Norwich entrepreneur wins Dragons’ Den investment after getting offers from all five moguls
- Credit: Rehook
A Norfolk entrepreneur has won investment from TV's Deborah Meaden after appearing on Dragon's Den – but was faced with a tough decision after all five tycoons offered him a deal.
Wayne Taylor of cycling tool business Rehook now joins the ranks of just five companies which have been offered investment from all five Dragons in the show's 14-year history.
The Norwich businessman launched the company in 2016 after his bike chain became unattached en route to a meeting, and he arrived with his hands covered in oil.
Mr Taylor suffered a similar wardrobe malfunction before appearing on the popular show, which aired on September 1.
He said: "Luckily another contestant had a spare shirt that they had worn on the drive to the show. It was a bit big for me and it definitely needed a wash, but I gave it a quick iron and I headed in."
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Mr Taylor also had to take on the Dragons alone, after his wife and co-founder Anna needed to stay at home to look after their two sons - who came out with chicken-pox just before the recording.
But despite its bumpy beginnings, Mr Taylor's pitch went off without a hitch - even when Dragon Theo Pathitis attempted to disprove the need for the tool by fixing a dislodged chain with his fingers.
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Following questioning, each Dragon made an offer before Mr Taylor picked Ms Meaden's £50,000 for a 20pc stake in the company.
Ms Meaden said: "I am not a cyclist but thanks to Theo's demonstration on why the Rehook is so much better than the fumbly, messy alternative which leaves your fingers dirty and greasy, it was easy to imagine that it would become a must have item for cyclists."
She added: "Wayne's key competence is in online space so he has the skill to maximise our presence and make us available to a wide online audience. A great combination and I can imagine we will be exploring further developments in the not too distant future."
Mr Taylor said: "It was fantastic to have five offers but I have always been impressed by Deborah's straight talking and pragmatic approach. She is already having a positive impact on the business and I'm looking forward to working with her as the business grows."