August 2008
We are delighted to report that one of our clients has secured a major financial deal after an appearance on the BBC's “Dragons’ Den” programme - the largest ever backing in the programme's history.
Diesel Do Nicely Ltd (‘DDN’), represented by one of their directors - Michael Cotton - accepted an investment of £250,000 in return for a 25% stake in the company, after a bidding war broke out between two of the ‘dragons’ - Theo Paphitis and Deborah Meaden. In the end, Theo and Deborah pledged the money jointly, meaning that DDN secured the backing of two of the famous panel.
The product concerned - patented by Forresters, and with other applications pending - is a misfuelling prevention device, which stops diesel vehicles from being filled with petrol. Misfuelling of this type is not only damaging to the diesel fuel system, but also potentially dangerous, as engine failure can often result. The easy-to-install device, invented by two of Michael’s co-directors, prevents this by physically stopping the small diameter petrol pump nozzle from being inserted into the wider filler neck of a diesel tank.
Speaking after the programme, Michael said that he'd always been confident that there was a significant market for the device, and that whilst he was exhausted after the experience, he was ‘absolutely delighted’ with the result. Graham Dodd, the Forresters attorney responsible for the patent work, said ‘I’m really pleased that they did it. It's a great product, with huge potential, and it is very satisfying to be helping them get strong patent protection in their major markets.’
All of us at Forresters wish Michael and his team the very best of luck, and are looking forward to working with DDN as the business continues to grow.