"We Should Be Turning Over About 7 Million A Year" | Dragons' Den

David Lees, owner of Mode Al is pitching for a hefty £225,000 investment for a 15% equity stake in his flat-screen television business. David is particularly looking for a Dragon who has international contacts.
Season 2, Episode 6
An international sensation, Dragon's Den features entrepreneurs pitching for investment in the Den from our Dragons, five venture capitalists willing to invest their own money in exchange for equity.
#DragonsDen #Technology #BusinessPitch

[@GroseyCoinHunts]

2:35 Anyone else notice how he said "Hello Leo" to Theo 😂😂

[@seanjosephhayes]

Was just about to write about that. 😂😂😂😂😂 Dunno how Theo didn’t pick him up on that. 😂

[@OraEtLabora0]

lol i thought i misheard 🤣

[@alisterthomson7923]

Haha I picked that up too 🤣

[@ChessAutomotive]

Lmao yes hahaha

[@hardingtutors7934]

Hello I'm John Hi Dave

[@dmitrykim3096]

They need 50 percent to have a vote to immediately agree to Panasonic offer and sell it by 3.23 million

[@OraEtLabora0]

😔

[@shaz118]

Agree. Very heartless for a dragon

[@likeasambud9817]

I mean the guy is an absolute lunatic not selling that to panasonic and coming here

[@moogleking]

Damn if that happened that is greedy

[@WhiskeyPieSometimes]

@@likeasambud9817 yeah British Drew Carey here should've sold to them, that's a crazy offer for the state of his company...

[@Deadhammer218]

2:37 Theo: David, my name is *Theo* David: *Hello, Leo* 😂🤣

[@ryanpeck3760]

🤣 I heard that too

[@heymrguitarman7637]

"hello my name's Theo" "Hello Leo" 😆

[@jeffledger846]

I thought he said that but wasn’t sure till now 😂

[@Failsafeman100]

Hahahaha

[@Psycho250785]

Em…

[@moogleking]

lol

[@JoshF848]

Sell the whole company for 3.25 million or half of it for 250k? Unless Theo and Duncan were able to negotiate a sale for double that valuation, it’s a terrible deal for the founder

[@aprilbarry6722]

The idea is to build up the company and sell it for more than 3.25 in the future, it’s better in the long run in his eyes

[@DaviesD85]

Indeed, would have been better for him to get the bank loan he said he was offered for the tooling, sell to Panasonic for the £3.25m they offered him at least, pay off the loan and he would have pocketed a few million.

[@billymabum3514]

@@aprilbarry6722 Theo and Duncan probably wanted to sell it straight away that’s why they wanted 50%

[@JoshF848]

@@aprilbarry6722 that would make sense if the involvement of both dragons raises the value of the business substantially, but it would have to sell for at least 6.5m for the founder to see the same return, and that’s not counting all the work that he would have to put in to get the company in that sort of shape. Which he could have done himself with a bank loan anyway and walked away with more than 3.5 all to himself. You’d need the business to be worth 10 million or more before it would start to make sense for him to have done the deal. Fair play if they pulled that off.

[@softwareofexcellence]

Better to sell to Panasonic. Paying a lawyer would have been cheaper than selling half to a dragon.

[@Drenwickification]

2:38 Hello Leo LMAO

[@drunkdunc8738]

David’s previous employer didn’t support his programme so he was wise to make a stand 🤔🍻

[@Thronsohn]

That's brilliant

[@bondjamesbond9041]

🤣🤣

[@Connieisland0]

Gold

[@dennisreynolds1503]

Class comment 😂😂😂

[@rolandhector510]

Excellent

[@michalwalks]

This guy seemed like a genuine guy. Well-spoken and smart.

[@connorhood3569]

Well Duncan bannantyne is their so that's a start Lok need to bring him back I haven't watched it in years whoa Doug and what happened to Deborah?

[@retroworld1971]

Really ? He called Theo Leo hahaha not ideal !

[@seasonedbeefs]

Wouldn't say smart.

[@seasonedbeefs]

Selling monitor stands made in china for chips. Big time player

[@Macephtopheles]

Smart? Really? I mean he's absolutely accomplished more than I have but he had an option of £3.25 million from Panasonic (along with a year's salary in a high end role guaranteed) and he'd seemingly put that on hold to give 50% of his business away before going back to the table. So had the Panasonic deal then went through, he's now set to take £1.625 million. (Yeah, the deal(s) fell through but there's some universe out there where he went through with both and got fleeced by two Dragons...)

[@darklordojeda]

Wants 50% after he hears that there's a $3.25 million offer pending. What a snake.

[@paralogical]

they wernt going to invest priot to that

[@AbhishekSanyalTGV]

Man, this guy was a genius engineer but didn't even do the math. He got fleeced!

[@TlCurrie21]

The deal didn’t go ahead off camera

[@salehamahmood6476]

When Panasonic offers/values you £3.25 million and you sell 50% off your company 🤦

[@billsmith8825]

And he said he needed someone with business skills to negotiate the sale. Why? They were going to give you 3 .25 million and a job for at least a year. Doesn't seem like any negotiation is necessary, just do it. LOL

[@callewag]

Yeah, he just needed a good contract lawyer

[@incremental_failure]

Offering 225k for 50% when the guy had a soft offer of 3.25mln, effectively turning his 225k into 1.6million in a split second. LOL.

[@seanjosephhayes]

And thinking less wouldn’t offer him a decent return. Duncan’s so full of it, it’s unreal.

[@sambou6286]

They are opportunistic sharks indeed !

[@rachmadsuhartono]

That's why they're so happy at the end

[@incremental_failure]

@@seanjosephhayes It's a good deal for him, don't hate the player. Of course in the end the deal fell through.

[@seanjosephhayes]

@@incremental_failure It’s an extremely good deal for him. A greedy one considering what the already-received offer to buy out the company valued it at.

[@DermotKimmage14]

God, the dragons are disgracefully greedy. 50%? The audacity of Duncan to ask why he wants to reduce the equity was baffling.

[@terranceparsons5185]

I loved Doug Richards' face when the guy said he'd been offered £3.25 million!

[@nathanloosemore4141]

Doug can buy a lot of candy for the kids with all that coin. That's why the perverts face lit up 😂

[@jeffledger846]

@@nathanloosemore4141 😂😂😂

[@antopsyco]

9:18 ?

[@Noelhall88]

@@nathanloosemore4141 I had no idea about Doug Richard! Wow...

[@tommydenato8863]

Haha loved it

[@paulstannard7985]

Should have sold to Panasonic for 3.25 million. The dragons offers were outrageously greedy. Nice guy.

[@mattconnor1988]

The dragons seem very harsh on the negotiations in the early seasons feel like this guy got fleeced a little with them not even willing to budge on 1% so he didn't have full control

[@likeasambud9817]

A little? He could have sold it to panasonic without coming to the den and retired happilly.

[@franciscolaurean8550]

What does the 1% matter?? Oh so you're ok with 49% since it doesn't matter. They wanted half so they could sell to Panasonic for the 3 mil ez returns idk why the dude didn't take the 3 mil or tried to have an agreement with Panasonic

[@mattconnor1988]

@@franciscolaurean8550 it's the principle if they aren't willing to budge 1% it's ery likely they won't budge on other business decisions

[@franciscolaurean8550]

@@mattconnor1988 Yes I ment to say Duncan could go down to 49 since in his words 1% doesn't matter the dude wanted 51 so he could still have control of the company and it was a bad deal to begin with since it now values their company at 500k Panasonic wanted to buy it for 3+ mil

[@mattconnor1988]

@@franciscolaurean8550 Yeah definitely very snide from him really, the dragons definitely take advantage of people alot in the early seasons.

[@moonlightmelodrama]

The dragons may believe they paid 250k to get 1.6 million. But the founder still has the nut. He has to agree to work for Panasonic.

[@phil8145]

a water droplet sliding down a window could alienate rachel elnor

[@vics749]

It didn't turn her on lol

[@cekojuna6930]

Remember people, just because they said yes to the deal, it doesn’t mean it will go through.

[@moogleking]

This guy answered the questions very well

[@Christinaifbbpro]

i love how he is a one man shop. but every time he talks about the business he says WE lmao

[@xyeB]

🌂company

[@leonleon2276]

Fool should have sold it to Panasonic for the 3.25 mill. Infact it couldn’t have been a real offer.

[@razadaza9651]

It’s not a done deal at the time, he hadn’t refused it… he wants to see how more he can get out of Panasonic

[@barsnack7999]

These are the top ten highest investment deals that fell through after the show aired. 3rd: David Lees Series 2 -2006 £225,000 Theo Paphitis & Duncan Bannatyne Mode Al

[@paralogical]

they should really give an air date for these shows to give some reference to the viewers

[@dtz1000]

I'm not surprised it fell through. The dragons were way too greedy.

[@Tom-zq6um]

He reminds me of a British Peter Griffin 😂 🤣

[@macioluko9484]

I am happy that there was a deal reached. I love the founder. He seems like the kind of man who’ll get a fantastic exit from this and start another venture.

[@abbicampbell3433]

“Hello Leo” 💀

[@Ken-P]

Unfortunately the company "Mal Realisations Ltd" (formerly called Mode-Al Ltd) went into liquidation in 2019 and was dissolved on 4 July 2022.

[@stunnerofagunner]

Surely this was filmed waay before then though?

[@martybop]

But Mode AL's website is still up and running.

[@noratube123]

Interestingly I did find that Mode-Al were acquired by B-Tech AV Mounts in 2019. Not sure how the liquidation fits into that.

[@Ken-P]

@@stunnerofagunner: I think Rachel Elnaugh left the den around 2007/2008 so it's obviously an old episode, having said that I doubt there'd be much point in going into the den with a company that's in liquidation 😉

[@WobblesandBean]

Figures. The fool should have taken that 3mil offer.

[@adamcroft80]

‘You think so…? ‘YePPp….’ Love Duncan’s response there lol

[@marchumphreys3865]

2:37 Hello David my name's : Thieo 2:38 Him : Hello Leeo.

[@ChadSinden]

The biggest mug I have ever seen in the Den. He just got fleeced and he dragons know it! wow.

[@bharathms5560]

49.5% is the max he should have accepted. 50% is way too much

[@JoshF848]

“Hi David, my name’s Theo” “Hello, Leo”

[@jarednil69]

"Uh David my name's Theo." "Hello Leo."

[@JB-THC]

"Hello David, my names Theo" "Hi, Leo" 🤦‍♂️

[@jamesheath7601]

I feel sorry for them when they’re so nervous

[@ritadonnelly8820]

THE a valium

[@ritadonnelly8820]

Take a valium

[@canigetyoupregnant5618]

He*

[@jamesheath7601]

@@canigetyoupregnant5618 that wouldn’t make sense

[@gabhandebrun1871]

@2:38 Hi my names teo:hello Leo 😂

[@Ea80x]

I wish we could get updates on these deals

[@seasonedbeefs]

Incredible engineering skills. It's a monitor stand

[@baltasarnoreno5973]

I thought so to. I don't see where the novelty is in a monitor stand. Surely something like that can be mass produced in millions.

[@hammalamiri12]

@@baltasarnoreno5973For when he developed it - those plasma tvs weighed much more then modern TVs furthermore these stands were still quite new.

[@AynOtori]

"Hello Leo" lol

[@rachmadsuhartono]

His face after he finished the pitch

[@orelawson8527]

It was too funny 😂

[@HK_Musician]

2:37 "Alright David, my name's Theo" "Hello Leo"

[@gamewithadam7235]

See old episode. See high valuation. I click.

[@geoffm9944]

By Duncan and Theo asking for 50% of David’s company was a deal breaker! To my mind, these offers were unacceptable!

[@kyokusanagi616]

David was like chum in the water… 🦈

[@SiriusMined]

50% was too much

[@jamesnoel4513]

Can't believe Debbie not here

[@terranceparsons5185]

Since when has Beaconsfield been "West London"? It's in Bucks, North and West of London.

[@imanishay]

He called theo, Leo 🤣🤣

[@Username-kc4pr]

Close enough 🤣

[@dansanders2002]

Why does he not just hire a lawyer to negotiate a deal?

[@JazzyMarineVet]

I thought the same thing. Maybe he just wanted to get national exposure back then I think what 15 years ago to maybe increase the total stock price he could sell it for

[@caitlinbarker645]

@@JazzyMarineVet did agreeing to the deal which valued his company $450 000 devalue it to Panasonic?

[@baltasarnoreno5973]

That's not how investors work. The first step will be to hire auditors and accountants to do a due dilligence on all the company's finances and documentation to find out exactly what the company is really worth and to uncover any uncomfortable little secret that the pitcher might have been less than 100% honest about. The lawyers only show up near the end.

[@beeptecengineering9884]

I would be interested to learn about the further fate of successful investment campaigns of applicants who have passed the investment stage. It's a pity that this show is limited to pitching only.

[@arniewheeler4673]

bless him

[@georgedonaldson1516]

Doug " I'm rude to people but I never invest" Richards

[@jmharris251]

I don't get it. Offered 3.25 million & 1 yr salary to buy outright. He doesn't need them. Why demand 50%. Why give them 50%.

[@hughm1383]

Duncan and Theo obviously just want to sell the company to Panasonic straight away.

[@jmharris251]

@@hughm1383 yep they screwed him. He didn't need them Unless they get him £10mil and 2 years salary

[@HKad990]

02:37 Theo: Hi David, I’m Theo David: Hello Leo 😂

[@Pobsta-de7hb]

I have one of them stands, its massive, its a wall with my tv bracket on it to hold any size tv

[@alexanderbannerman9404]

PLASMAS BABY!

[@sistagalsistagal8136]

Who would have thought his reckless nervous start would end up with two for the price of one. What a clever entrepreneur.

[@decymahon3983]

is that you Duncan?

[@1jackal1]

​@@decymahon3983😂😂😂

[@paulgamble8531]

Hello David, my names Theo......Hello Leo 🤦‍♂️🤦‍♂️😂🤣

[@warrengeew]

Cant see anything online for this business. Does anyone know how it went?

[@davidmellish3295]

Bust in 2019

[@seasonedbeefs]

Bless him he's trying

[@carforumwanker]

One of the best pitches ever ...I have not finished watching it ..but hope he does not give away more than 25 % . He is worth a lot more just to "have around "

[@carforumwanker]

@@HelloThere-gs3ii You are insecure ...Stop telling people what you think is factual

[@salawuoluwasegun3754]

Sorry, but he did have out more than 25%

[@MadDogsandEnglishman]

50% when he was doing well already, not sure that was a well thought out plan.

[@billymabum3514]

Peters maths isn’t his strong point .

[@memyselfandmazin]

Theo: David, my name is Theo. Entrepreneur: Hello Leo 🤓

[@GirlycarDawn]

2:36 This man said hello Leo. I'm done.

[@matt5802]

Did Rachel make any investments in the den?

[@sanjanewmoonlife]

We and we he stuck to talk 😁😁😁😁😁

[@That_Guy78]

There are so so so many TV stands on the market. Of course, there is no patent on the hamburger and yet, every year some startup makes millions selling hamburgers. So, who knows?

[@Hutchyy]

He went with the bank loan instead apparently

[@rossgriffin5703]

Hello David, my names Theo. Hello Leo.

[@AScaryOrange123]

Feels like they robbed an inexperienced enterpeneur here

[@patmustard8795]

Welcome to early season dragons den

[@MindSetReset]

@@patmustard8795 💯💯

[@seancharlie8476]

Poor guy 50% 🤔😬😳😯🤯

[@trev2417]

Is it investment or a loan

[@oscaranswers]

Feel sorry for the entrepreneur. 50% was a whole lot

[@gibran6190]

Deal didn’t go through I believe

[@BigWes95]

They valued the company at £450k. With those numbers he was producing it seems like a reasonable offer. About 7.5x profits

[@alic690]

Why didn't he just say yes to Panasonic and forget going on dragons den? 3.25 million for 100%! Now he only has 50%

[@martincarr7486]

If the panasonic offer is genuine this is the dumbest decision of his life

[@alanbell2156]

Does anyone know what happened to the guy? Is he still in business?

[@sjoerdbuis2723]

Hi I am Theo. Hello Leo😂😂

[@oliprj8676]

Doug waste of a chair Richard

[@CubicSpline7713]

A bit like Jenny

[@sailormoon2548]

😂😭🤣

[@Murty_AA]

I find doug an arrogant person. Hope I'm wrong

[@grim782]

Is Doug Richard actually John Malkovich?

[@JohnJones-yk5qk]

Mysterious Dragon: “great product but I’m out” Ooouuuuuuuuuu

[@WaniZame]

They played this dude.

[@Thepopcornator]

"Hi David, my name's Theo." "Hello, Leo." XD

[@nicholaskissoon4094]

They absolutely jumped on his lack of business acumen..: so he had an exit offer for 3.25 million and then sold half his business to these vampires for £220000??? Wait , what????

[@lukerinderknecht2982]

Remember plasma TVs? 😅

[@peterreber7671]

A one man band, outsources manufacturing, but needs money for tooling?

[@sarinshakya]

Peter griffin with the pitch 😅

[@pedronied]

Gosh, I don't miss plasma

[@jeffledger846]

Anyone know what happened to the business in the end ??

[@davidmellish3295]

Liquidation in 2019

[@jeffledger846]

@@davidmellish3295 so the business ran for years then ??

[@davidmellish3295]

@@jeffledger846 don't know the details mate just know that it went into liquidation in 2019

[@anibaldk]

IF and only IF the Panasonic deal is real, that is the dumbest offer he could have accepted.

[@dac8939]

Obviously a smart guy

[@mlinganimatiwane]

Its not really 2 for the price of one if each of the other shareholders are at 25% he ultimately still retains some level of majority shareholding

[@JoshF848]

These early episodes had some very weird offers and negotiations

[@irishjay9485]

@@JoshF848 the dragons were a bunch of picks at the beginning who had no idea what they were doing themselves in regards to investing

[@calsmyth4483]

Only if Duncan and Theo were philanthropic strangers. It's clear that their goal was to sell ASAP - and they would be working together to achieve that.

[@geoffreylim6993]

50% meaning they might play snake and secretly sell those stakes to panasonic, anyone know how is it doing now?

[@jay-lm4we]

He pulled out of the deal after the show. Probably always planned on doing that, just went on for free advertisement.

[@aidankelly840]

He should have said 49% After money paid back

[@seasonedbeefs]

Cost way too high

[@ericahernandez375]

This was a two way interview…..

[@saintmatthew9100]

This dude looks like Hank Hill from ''King of the hill''😂

[@ThroatSore]

'I don't understand it's. Yes he does.

[@user-hd3if4og4f]

thankfully, the deal never happened after airing. guy dodged a bullet what was he thinking even considering that deal?