a chat with yourself
and have a reflection.
Before you do that, Wayne -
the only person who's got
proper distribution is me.
That's not true.
Course it is! What are you going
to put it into? A camera shop.
Wayne. Go and think about it.
There's so much noise.
Why don't you go to the back?
It's a little bit quieter.
Thank you. Thank you, all!
After a bit of Dragon argy-bargy,
Wayne has five offers to mull over.
Sara Davies will halve her demand
for 50% of the company
once her money is paid back.
Theo Paphitis is offering to place
the product in his 300 retail
outlets,
but wants 40% in return.
Peter Jones wants a smaller
30% stake, whilst Deborah Meaden
and Tej Lalvani are both
seeking 25% of the business.
But all five of the offers
are asking for more than the 15%
that Wayne is prepared to give away.
So, absolutely overwhelmed
by everybody's response in the end,
and your offers.
But I think, Deborah, I'd like to
accept...
I am so pleased!
I am so...I really, I really wanted
you.
I really...
Oh, I'm very excited. Well done you!
Well done. Yeah, well done.
Good call. Well done.
Thank you so much, Peter.
I'm not even going to say well
done.
I mean, I thought you were
brilliant, but obviously, with that
decision-making,
I question it! On your bike!
After a full-house of five offers,
Deborah Meaden has the
trump card, and hooks the deal.
The cycle-gadget entrepreneur rides
off into the sunset with a £50,000
investment in his business
a delighted Dragon behind him,
and an exciting future ahead.
I can't believe five...five
offers! It's just great to get
that justification that serious
investors believe in it.
And that's...yeah, it's an amazing
feeling.
I think you ought to smile.
I am actually really, really
chuffed.
SHE LAUGHS
Well done. But it is only a plastic
finger for £50,000!
Oh, yeah, yeah, yeah!
And now the real business begins
for Wayne, returning home to two
children with chicken pox.
I just can't wait to
get in touch my wife.
She's actually in quarantine
with my sons,
so, she's going to be
so, so pleased!
