Owner of Bath trike business rejects £100,000 offer from TV's Dragons' Den

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Written by:   | Posted 12-September-2013 8:08

A Bath businessman has turned down a £100,000 investment on national television.

Former University of Bath graduate and founder of The Mountain Trike, Tim Morgan, appeared on BBC Two’s Dragons’ Den at the weekend.

He was looking for £100,000 investment to fund the casting tools his business needs, in return for a five per cent share in the firm.

However, despite Deborah Meaden offering the full amount, Mr Morgan refused to give her a 15 per cent share.

Mr Morgan was joined in the Dragon’s Den by Mountain trike’s first customer, Richard Brooks, who was able to demonstrate the all-terrain manual wheelchair.

Mr Morgan said: "It was a very tough, but exciting, experience.

"I had a good solid pitch and some great testimonials, which raised some interesting questions and answers between the Dragons and Richard Brooks.

"I knew it was going to be intense, but I am passionate about my product and know it inside out, and although they questioned the company’s valuation, I am very proud that they applauded the Trike’s purpose and my presentation."

He added: "It was fantastic to receive an offer from a Dragon and, if I’m honest, probably better than I expected. And while I know that the investment would have instantly taken Mountain Trike to the next level, unfortunately I just couldn’t budge on the percentage share in the company. It was a fantastic experience and amazing to have such positive feedback about the product from such influential people."

Mr Morgan came up with the design for the trike during his final year studying engineering at the university.

Mountain Trike was the second Bath business to appear on Dragons’ Den in a week. Kate and Nigel Smith, who run the Makery, had sought investment for a new range of craft kits.

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