WHEN Patrick Tatham was told his Dragons’ Den application was successful, he described it as “one of the happiest days of my life”.
But things didn’t go to plan for the 60-year-old, from South London, who faced off with the stern investors and walked out empty-handed back in 2020.
Patrick offered the Dragons a 10 per cent share in his travel garment bags business PLIQO for £75,000, only to be “low-balled” by Sara Davies, who demanded half of the company.
In what some online branded a “bizarre decision”, the entrepreneur refused to negotiate and instead walked away from the offer.
Unfortunately, more bad luck was to follow.
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Patrick’s episode aired around the time of the first UK lockdown, which dented sales due to businessmen no longer being able to travel.
He says the firm is now “a shadow of its former self” and he’s returned to working full-time as a business writer.
Patrick says his company, which makes around £2,000 in sales a month, is now more of a “hobby”.
Despite the blow Patrick tells The Sun he has no regrets, adding: “I think accepting Sara’s deal would have shown a lack of backbone.
"Being willing to do a deal at any cost is not a good place to be in as a business.
“What happened with Covid, lockdowns and travel bans would have happened regardless. There was nothing Sara could have done about that.
“People weren’t travelling and you can’t magic up a market for that. Overall, I remain comfortable with the decision I made.”
'LIKE GETTING MARRIED'
Patrick says walking into the Den was “terrifying” because he had spent the previous six months obsessing about the experience and "how not to goof it up”.
He explains: “It’s like getting married in the sense of the emotional intensity of it.
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"You’ve been building up to this relatively brief moment of time for months. It was extremely intense.”
When he walked in, he didn’t feel the Dragons were as enthusiastic as they could have been about the venture.
I think accepting Sara’s deal would have shown a lack of backbone
Patrick Tatham
“I was the third person on that morning so I don’t blame them for glazing over somewhat,” he says.
"I don’t think anyone was sitting bolt-upright and excited about what I was saying.”
'TOYS OUT THE PRAM'
During the pitch, Patrick told the Dragons he had sold 200,000 bags, retailing for £160 a time, in two years and made more than £250,000 in revenue.
He believed his business was worth £750,000 but some disputed valuation – including Deborah Meaden who felt it was “way, way too risky”.
One by one the Dragons declared “I’m out” until Sara Davies stepped in with an offer of £75,000 for half of the business, reduced to 35 per cent once the investment was returned.
Gobsmacked Patrick felt it was a “low-ball” offer and refused to make a counter-offer when given the opportunity.
He said: “It’s ok, do you know what? I think we’re too far apart. I don't want to waste everyone’s time haggling and not get anywhere.”
The Dragons were shocked by his decision – especially Peter Jones, who warned him: “You should make a counter-offer Patrick. It could be your last chance.”
I failed to understand until afterwards that Sara’s offer was an opening gambit
Patrick Tatham
Patrick refused, admitting he would be “forever resentful” for accepting her low valuation, and walked out without a penny.
On reflection, Patrick says: “I had more stock than the value that she placed on the company.
“But I failed to understand until afterwards that Sara’s offer was an opening gambit.
“I had a valuation in my mind and hers was one-fifth - 20 per cent - of my valuation. Maybe we could have settled in between.
“At that stage, I think I overreacted and kind of threw my toys out of the pram. I’d 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 drew a line under things."
Patrick doesn’t regret the decision, insisting he didn’t think Sara “was the best fit” for his business.
He suspects he could have had more offers if one of the ‘Alpha Dragons’ was interested.
Patrick added: “Suffice to say, there are certain Dragons who tend to be like the alphas or the leaders among the Dragon pack.
“If there’s a sense that they are not very supportive then I feel sometimes the others tend to fall in line behind them and just think, ‘If he’s not in – if the silverback gorilla is not in – then I’m not either.'”
SNEAKY EDITS
Ahead of appearing on the show, Patrick expected the Dragons to “tear a strip off me” but admitted they were “very civilised and helpful”.
He said: "They aren’t trying to catch you out.
"On several occasions, they gave me opportunities to restate what I was saying so that it made more sense.
“But when the footage gets to the cutting room floor it’s got to be snappy and full of drama and jeopardy.
Being willing to do a deal at any cost is not a good place to be in as a business
Patrick Tatham
“The broadcast edit isn’t in chronological order, they chop it so that people say tetchy-sounding things at the appropriate moment, which they actually said at a different juncture.
“They have 14 cameras in there rolling continuously for an hour, so they have 14 hours of stuff and they will do whatever they like with it.
“If you’re a contestant on Dragons Den you’ve got to know that they will edit it to look for the controversy.”
Among the cheeky comments from Patrick's episode that made it to air was Touker Suleyman telling Sara: “You dodged a bullet there.”
'COVID STRUGGLES'
While Patrick didn’t land investment, he had high hopes of capitalising on the publicity of his business being broadcast to millions of viewers.
Sadly that didn’t materialise due to the episode airing around the time of the UK’s first national lockdown and travel bans being enforced globally.
Advertising sales fell off very quickly and Patrick worried if his business would be able to survive.
“It was gutting... unfortunate timing,” he said.
“I had taken some loans out to pay for a big advertising campaign in high-profile publications around the expected date of the broadcast.
“So I was left, in addition to having no sales, with having to pay for these expensive adverts without any revenue.
I’m so glad I did it... When I got through the application process, it was almost the happiest day of my life, business and career-wise
Patrick Tatham
“It was touch and go.
"Sometimes I worried whether I would sell enough bags to repay the interest on the loan, but I did that and today I’m doing a bit better.”
Patrick continues to run PLIQO but admits it’s a “small business” now and believes that’s in part due to a change in work culture.
He says: “People go to fewer business meetings now because they can do so much on Zoom and go to the office less so they need less formal office wear."
Despite Patrick’s misfortune, he has no regrets about appearing on the show, adding: “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.
“People would give their right arm for this kind of exposure. It was a privilege to have been involved despite the many misgivings I have about the experience.”
Find out more about Patrick Tatham's travel garment bags business PLIQO here. Dragons' Den airs at 8pm tonight on BBC One.
