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Peter Moule entered the Den in 2007 and secured £150,000 investment for his simple electrical accessory called ‘Chocbox’. Despite the delicious-sounding name, Chocbox was far from a Cadbury’s creation, instead, this ingenious invention is a patented plastic box designed to safely store electrical wires.
In the den, a deal was comfortably secured with two dragons, Duncan Bannatyne and James Caan, offering a £150,000 investment in the business for a 36 percent stake.
The investment saw almost immediate pay-offs, with a sales deal worth £25million being secured shortly after.
As Dragons’ Den has returned for its 20th series, it has got the public wondering, have any of the ingenious and inventive ideas from the reality television program ever been a success story.
The team at Betway have been asking the same question, and so have taken a look back through the years to reveal the best creations to come from the show.
As the initial sale helped to make Moule a millionaire just three months into his partnership with the Dragons, it is no surprise it has been coined of the best inventions from the show.
Both Duncan Bannatyne and James Caan still consider to be one of their best investments from during their respective stints on the BBC series.
His £1 gadget was expected to sell five million units per year in 152 countries during the five-year deal.
The Chocbox eliminated the need for untidy and potentially-dangerous electrical tape.
Peter told the Daily Mail in 2008: “Going on Dragon’s Den changed my life.
“I have had inventors bringing their products to me and we have already signed up two exceptional inventions, with the potential for these to be bigger than the Chocbox.
“I am also negotiating with several of the others with a view for them to become partners – one is a fantastic life saving invention that every household should have.”
When Mr Moule initially launched his invention, he was selling small numbers to electrical distributors through his company Electro Expo Ltd.
But he wanted extra funding from the Dragons to break into the domestic and international markets.
Mr Moule continued: “Before I went into the Den, the Chocbox was being sold mostly to the electrical wholesaler trade, so the reason I decided to have a go on the show was to take it to the domestic market as well as abroad.
“Even though it was also being stocked in Screwfix and B&Q, hardly anyone had a clue what it did or what it was for.”
Within days of the Dragons’ investment, Peter signed a multi-million pound deal with one of the world’s biggest electrical distributors.
Mr Moule signed a deal with GET Plc, one of Britain’s biggest importers and distributors of electrical accessories.
It granted the company exclusive international distribution rights to the Chocbox in the 152 countries it supplies.
The deal was based on a conservative estimate of five million sales a year – but Mr Moule estimated annual sales of £100million are possible.
Caan described it as his favourite investment, last year telling investors: “It’s rare in the den that an entrepreneur comes in with an existing, high-performing business. Peter Moule’s business was already generating excellent revenue.
“For me, it was a no brainer and it really paid off. I helped Peter secure a multi-million-pound order with a German company who loved the product. They signed an exclusive three-year deal, and that contract was a game-changer for the business. After three years, I was able to sell my stake with an excellent profit.”
Dragons’ Den is available to watch on BBC iPlayer.
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