Entrepreneurs - Richard Blakesley & Chris Barnardo

The Dragons were left spellbound by duo Richard Blakesley & Chris Barnardo and their universal remote control which looks like a magic wand.

Richard and Chris give a brief but very clear demonstration of how their product works and how it can control numerous electrical goods such as TV's, lights and music systems. The Dragons are all very impressed by this neat invention.

They tell the Dragons that they have sold 10,000 units already and with the experience and revenue a Dragon could provide they hope to reach turnover figures of £18million in three years.

Duncan Bannatyne looks into their background and finds they have already sold 2 million units of a different remote control system. Duncan also asks them about the unit price and he is stunned to find it only costs them £10 to make but it retails at £50 giving them a huge mark-up. This clearly impresses Duncan.

Theo Paphitis investigates why they need the money. Chris tells him that without their backing they could make turnover of £1.2million this year but with added backing and funding by the Dragons they hope to get that figure to £3million. Deborah Meaden then looks into market fluctuations but discovers demand is always quite high.

The Den then falls silent at the revelation that not only do they have a deal with a major American wholesaler. They also have a deal to advertise their product in flight magazines in virtual every single domestic flight within the US.

Duncan soon breaks this silence with an offer for the whole amount in return for a 30% share, 10% to be returned if they meet their targets.

The other four Dragons soon place their own offers on the table and the duo have a few minutes to mull things over. They come back and suggest that they would prefer to work with James or Theo because of their vast retail experience.

Not to be out done Duncan advises not to overlook the experience the other Dragons also bring with them and makes them a fresh offer - £200,000 for 30% which would reduce on a sliding scale all the way down to 10% if they make £1.2 million profit. And the deal is done.

The deal done in the Den:

Duncan Bannatyne offers the full amount £200,000 on a sliding scale starting with 30% share and going down to 10% if they make £1.2 million.

Last updated: 23th August 2010