The majority of the audience will be familiar with TubFix. The conventional bath frame was first introduced to the market. It is an efficient and straightforward approach to bolstering the bath’s border and preserving its panel finish.
People who are familiar with the show, Dragon’s Den, the company appeared in 2018, episode 9 of season 16. Was Lawrence able to convince the Dragons?
Go through the article to know about the company, the owner, and his approach to entrepreneurs.
|Bathroom construction service
|Asking of Company:
|£50,000 For 12% Equity
|£50,000 For 33% Equity
|Dragon on board (Investors):
|Dragons’ Den Episode:
|Season 16 Episode 09
|Feb 24, 2024
About the Founder
Laurence Beeke was the owner of the company, TubFix, who was also a printer engineer. Due to some issue, he sold his photocopying company. While modernizing his bathroom, he struggled to build the conventional wooden framework.
However, he created his device because there was nothing available on the marketplace that would render the bathtub’s set-up more efficient and reliable. This incident made him build TubFix.
Founding the TubFix
TubFix is an alloyed bathtub structure that facilitates rapid and simple bath installs. A DIYer could easily complete the mounting process which would prevent a professional assistant a ton of time. It is a product that benefits both parties. To prevent the bathtub from moving, the framework is fastened to the wall or walls on both sides of the tub.
Dragon’s Den Appearance
Under the name PlatinumPieLTD, TubFix requested $ 63,469.95 for a 12% stock stake. Jenny Campbell was unimpressed by the product’s apparent lack of need. She struggled to understand the product’s scalability and quit the bargaining table. Initially, Meaden interrogated Beeke regarding the funds.
Beeke received a lukewarm reception from Peter Jones about the price of the product. The revenue was $ 41,382.41, with a meager $88,857.93 profit margin. Jones was also actually worried about the company’s negative cash flow. He abandoned the negotiations after objecting to the product’s pricing as well.
Tej Lalvani left the deal-making process after being in a state of complacent by Beeke’s sales tactics. Touker Suleyman left the negotiations as well because he was concerned about Beeke’s apparent lack of economic zeal. Meaden concentrated on the building element, where a higher purchase price would result in a shorter deployment time for employees.
Deborah Meaden proposed all of her abilities and relations in exchange for the entire sum of money, but she demanded a 35% equity stake. Meaden concurred when Beeke answered with a 33% share between himself, Meaden, and his partner.
After Dragon’s Den
The majority of the Dragons left the pitch due to cost and sustainability concerns, which made things difficult. Nevertheless, Beeke retired a contented businessman thanks to his fresh alliance with Deborah Meaden.
After the prolonged presence in the den, Lawrence did eventually leave the room with a capital investment, and the business has since produced a fortune that is speculated to be approximately $1,269,3999.00. Laurence Beeke, the creator of TubFix, has an estimated worth of 93,935.53 USD now in 2024.
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