PostSaver brothers admit they were wrong to snub TV Dragons
WORCESTERSHIRE brothers who turned down four deals from entrepreneurs on TV’s Dragons’ Den have admitted they may have made the wrong choice.
Richard and Jim George stunned millions of viewers by rejecting offers of investment from Deborah Meaden, Duncan Bannatyne, Theo Paphitis and new dragon Hilary Devey.
The Malvern duo had entered the den to ask for £160,000 in return for a 25% stake in their PostSaver business, which supplies a protective sleeve to shrink-wrap around wooden posts to sop them rotting in the ground.
After a confident pitch the Dragons said they were impressed and competed against one another to secure a deal. Duncan Bannatyne and Hilary Devey proposed a joint venture whereas the other two judges said they would be willing to provide all the investment individually but in return for a 30% stake in the business.
However, the brothers stuck out for the 25% and even when Ms Meaden revised her offer and said she would return 5% of the shares provided the brothers met their profit targets, they balked.
Snubbed, the Dragons all withdrew their offers and criticised the brothers for not taking what was on offer.
Jim George sad: “Under the glare and pressure of being in front of the Dragons, I think we may have made the wrong decision by not accepting an offer, but only time will tell.
“And although appearing on Dragons’ Den was a gruelling experience and not something to be undertaken lightly, it was a fantastic opportunity to pit our wits against a formidable team.”
While they failed to agree a deal on PostSaver, the brothers are already contemplating a second shot at the show with another invention. They have developed a special fuel-saving spout for use with fuel cans, which works just like a petrol nozzle at the garage and prevents overfilling by stopping the flow when the tank is full.
