|Name||Stuart Archbold and Andrew Leslie|
|Pitching||Shopbox Systems Ltd|
|Brief Description||An outdoor temperature controlled container for storing online grocery shopping when it is delivered.|
A confident pitch is not always a guarantee of success in the Den as Andrew and Stuart find out to their cost.
The pair suggest that their storage system is key to the future of grocery delivery as it will allow goods to be dropped off and left for many hours before a customer returns home. They have already spend almost £1,000,000 on their idea.
Duncan Bannatyne is unimpressed - he thinks the system looks like a wheelie bin - a claim the Andrew confidently and quickly dismisses.
Duncan rubbishes the Shopbox
Peter Jones says the idea will become obsolete very soon as future technologies will allow supermarkets to offer delivery times of within ten minutes shortly. Andrew agrees but suggests it's physical impossible to deliver goods within peak demand time.
Deborah Meaden disagrees with Peter and backs the duo but says this product is not aesthically attractive and declares herself out.
Theo Paphitis is furious because he feels that it would be very easy for small children to get locked inside one of the boxes for many hours. He tells the pair their idea is dangerous and should not enter the public domain. With that he declares himself out.
James Caan follows suit advising Stuart and Andrew that they should not invest any more money in the idea.
Duncan then has a very heated debate with Stuart about the validity of the patent they have secured - he argues that there is nothing to stop other people from copying the idea to put a chip in the box to control the temperature. Stuart stands his ground and completely disagrees with the Scot. Duncan is out.
An amazing twist then occurs as Peter Jones reads though the document and finds that they do indeed hold the patent on their concept. Peter suggests this is what they should have made the highlight of their pitch. With that he offers them £1,000,000 for a 45% share.
The figure is four times the amount they entered the Den requesting - but the proposal also demands four and a half times more equity than they were prepared to give away.
The duo go away to consider their options but when they return they advise Peter that other investors are offering money and they are not prepared to discuss these because of confidentiality agreements. A furious Peter withdraws his offer and the pair leave the Den emptyhanded.
Last updated: 21 July 2010
Missed any action? Watch, read, rate and have your say on the class of 2010.
Other entrepreneurs from this episode:
This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.