Dragons' Den couple celebrate
10:58am Wednesday 20th August 2008
WORCESTERSHIRE-based Planit Products is celebrating after securing an offer from James Caan in BBC 2’s Dragons’ Den.
Guy Unwin, the inventor of toastabags, together with his partner, Caroline Kavanagh, took the nerve-wracking trip to the Den in June. They were looking for a £200,000 investment in their already well established and successful range of innovative cookwear products.
Guy came up for the idea of toastabags six years ago and they are now available from most supermarkets, as well as smaller retailers, mail order and online at www.toastabags.com.
A patented product, toastabags are designed as a hassle-free, quick, clean and safe way to make a toasted sandwich in a toaster.
Since then, the range of products has been expanding to include non-stick cookasheets, the new pizzamesh and quickachips, oven liners, oven shelfguard and more.
The ever expanding portfolio has meant the increasing need for investment for marketing and stock, as well as developing overseas markets.
Guy had the idea of applying for Dragon’s Den and after filling in multiple forms and enduring camera tests in Manchester they were asked to go to Pinewood studios to be filmed.
Caroline said: “It was a very scary experience but the kudos of having a Dragon on board as well as the publicity from appearing on the show is fantastic, let alone the chance of being able to secure a significant investment.”
While most of the wide-eyed hopefuls who enter the Den in search of investment are sent packing after the ritual humiliation of having their business plans picked apart, Planit Products, based on Malvern’s Enigma Business Park, actually had two of the Dragons keen to invest.
Guy said: “First Duncan (Bannatyne) wanted to invest in us for a 50 per cent equity stake, then James (Caan) came in with the same investment, but for a 40 per cent stake. After a quick back of the Den discussion we decided to accept James’s offer.”
Caroline added: “I love the show but always swore I’d never go on. Guy, thankfully, persisted and now we’ve done it we’re absolutely thrilled.”