³ÉÈË¿ìÊÖ

Steven and Michael's combined bicycle and buggy seems a sure-fire winner to the duo. Will the Dragons agree?

The pair make a confident pitch and effortlesslty demonstrate the flexibility and Versatility of their product.

Theo Paphitis is startled by their evaulation and Michael reveals that it is based on the fact that they had already secured $4 million worth of investment three years ago.

Theo digs further and finds that though the duo expect to make a million pounds in turnover this year they are still predicting a loss in the region of £200,000. An unimpressed Theo says that means his potential investment will cover their losses - a charge the duo denies.

volunteering further evidence of their commitment, Michael reveals he has invested $1.3 million of his own money in the product. The Dragons are completely stunned - their jaws appear to collectively drop.

Pressing the former investment banker, Deborah Meaden finds out that Michael is currently about £700,000 behind on his original business plan. An angry Deborah berates them for making such huge losses.

Rounding on the duo, James Caan accuses them of failing to deliver anything they have promised to their previous investors and quickly becomes the first Dragon out.

Duncan Bannatyne asks the pair about the unique selling point of the product - the duo say it’s the only thing like it on the maket. Theo can’t believe his ears.

Duncan suggests that there is a version of the product which is more expensive. Michael tells him they don’t count that as a competitor as it has no market share. Duncan counters neither do they.

Deborah has heard enough and declares herself out.

Duncan thinks the vast amount of money they have spent has not given any decent returns to date and declares himself out.

After so much flack, Peter Jones states he likes the product but that it's market is too niche and this would therefore offer him limited returns on his investment. He, too, is out.

It is left to Theo to finally end Michael and Steven's hope of investment by concluding it’s a nice product design wise but it's cost are too high to make it a worthwhile investment.

The deal done in the Den:

No investment

Last updated: 9th August 2010