Peter Jones has delivered some stern words of advice to a Dragons’ Den contestant who invested £400,000 of her own money into a business.
As the longest-serving member of the show since the BBC series’ inception in 2005, the 59-year-old entrepreneur and businessman is no stranger to mincing his words.
However, following a pitch from Scottish GP Dr Catherine Fernando for £50,000 in return for a 20% share in her vegan medical bag company Iyasu, the Dragons’ Den veteran certainly did not hold back.
Asked by Steven Bartlett how much she had invested in the brand, Catherine revealed how she had sunk nearly half a million pounds of her own money in setting up the bespoke medical bag company.
Leaving each of the Dragons’ jaws on the floor, Catherine went on to explain how she raised the money after her uncle died from Covid.
The doctor also added that she has 1,550 bags worth of stock that she still has to sell after originally buying 1,900.
After each Dragon gave their reason for not investing in Catherine’s company, Peter then gave his verdict by saying: ‘I think you’ve clearly got a problem. You can’t sell the volume.
‘So, to be able to sell the volume you’d be better off doing something with a specific retailer that sells luggage and provide that product on a consignment basis to them and allow them to do what they do best, which is target their customers and sell your product.
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‘Take a percentage rather than anything else. There’s your out. I think this is really tough.
‘I really hope you can actually get out of the stock by partnering with somebody. But it’s not an investment for me.’
Clearly flustered, Catherine was sent empty handed out of the Den, but said that she was still happy that they liked her product.
This comes after Peter showed an extremely rare display of emotion on the BBC show.
On an episode that aired on Thursday February 19, Peter tearfully told an entrepreneur that he was a ‘gift to humanity’ after he invested £100,000 in his sea moss company alongside two other Dragons.
Health & Holistics founder Rome Haghighat brought up his tough upbringing in front of Peter, Deborah Meaden, Touker Suleyman, Steven Bartlett and guest Dragon Tinie Tempah.
Moved by his story, Peter fought back tears as he said: ‘I think you’re a gift to humanity as well.
‘Anybody that can go through life and then give back the way that you have is an absolute credit.’
Dragons Den is available to watch on BBC iPlayer.
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