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Ian Gallagher's pitch includes him singing the Sinatra standard, "Got You Under My Skin".

Julie Meyer clearly enjoys the performance but wants to know immediately how busy Ian is as a singer and how he intends to implement the planned expansion of his tribute company into the competitive world of recorded music.

He replies that he is busy as a singer and that he now hopes to expand the business by cutting an album, with all the revenue streams that would potentially involve.

Shaf Rasul is unimpressed. Ian has clearly got under his skin. He doesn't like his singing, or indeed that style or era of singing.

Ian replies that while he respects Shaf's opinion he shouldn't let his own personal music preferences get in the way of a good business opportunity.

Shaf shifts tack and asks about Ian's balance sheet. The singer's inability to answer the most basic financial questions leaves Shaf staggered. He points out that Ian's £200,000 evaluation is probably not down to greed but to either naivety or stupidity and since he never invests in either stupid or naive people he is out.

Julie Meyer asks Ian to predict where he thinks his business will be in five years time if he were to get the investment he needs. His answers are vague and non-specific. Julie then asks where he gets his drive and ambition from and a clearly emotional Ian reveals it comes from his late father.

While clearly impressed by Ian's passion and commitment, Julie reminds him that as a potential investor she has got to see how she can make money and Ian has given her no clues as to how she will.

Pressed, Ian replies that he will guarantee Julie a 100% return on her investment even if that involves him having to put his home on the line. Julie is not impressed: "We're not going there, Ian".

She advises Ian to keep going but to brush up on his business knowledge and planning. She then declares herself out.

The deal done in the Den:

No investment

Last updated: 15 July 2009