Dragons’ Den reject told product was ‘worthless’ – business sold for over £12million | Personal Finance | Finance

Trunki has been labelled one of the most successful products ever invested in after selling for more than £12million.

Rob Law entered the Den in 2006 seeking £100,000 in return for a 10 percent stake of his company, Trunki – the world’s first ridable suitcase for children.

This ride-on hand luggage suitcase for children didn’t receive investment but has now become a multi-million business.

It was turned down on the BBC hit show after Theo Paphitis broke the prototype. The Dragons started to question the quality of the product.

The company which makes Trunki was sold for reportedly more than £12million, Plymouth Live reported.

Magmatic Ltd, which makes the children’s products at its Plymouth factory, has been sold by founder Rob Law to growing e-commerce business Heroes.

Despite leaving the Den empty-handed, Mr Law went on to have major success as Trunki sold over five million units since.

Since his £100,000 pitch was rejected, he went on to secure a £3.9million investment from the Business Growth Fund in 2013.

Mr Law has now sold the business but plans to stay with the company as general manager.

He said: “I’m very excited to announce our exit to Heroes and the next leg of the Trunki journey. It’s been one hell of a rollercoaster ride, five million suitcases sold, working with some amazing people.

“Trunki, the team and myself start our next adventure under new ownership after the successful sale to a new visionary player on the nursery block. I’m delighted to stay on as general manager of Trunki and help it navigate to the next level and beyond.”

Peter Jones said he could not invest in the product as he didn’t believe in Mr Law’s design as he thought it was replicable.

He said: “I can copy that, and just change and few things and I’m away.

“This type of product is not patentable and that’s why I’m really concerned. “I don’t know why you would value a business that’s worthless now at £1million. The big issue here is you have nothing, you think you have something and I’m telling you, you don’t.

“Your company is worthless, I’m out.”

Mr Law left the Den with no investment, however, by 2008, a Trunki product was sold every 3.5 minutes.

In 2016 Trunki celebrated its 10th anniversary and has sold more than three million Trunki suitcases, in over 100 countries worldwide, through retailers including John Lewis, Argos, Harrods, Tesco and Next since May 2006.

Mr Law went on to sell his suitcases in a variety of retailers, including John Lewis, selling his products in over 100 countries worldwide and reportedly turned over £9.5million in 2018.

Episodes of Dragons’ Den are available on BBC iPlayer.


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