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Silver-tongued entrepreneur Laban Roomes was looking for £60,000 for his mobile gold-plating business, which he wanted to expand into a UK and Europe wide franchise operation.

Laban shone during a good-natured start to his pitch, but then he got his numbers muddled under pressure from Deborah Meaden and his lustre started to fade. Duncan Bannatyne and Theo Paphitis compounded his misery by heading through the exit door, leaving Laban prospecting in front of James Caan and Peter Jones.

Of the remaining Dragons, Peter expressed his admiration for Laban but – like Duncan and Theo – couldn’t see a return on his investment. Peter was out, leaving James as Laban’s only glimmer of hope.

Laban made a glittering effort in a last-ditch pitch. James felt Laban was a long way from a ‘structured, developed proposition’ but nonetheless felt that Laban could rise above this and make his business prosper. James offered Laban a lifeline of £60,000 in return for a 40% stake in his business, conditional upon Laban giving James a say in how the money is invested. Laban accepted, and with James’s backing it looks like Midas Touch could yet reach the gold standard.

The deal done in the Den: £60,000 for 40% of the business, and input into how the money is invested

Last updated: Snapshot from March 2007