- Investment Sought: £40,000
- Investor: None (All Dragons declined)
- Equity Offered: 15%
- Business: Parcel Boxes Installed, a start-up offering anti-theft parcel delivery boxes
- Target Audience: Residential and commercial customers who receive multiple parcels
- Challenges: Confusing business structure, unclear sales figures, and aesthetics of the product
The Pitch
Darren Markwick, managing director of Parcel Boxes Installed, along with operations manager Liam Stamp and inventor Brian Wilcox, sought £40,000 for a 15% equity share in their start-up. They introduced their panther-protected anti-theft parcel delivery boxes, which are designed to accept multiple deliveries securely. Despite the promising concept, the pitch quickly unraveled due to various inconsistencies and a lack of cohesion between the presenters.
Financials and Offer
The entrepreneurs revealed that their company had been operational for 10 months with a turnover of £21,000 from 68 units sold and 37 installations. They also mentioned a separate set of figures from Wilcox’s prior sales of around 1,000 units across the UK, Europe, and Japan, though the businesses had not yet merged. This fragmented presentation of financials led to confusion and skepticism among the Dragons.
Challenges Highlighted by the Dragons
Aesthetic and Market Concerns
Peter Jones and other Dragons questioned the market size and aesthetic appeal of the parcel boxes, suggesting they looked like filing cabinets and wouldn't fit in typical homes.
Business Structure and Ownership
Tej Lalvani and Jenny Campbell probed into the company's share structure, discovering a complex and unclear ownership split (79% for Markwick, 1% for Stamp, and 20% for Wilcox) which further eroded confidence.
Lack of Cohesion and Planning
Deborah Meaden and other Dragons were particularly critical of the lack of preparation and cohesion in the pitch. They found it unacceptable that the presenters had not unified their figures or clearly communicated their business plan.
Conclusion
The Dragons unanimously decided not to invest in Parcel Boxes Installed. The confusing presentation, disjointed financials, and aesthetic concerns about the product led to a complete rejection. This experience also revealed underlying issues within the partnership itself, with Brian Wilcox expressing doubts about merging with Markwick and Stamp following the pitch's disastrous outcome.
Despite the potential of their product, the entrepreneurs' inability to present a coherent and unified business strategy resulted in a lost opportunity and a fractured partnership.
Key Developments Post-Den:
- Dissolution of Partnership: Brian Wilcox, the inventor of the product, decided to cut ties with Darren Markwick and Liam Stamp due to the disorganized pitch and differing business visions. Wilcox expressed his dissatisfaction with how the presentation was handled and the confusion over business figures and equity distribution (The Global Herald).
- Rebranding and Continued Efforts: Brian Wilcox continued to work on his parcel box concept under a new brand, My Parcel Box. He reflected on the experience and considered that presenting alone might have led to a better outcome. Despite the setback, Wilcox's product gained some traction from the exposure, leading to increased website traffic whenever the episode re-aired (My Parcel Box).