Entrepreneur Becomes Millionaire… Without Spending A Penny
A businessman whose invention made him the star of BBC’s Dragon’s Den has made his first million just three months on – without spending a penny of the £150,000 investment.
Budding entrepreneur Peter Moule, 53, secured the cash for his innovative plastic electrical wire junction box – called a “Chockbox” from two dragons in December.
Peter has since landed deals with a string of DIY giants and has enquiries from as far afield as South Africa, New Zealand, Australia, Malaysia and America.
Peter won investment from James Caan and Duncan Bannatyne after he impressed them with his polished pitch for the Chocbox.
The device is a simple plastic housing that protects cable connections, eliminating the need for untidy and potentially-dangerous electrical tape.
But within days of Caan and Bannatyne’s investment – for a 36 per cent stake in his business – Peter signed a multi-million pound deal with one of the world’s biggest electrical distributors.
His one pound gadget is expected to sell five million units per year in 152 countries during the five-year deal – netting a cool £25million in sales.
Photo by SWNS.
curt on May 1st, 2008 9:53 am
I watched him on TV and his pitch was very different, than usually on Dragon’s Den. He was not a newbie in the business as other contestants. He was a successful ’small’ businessman, who was even willing to pay to to move on a larger scale – to upgrade his business internationally. His presence on Dragon’s Den looked a bit wired – annoying, though in comparison with other newbies, who were struggling to start from scratch.
However, I am very happy for him, that he has achieved his ’sharp focused plan’, so very soon!!!
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