WedgeWelly secure investment from Theo Paphitis on BBC Dragons’ Den

WedgeWelly Wellington Boots from wellieboots.com

Hands up if you watched BBC Dragons’ Den last night? I know my hand is held high and if you weren’t tuned in, where were you?! After returning from holiday to hear that our friends at WedgeWelly were appearing on the hit BBC programme, Dragons’ Den which is now in its 8th series, I couldn’t wait to see their pitch and eagerly tuned in last night! The trio from Hull, Mike and Sarah Longthorn along with their friend Laura Booth, founded WedgeWelly nearly two years ago and their business selling wellington boots with a high heeled wedge, has grown from strength to strength and is now taking over the world with stockists  across the globe! The WedgeWelly family appeared in front of the Dragons Deborah Meaden, Peter Jones, James Caan, Theo Paphitis and Duncan Bannatyne on last nights show with their pitch looking for an investment for  £65,000 for a 20% share of the business. Sarah Longthorn, who looks after the figures for the festival fashion inspired footwear business, took a grilling from the Dragons when they queried her confusion over turnover, gross and net profit but she kept her cool and the team handled their interrogation very well!

The Dragons asked where the idea of WedgeWelly wellies came from, which us WedgeWelly fans know began over a conversation on the best footwear to wear to a Summer Festival, with Sarah not wanting to give up her trusty heels yet needing fashionable footwear that was stylish, comfortable and practical – and with this, the WedgeWelly was born. Designed by Sarah’s friend Laura Booth, the Dragons were very impressed to hear that the WedgeWelly had obtained a Design Registration for Europe and UK Trademark (which means they have the design rights to the wedge feature in welly-style boots).

After hearing this, Dragon James Caan offered the trio their asking price of £65,000 for 20% of the business, followed by Deborah Meaden willing to give the full amount of £65,000 but for a 30% share in the business. Duncan Bannatyne followed asking the trio which of the Dragons they had hoped will invest in their business, to which they replied Theo and Deborah due to their retail experience, with this is mind Duncan declared himself out and fellow Dragon, Peter Jones agreed that he would also not be their best investor and declared himself out leaving Theo Paphitis to match Deborah’s offer of £65,000 for a 30% stake of the WedgeWelly empire. The three quickly huddled at the back of the room to discuss their offers and returned with a proposition to Theo. Mike, who looks after Sales at WedgeWelly led the proceedings, asking Theo to come down to 22.5%, after a long pause a deal was completed for Theo Paphitis to pay £65,000 for a 25% share of Mike, Sarah and Laura’s business.

Taken from WedgeWelly’s official press release, Theo Paphitis said “I found the enthusiastic team at WedgeWelly an inspiration and believe that the business has great potential. When making an investment, the people are more important than the product. The great benefit in this case is that they also have a very exciting product that is well-designed to be both practical and stylish.”

The WedgeWelly Family impressed all five Dragons but it was Theo’s deal that won. Sarah Longthorn, WedgeWelly’s Managing Director (a.k.a. The WISE One) said, “We were overwhelmed with the response we received from the Dragons and we are delighted to receive Theo’s offer. He was always our first choice of investor due to his comprehensive expertise in the retail arena and we consider it an honour to have him on board.”

Here at wellieboots.com we are very excitied about what the future may bring following this investment so watch this space!