Welsh entrepreneurs who survived Dragon's Den
Published Date:
13 August 2008
Two entrepreneurs from Wrexham and Flintshire describe how their businesses boomed after appearing on BBC's Dragon's Den.
WHEN local entrepreneur Steve Bellis appeared on BBC2's programme Dragons' Den in 2006, he had no idea just how far his idea for a cash-free poker tournament would take him.
The hit reality show sees would-be inventors and entrepreneurs stand in front of a panel of wealthy business people – the Dragons – to seek investment for their ideas.
The show has amassed a huge cult following and become famous for the harsh treatment dished out by the Dragons.
Yet two years after Steve's appearance, his Nuts Poker League is still growing across the world, despite the collapse of his deal with tycoons Deborah Meaden and Theo Paphitis, who had offered the Wrexham man £65,000 for 40 per cent of his fledgling business.
This was despite Steve initially asking for just £50,000, which meant he became the first person ever to leave the Den with more than he asked for.
However, complications over his contract with the multi-millionaire investors meant that Steve decided that he didn't need their input after all.
The legal wranglings meant that the financial costs of the business relationship significantly reduced the £65,000 offer and the wave of interest after the show's broadcast suggested the business wouldn't struggle for income.
The decision to refuse the offer from Meaden and Paphitis was not a bitter one though, and Steve adds he still has a good relationship with the programme-makers and the BBC.
In fact, Steve describes his experience on the show as fabulous exposure, and admits that the continued success and growth of his company has certainly been helped by publicity from the programme, especially as it is repeated and exported to television stations abroad.
One recent surge on his website was eventually tracked down to a re-run of the episode on television in New Zealand.
Steve admits that he didn't fully understand the size of Dragons' Den, or the impact it would have on his business, until the show aired and he was suddenly inundated with interest.
He says: "I didn't expect anything on that level and at the time. It was just me and I struggled to cope. There are three of us running it together now."
From a tournament which started around Wrexham and Deeside, the league has expanded, taking in the whole of the north of England, Wales and Scotland, with one event as far north as Elgin in the Highlands.
The poker event has even expanded into the online realm, where Steve points to huge growth.
He says: "When we started, we had a sponsorship tie-in with William Hill Poker – now we're competing with them."
Steve's brainchild has also gone worldwide, as his poker league is now up and running in Spain, with negotiations currently taking place to establish another in South Africa, and it has also drawn interest from as far afield as the USA and Canada.
While the impact of the Dragons can't be denied, Steve insists the key to his success in the long term is listening to the players.
The company has spawned its own community, which has seen the rise of "poker holidays", where enthusiasts can combine the relaxation of a family holiday with the thrill of organised poker.
These trips have become increasingly popular as attendances rise and the excursions become more regular.
Steve said: "What pleases me is the families. It's almost like the poker player looks after the kids in the day while their spouse is free.
"Then they can swap over and spend the night playing poker."
Another entrepreneur from the region who took on the Dragons was Andrew Peters, from Mynydd Isa.
He presented his Phoney Box, a flatpack version of the iconic British phonebox, made from wood and fibreglass, to make it lighter and easier to transport.
The replica boxes are aimed at Anglophiles abroad, as well as ex-pats and those nostalgic for the old-style image.
Although he didn't receive any investment from the show's tycoons, Andrew is pleased with the impact his appearance made.
While the publicity inevitably helped the business to attract new customers, Andrew also points to the influence of the Dragons themselves, and the insights they offered him on the show. "It was enormously helpful," he says.
"They were all positive with their responses and I got some really good advice."
The story of the Phoney Box has now spread far and wide.
One of the red boxes recently appeared on the top of a classic Mini as it drove from London to Mongolia as part of the A Very British Adventure charity challenge, and Andrew reports interest from companies in Russia and Australia looking to use his product for advertising purposes.
In fact, the familiar red K6 phonebox has proved so popular, a new Phoney Box has been added to the range, offering a retro '80s twist to the theme, and Andrew is optimistic that the box's character will see its popularity continue to grow.
It appears that with or without the endorsement of the TV experts, these two local entrepreneurs are bucking the trend of a difficult economy and watching their companies continue to grow.
While both accept the boost they gained from appearing on the show has helped them, they insist their own hard work and dedication is the key to a successful business.
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Last Updated:
13 August 2008 4:08 PM
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Source:
n/a
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Location:
Wrexham