The entrepreneurs turned down Peter Jones’s “biggest cash offer ever” in the Dragons’ Den as they didn’t think he was “magical enough”.
The pair own The Potions Cauldron shop in Shambles, York as well as the Hole in Wand golf course in the Coppergate Centre.
The Potions Cauldron is a drink and gift shop, and the Hole in Wand is a wizarding mini golf centre. They hope to become the biggest mini golf chain in the UK and aim to use the funding to open up a new venue.
During his pitch, Phil explained their business was complicated to understand due to their belief in magic.
Ben, the chief enchant officer, said he hoped they could bring “magic, surprise, and mystery,” to the den with his businesses, which turned over £1.4 million last year.
However, during their pitch, the Dragons’ were unable to make sense of the numbers the pair put forward, which made them reluctant to invest. Four of them said they could not invest.
After a grilling from the Dragons’ Ben and Phil didn’t think they would get an offer, but Peter Jones pulled through, offering them their requested £200,000 but for a 33 percent stake in their business.
During negotiations, he reduced his potential stake to 15 percent, however, the pair decided that giving up that much of their business for £200,000 was out of the question.
Ben told The Sun: “We got offered Peter’s biggest ever cash offer. He’s been in deals before where he’s offered that amount with three or four other Dragons but this is the biggest amount of money Peter Jones has ever offered in one deal.
“It was a lot of cash you could see the other Dragons rolling their eyes. They were shocked that one Dragon would be parting with so much cash.
“It sounds terrible but we turned it down because we just didn’t feel like he was magical enough.
“What we wanted was someone to buy into the whole idea. We wanted a trainee wizard as well as a business guru and he seemed to only be interested in the numbers – not the magic, which is what our business is about.”
Despite leaving the Den emptyhanded, the pair have been able to open further shops across the UK.
They opened The Potions Cauldron shop in Shambles, York, in October 2018 where they sell shape-shifting drinks, sweets, bath salts and mini paint-your-own statues of Grobblenook the gargoyles.
In May 2021, they then opened ‘The Hole in the Wand’ Wizard golf in York’s Coppergate.
In January 2022, the ‘Potions Express’ opened at York Train Station, selling drinks, snacks, and magical gifts.
They now have a Hole In Wand in the Coppergate Centre and as well as in Blackpool too.
They have also just opened The Potion’s Cauldron in Edinburgh too.
Their appearance on the show has helped boost their expansion plans.
Ben told YorkMix: “After conquering Yorkshire and Lancashire it was time to go north of the border.
“Off the back of Dragons’ Den, there has been lots of interest and opportunities to take the magic further afield.
“As we mentioned on Dragons’ Den, we also wanted to go Edinburgh next.
“The shop on Rose Street gives us more room than we have in Shambles so includes our new Wand Photo Experience.”
Episodes of Dragons’ Den are available on BBC iPlayer.
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