An unprecedented bidding war erupts on Dragons' Den on Thursday night over a cosmetics company providing free hand care products for NHS nurses.
Jonny and Antonia Philp run skincare brand called Nursem which they want to make into a global business. With every product purchased, Nursem gives a month’s worth of hand cream to a nurse or midwife.
After asking for £75,000 for a 1.5% stake in the company all the Dragons make offers starting with them wanting 10% but eventually negotiating to a 5% stake going down to 3% when their money is paid back.
Presenters Evan Davies describes it as “one of the most impressive equity climb downs in Dragon's Den history".
Dragon Sara Davies says: “I think this stopped being just a business conversation about 10 minutes ago. It is about the right thing to do and how any of us can support you on the journey you are on. You have got 5 equal offers choose the Dragon that is right for you.”
They eventually choose to work with healthcare expert Tej Lalvani who tells them: “I am really excited about this, especially you two.
"The way you have aligned yourself in terms of the nurses the NHS there is a lot of synergies with what I am doing with brands I have. I think I can really make this explode.”
Afterwards Jonny says: “We did our homework before we went in and we knew all about Tej's business and we think he is the kind of person to move us forward for the next few years.”
The Nursem business was born on a nursing ward when co-founder, Antonia often came home with sore, cracked and bleeding hands from the constant hand washing needed to keep her young patients free from infection.
In 2009 it became so bad that she was unable to work for several weeks.
Knowing that this problem affects nearly all nurses, Antonia and her husband Jonny started working on a hand cream formula. They wanted the product to be effective, natural and something nurses could use repeatedly throughout a busy shift.
So for seven years they worked with a group of British nurses, laboratories and Newcastle Science City to create a range of therapeutic formulas.
The range is already successful in the UK, available to buy in Boots and with celebrity fans including Amanda Holden. But they hope with the help of a dragon to grow the company around the world.
To date they have helped over 175,000 nurses and midwives and sold more than £1.5million worth of skincare products.
*You can see the full pitch from Jonny and Antonia on Dragon's Den Thursday night at 8pm on BBC1.
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