The inventor of Rehook, the tool that reseats the chain of their bike without getting their hands or clothing dirty, has secured £50,000 in funding on Dragons’ Den in return for a 25 per cent stake in the business from the show's Deborah Meaden.
Initially, the Dragons seemed reticent about whether or not to back the product as Norwich-based Wayne Taylor made his pitch on the BBC show last night.
He explained that he came up with the idea for the product after his chain shipped on his way to a meeting and he arrived with his hands and shirt dirty, and showed the Dragons how it worked.
Theo Paphitis seemed unconvinced of its benefits and literally got his hands dirty showing how easy it was to reseat a change the good-old fashioned way.
But his interest – and that of the other would-be investors – was piqued by the fact that the product has already achieved sales of £150,000 since its launch a couple of years ago and ultimately all five made offers.
You can watch last night's programme here on BBC iPlayer.
Taylor developed the business with his wife Anna Taylor-Maughan, both also having to juggle it with their full-time jobs, looking after their two children and doing up their home.
Ahead of appearing on the show, he said: “The product seems to have a real Marmite effect on people, so it could go either way in the Den.
“I feel our numbers are good, so it’s really going to be down to the what they think of the product. I’m a bit nervous to say the least!”
Simon has been news editor at road.cc since 2009, reporting on 10 editions and counting of pro cycling’s biggest races such as the Tour de France, stories on issues including infrastructure and campaigning, and interviewing some of the biggest names in cycling. A law and languages graduate, published translator and former retail analyst, his background has proved invaluable in reporting on issues as diverse as cycling-related court cases, anti-doping investigations, and the bike industry. He splits his time between London and Cambridge, and loves taking his miniature schnauzer Elodie on adventures in the basket of her Elephant Bike.