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Name | Adejare Doherty |
Pitching | The Wholeleaf Company |
Investment Required | £120,000 |
Equity Offered | 20% |
Brief Description | Eco-friendly and naturally disposable dinnerware. |
Former barrister Adejare Doherty delivers an assured pitch to the Dragons, handing out his plates made from palm fronds, which he informs them are the only truly eco-friendly alternative to the disposable paper plate. Cheekily, he also tells Theo he's given him an extra strong plate as he knows how much he likes to break them!
Peter questions Adejare about the picnic pack he is trialling with a major supermarket, but is perturbed to learn that Adejare is not currently making any money from it. Adejare reassures him that once he is buying the product in larger volumes he can reduce his costs by 40-50%.
Theo Paphitis asks Adejare what happens if the plates are washed. Adejare reassures him that a quick wipe is fine, and that even when put in a dishwasher they only lose their form. Adejare's powers of argument as a barrister seem to step into play as he reassures Theo that this is fine, as then you have a flat plate!
Deborah is quick to express support for the product and its ethical credentials but feels that the price of the product stops it from being disposable.
Adejare attempts to persuade Deborah that the price can be vastly reduced once he is buying in volumes of over 10 million, but Deborah questions whether he will reach such high sales figures in the current economic climate. She tells Adejare that in the present climate people are now buying on price, not on how environmentally friendly a product is.
Duncan Bannatyne attempts to echo Deborah's concerns but is quickly interrupted by Adejare who tells him that the retail side of the business is just one small part which will pale in comparison to trade from the catering industry. But Adejare faces tough questioning from the Dragons and despite promises of large orders from the catering industry his evidence of these orders fails to stand up to scrutiny.
Theo tells Adejare he believes there is a business opportunity here but that Adejare hasn't fully worked it out so he’s out. Duncan is quick to follow suit, ignoring attempted interruptions from Adejare, saying this is a catch-22 situation: he can't sell the plates as he can't buy them at the right price.
James Caan breaks his silence telling Adejare that he likes the product but that he’s asking for too much money. Had he come into the Den seeking £50,000 James would have a taken a punt on him. But, with the amount he's asking for James is not willing to invest.
Deborah's initial enthusiasm for the product seems to have remained. She tells Adejare that she likes how it is both environmental and ethical. However, she can't see a clear route out of his issues regarding price and so for that reason she's out.
Peter Jones tells Adejare that for the first time he's felt what it must be like to be a judge. He says he can’t invest as Adejare as priced himself out of the market and sweeps aside Adejare’s objections, telling him "No, judgement has been cast."
The deal done in the Den: No investment.
Last updated: 22 July 2009
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