Postsaver entrepreneurs Jim and Richard George believe they may live to regret turning down six offers in BBC TV’s Dragons’ Den, but they stand by their decision and their conviction in the product.
The popular show’s stars were clearly annoyed when the brothers declined all their offers, calling the final decision “poor” and “illogical”.
“Only time will tell,” said Jim the morning after the show had aired on August 14. “The main thing was that they liked the product and could see the benefits. We developed it ourselves and it was really nice that five top business people endorsed it.”
The brothers asked for £160,000 for 20%, then 25% of their business in heat-shrink sleeves, which they say prolong the life of fence posts by 40%. After they refused various offers of the cash for a 30% stake, Deborah Meaden said she’d take 30%, but return 5% if they hit their annual sales target. But the Georges turned this down too.
“Coming up with new products is enough of a challenge. To work with the Dragons would have been good but the added pressure of meeting targets, especially in this financial climate, would have been too much, we think,” Jim said.
The brothers wanted the money to improve and automate manufacturing at their Staunton, Gloucestershire, site. However, not all was lost: Jim said by early Monday morning the phone and email was busy with enquiries and orders.
