The duo behind the innovative towel brand impressed the Dragons with their impressive sales figures and reviews, receiving three offers of investment.
Dock & Bay founders Andy Jeffries and Ben Muller entered the Dragons’ Den with the aim of securing £75,000 in return for a 5% stake in their business.
Ben, donning flip-flops and shorts, flew 17,000 km from Sydney in order to make the pitch alongside Andy, his co-founder who is based in London.
The pair impressed the five Dragons with their business pitch and even more so with their impressive sales figures and reviews.
Over the past year, the pair turned over £1.1m with a gross profit of £330,000 and were among the top ranked Amazon sellers across the UK and the US.
Speaking about why they entered the Den, Andy told BQ: “Firstly, when else do you get the chance to stand in front of a group of people collectively worth close to £700m!
“Never - a year ago I would have laughed at the thought. But with Dragons' Den that is a reality. Whilst I sit here, still happy if I find £10 down the side of the sofa!
“But as lovers of the show (for Ben, the Australian version was Shark Tank), it seemed like an amazing opportunity to really put our business to the test under tough scrutiny and see how it fared.
“It's a make or break scenario but we love to take a risk so the opportunity seemed a no brainer. Yes, you could crash on national TV but we set out to make sure that 100% didn't happen with a lot of preparation.”
Luckily for them they didn’t crash and they received offers from three of the investors on the panel.
Touker Suleyman was the first Dragon to make them an offer, offering £75,000 for a 25% stake in the business.
He was then followed by Tej Lalvani who offered £75,000 for 15% of the business. Tej had said he would be willing to drop his stake to 10% if his money was returned within three years.
It was experienced Dragon Deborah Meaden however who offered Ben and Andy the most lucrative offer after offering all of the money for a 10% stake in the business.
Asked why they chose Deborah, Andy added: “There was lots of reasons! Deborah had been the most supportive to us throughout our time in the Den, making fair challenges and coming in with a fair offer based on our business position at the time.
“We had also watched at least two seasons of Dragons’ Den before going on the show and it was always Deborah that came across as the most interpersonal as well as having a key focus on helping the environment and community wherever possible. Something we strive for as the business grows.
“For us, in many ways it wasn't about the money but it was about having a credible investor who has bought into our business and could help take it to the next level. Every day brings us bigger challenges and having someone on board that has been through the ups and down many times before, will only ever be beneficial for us. And Deborah's ability to open doors through her contacts will really help our business grow.”
Speaking about their plans for the future, he added: “We've grown our business with an online focus, using our own website and online marketplaces like Amazon to test worldwide markets that we were not familiar with. Now, we really want to push our digital marketing and become synonymous as the brand to turn to for unique towels. Like the Havaianas of the towel world!
“In the world of social, hitting the right spot can lead to overnight success and something we are keen to test and push towards. We will continue to grow into new markets but are keen to really build on our success so far in places such as USA, UK and Australia to name a few.
“We also want to clean up our brand end to end and make it consistent across all channels. As well as investing into exciting new product ranges to keep our awesome customers interested in the next steps for Dock & Bay.”
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