‘Ridiculous’ Dragons Den pitch becomes one of show’s most successful businesses | Personal Finance | Finance

A Dragons’ Den pitch branded “ridiculous” by the investor Peter Jones has since become one of the show’s most successful businesses.

Neil and Laura Westwood, a married couple from Worcester, took to the Den in 2008 to present their product, the Magic Whiteboard, to Dragons Deborah Meaden, Peter Jones, Duncan Bannatyne, Theo Paphitis, and James Khan.

It has since become a staple of stationery stores and ships to more than 20 countries.

Explaining the bright idea on the BBC show in the late noughties, Mr Westwood said: “Magic whiteboard allows you to create a portable whiteboard from a roll, anywhere, in seconds.

“It sticks to any surface without any tape, tack or glue. You can write on it like a traditional whiteboard, and it erases in the same way. Plain paper also sticks to it without the need for tape or tack.”

The couple were seeking a £100,000 investment for a 15% stake in the company. At that point, they said the business had been trading “successfully” for two years.

However, the now 58-year-old entrepreneur Peter Jones was quick to reject the idea, questioning: “This is almost ridiculous. Why would I use this?”

Ms Westwood attempted to explain the product’s usefulness for a consultant or trainer before Mr Jones interrupted: “So I’d carry that around in my briefcase?”

He added that the product “just feels ridiculous” before getting up to write “I’m out!” on the Magic Whiteboard.

The fate of the pitch quickly turned around after Theo Pathetis, chairman of stationary and office supplies company Ryman, quizzed: “Why haven’t you been breaking down my buyers’ doors?”

The couple then faced a bid-off between four Dragons before agreeing to a settlement with Mr Pathetis and Ms Meaden for the full £100,000 investment and a 20% stake each.

A roaring success, the couple was able to repurchase all shares by 2014 after sales rocketed from £45,000 to £ 1.2million, according to Business Live.

The business has since expanded to sell anything from magnetic whiteboards and reusable notebooks to black-out blinds.

Dragons’ Den returned for its 22nd series at the start of January, airing on Thursdays at 8pm on BBC.