PipeSnug founders Chris Burdett and Alex Lever entered the Dragons’ Den last night (31 March) on the BBC and emerged stronger with the backing of Deborah Meaden and Peter Jones, and £100,000 worth of investment.
The entrepreneurs made a case to the Dragons that with the upcoming changes to Part L of the Building Regulations, which includes a requirement for grommets on all pipe penetrations, PipeSnug is about to be ‘piping hot’ on the market.
Chris and Alex pitched to the famously sceptical Dragons that PipeSnug is a game-changer in the building trade because it saves time and money to quickly achieve an air-tight, pest-resistant, and Part L-compliant seal on pipes going in and out of buildings. They told the Dragons that the combination of regulatory changes, patent protection, and being first to market with a unique product makes PipeSnug a sound investment for the Dragons and installers who use the product.
Deborah Meaden and Peter Jones bargained take 30% of the company for their £100,000 of investment, and Chris and Alex believe it will propel PipeSung to a brighter future.
“We wanted to go on Dragons’ Den to help secure investment to develop new versions of the product to satisfy the increased demand in the coming months and years as PipeSnugs become the norm on site,” explains Alex. “We made sure our pitch told the story and outlined the opportunity it presents to an investor, especially one who could bring real value and experience to our business.”
“We prepared our pitch carefully and rehearsed a lot, but nothing can prepare you for the experience of Dragons’ Den!” adds Chris. “We are delighted Deborah and Peter saw the opportunity and chose to work with us.”
