A Dragons’ Den star’s hopes and dreams have been ‘broken’ as his company experienced a big loss after he turned down the BBC One competition with no reward.
Patrick Tatham, 60, appeared on the business show in 2020 to present his travel garment bags company.
He wanted £75,000 for a 10% share of his business, but was not ready for the negotiations, or the ‘unusual events’ at that time.
After Deborah Meaden, Peter Jones, Tej Lalvani and Touker Sulleyman all said no, Sara Davies, who has expertise in shopping channels, stepped in.
However, she wanted 50% of the business, which Patrick didn’t want to give up.
Even though Peter encouraged him to make a new offer, Patrick told Sara: ‘Your offer doesn’t show the value and growth potential of the business.’
‘We’re too far apart, I don’t want to waste everyone’s time haggling and not get anywhere,’ he added, while Sara responded: ‘I’m basing my offer on the value I think I will add to your business.’
Patrick answered: ‘Thank you for the offer Sara, but I would always be unhappy with that value. I think we’re done, I’m so sorry.’
In the end, Patrick left without a deal, and has now admitted that his company is much less successful than before, as the show aired during the UK lockdown, when few people were interested in travel products.
However, he has no regrets, and has said in a recent interview: ‘I think accepting Sara’s deal would have shown weakness.
‘Being ready to make a deal at any cost is not a good position for a business to be in.’
‘Overall, I remain comfortable with the choice I made,’ he added to The Sun.
Discussing his decision to reject Sara’s offer, to the surprise of the Dragons, Patrick continued: ‘I think I overreacted and kind of lost my temper. I had been in the Den for over an hour, trying to get my message across and failing.
‘I became extremely frustrated and that’s why I ended things.’
And now, because of ‘bad timing’ due to travel restrictions, Patrick is very disappointed about whether his business can survive, and the company is now much less successful than before.
So much so that he’s had to return to his previous job as a business writer, and his company is now just a ‘hobby’, earning about £2,000 in sales a month.
But he still feels ‘happy’ he did the show, despite the uncertain future of his company, saying: ‘I’m so glad I did it. I was thrilled when I got through the application process, it was almost the happiest day of my life, business and career-wise.
'Many would eagerly want this level of attention. It was an honor to be part of it, even though I have many doubts about the experience.'
Dragons’ Den is shown on Thursdays at 8pm on BBC One and iPlayer.
