A Dragons’ Den star’s dreams were’shattered’ when his company suffered a significant loss after he walked away from the BBC One competition empty-handed.
Patrick Tatham, 60, appeared on Steven Bartlett’s business programme in 2020, pitching his travel garment bag business.
The entrepreneur requested £75,000 for a 10% stake in his company, but was unprepared for the subsequent negotiations or the ‘unprecedented events’ that occurred around the time the episode aired.
Deborah Meaden, Peter Jones, Tej Lalvani, and Touker Sulleyman all declined the opportunity, leaving it to Sara Davies, who brought her shopping-channel expertise.
But it came at a hefty cost of 50% of the company, which Patrick was unwilling to give up.
Despite Peter urging Patrick to make a counter-offer as it may be his ‘last chance’, the businessman told Strictly star Sara: ‘Your offer really doesn’t reflect the value of the business and its growth potential.’
‘We’re too far apart, I don’t want to waste everyone’s time haggling and not get anywhere,’ he added, while Sara hit back: ‘I’m basing my offer on the value I think I will add to your business.’
Patrick replied: ‘Thank you very much for your offer Sara, but I’m sorry, I think I would forever be resentful for accepting that valuation. I think we’re done, I’m so sorry.’
Ultimately, Patrick walked away empty-handed, and has now admitted his company is only a’shadow’ of what it once was, as the episode aired during a period of UK lockdowns, when few people would be seeking travel products.
But he has no regrets, and has said in a new interview: ‘I think accepting Sara’s deal would have shown a lack of backbone.
‘Being willing to do a deal at any cost is not a good place to be in as a business.’
‘Overall, I remain comfortable with the decision I made,’ he added to The Sun.
Talking about his decision to turn down Sara’s offer, much to the bewilderment of the Dragons, Patrick went on: ‘I think I overreacted and kind of threw my toys out of the pram. I’d been in the Den for over an hour, trying to get my message across and failing.
‘I became extremely frustrated and that’s why I drew a line under things.’
And now, after ‘unfortunate timing’ thanks to the restrictions on travel in the last few years, Patrick has been left ‘gutted’ over concerns of whether his business would survive, and the firm is now ‘a shadow of its former self’.
So much so that he’s had to return to his former full-time job as a business writer, and his company is now just a ‘hobby’, generating around £2,000 in sales per month.
Despite the uncertainty surrounding his company’s success, he remains ‘glad’ he did the show, saying: ‘I’m so glad I did it. I was thrilled when I got through the application process, it was almost the happiest day of my life, business and career-wise.
‘People would give their right arm for this kind of exposure. It was a privilege to have been involved despite the many misgivings I have about the experience.’
Dragons’ Den airs Thursdays at 8pm on BBC One and iPlayer.
Source My Celebrity Life.