Dragons’ Den rejects left with nothing but are now turning over £22.5m

Dragons' Den: Four investors declare out of Approved Foods Limited

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Entrepreneurs Andy Needham and Dan Cluderay appeared on Dragons’ Den in 2015 seeking £150,000 in exchange for 10 percent of their business. Approved Food is an online shopping business that sells out-of-date food at a heavily discounted price for savvy shoppers to busy mums.

It can help families save up to 70 percent on their shopping by selling food and drink at bargain prices – simply because it’s approaching its best before date.

However, the Dragons’ Den cast would not get behind the duo and offered them no investment.

This did not stop them as seven years later, Approved Food has achieved an annual turnover of £22.5million, despite receiving no investment.

Mr Needham said: “I’m sure the Dragons sometimes wonder, ‘what if?'”

With the new series of Dragons Den beginning last week, Mr Needham reflected on his time in the den on LinkedIn saying: “Still excruciating to watch but an experience we don’t regret and can look back on with pride at how far the business has come since! #ApprovedFood #SurplusGroup #MorrisandSon #dragonsden.”

Approved Food later became part of the Surplus Group, which strives for a “world without waste”.

During their pitch, the pair explained that the business would lose £100,000 due to guaranteed loans they have taken out.

Mr Cluderay explained that he would have to remortgage his home to guarantee these loans.

However Mr Needham assured the Dragons that his partner would not lose his home as “we’ve come a long way together and we’ve got a long future together, so I’ll make sure things are right.”

Deborah Meaden responded: “You take risks, you are braver than me.

“It’s such a shame because there is so much I like about it but it’s the whole margin and the net profits issues. I’m out.”

Duncan agreed with Deborah saying: “I can’t see you making a huge profit and that’s what it is – a break-even business, it gives you a wage, so I’m out.

Reflecting on their “excruciating” time in the BBC den and their success since, Andy told The Sun he is almost glad they were rejected.

He said: “Although we didn’t receive any offers, we weren’t concerned as we already had the majority of what we needed in place.

“And by the time our episode was aired in August 2015, we had completed all the things we talked about wanting to do while filming.

“Plus, the publicity that came once the episode was broadcast was fantastic and really showed the power of TV exposure.”

The duo hope to grow Approved Food further in the coming years.

Mr Needham said: “We want to continue to provide value for money, variety and convenience for the foreseeable future.

“Economically, times are the hardest I have ever seen with so many factors going the wrong way for everybody.

“I just hope the country can return to more stable times as soon as possible for everybody’s sake.”

New episodes of Dragons’ Den are out Thursdays 8pm on BBC One.

Source: Read Full Article