When business hopefuls get offers on Dragons’ Den, they probably assume there’s no way the Dragons would withdraw them.
Alas, that’s exactly what happened to Lee Denny and Julia Lowe.
After working in festivals for a decade, the pair wanted to reinvent the experience for fellow music lovers.
So, they pitched Camp Wildfire to the Dragons, which they hailed ‘the UK’s first summer camp for adults’.
They offered a 5% stake in their business in return for a £75,000 investment.
Describing their business, they told the Dragons: ‘At Camp Wildfire, you would venture by day and party by night. There’s a choice of over 100 activities and 50 bands and DJs.
‘You’ll spend your days driving quad bikes, firing arrows, climbing trees and building rafts, and as night falls, you’ll feast on banquets, party in the forest, and cosy up around campfires.’
With anticipated net profits of £315,000 for the upcoming year, it all sounded right up Deborah Meaden’s street, despite the other Dragons withdrawing early doors.
‘I really like it,’ she told the duo, who had already told cameras she was their favourite Dragon and the one they hoped to bag an investment from.
‘When I was in the holiday park industry, people coming in an providing a “wow” piece for my customers was absolute gold dust. So, I can clearly see what we can do with this.’
Deborah added that there were some ‘serious structural problems’ that needed to be ironed out, but offered her expertise to help.
She then offered the pair all of the money, but for a 25% stake in their business, which she believed was a ‘much more realistic valuation’.
Lee and Julia then took a moment to deliberate, before going back to Deborah with a proposal of their own.
‘Obviously, Deborah is amazing, but I just think that we don’t want to give away too much,’ Julia whispered to her business partner.
Going back to the panel, Lee began by thanking Deborah for her offer.
‘We would like to ask if it would be possible to do 20% and, if we hit our numbers, which we believe we can, in the next season we run £315k, would you be willing to roll back to the 5% that we pitched?’, he asked bravely.
Unsurprisingly, the offer didn’t go well with Deborah, who actually seemed rather insulted.
With a shocked expression on her face, she replied: ‘5%? No!’
‘That kind of misses the point,’ she argued. ‘Because, if I’m having an impact on this business, then I’ll be part of you achieving the £315k. I mean, it’s completely illogical! So, no, is the answer.’
Lee then went back to her and asked if she’d be willing to offer the full £75k instead for 20% of their business.
In shock twist, Deborah decided she didn’t want to invest after all.
‘Do you know, in your last counteroffer, I’ve gotta tell you, I nearly fell off my chair,’ she admitted. ‘And that really worried me.’
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