March 15th 2024.
Coming up next on the show, a Dragons' Den entrepreneur has stirred up controversy with his business pitch. Viewers were quick to label it as "evil" due to its restrictive nature towards tenants' use of heating. The private landlord, Anthony Cherry, appeared on the BBC show to present his invention, the TIME:O:STAT, and asked for a hefty investment of £80,000 from the business giants.
Cherry, who has been investing in student houses and holiday homes for over two decades, explained how his device works. It allows tenants to control their heating, but with a catch - they can only have it on for two hours at a time. If they want to use it for longer, they can switch to "comfort mode" which gives them eight hours at a lower temperature. However, the option to have continuous heating is not available, which did not sit well with viewers.
Defending his idea, Cherry stated that it would save landlords time and energy, especially in houses with multiple occupants where bills are included in the rent. He first came up with the idea while on a maintenance call and noticed that the heating was on full blast with the windows wide open on a hot day, as the tenants found the thermostat too complicated.
Cherry shared that he wanted to create something more user-friendly and bespoke, tailored to the needs of landlords and tenants. However, viewers took to social media to express their disapproval of the concept, calling it "evil" and "greedy." Despite the backlash, Cherry's business has been successful, with a net profit of £93,000 last year. However, his product, which costs £169.99 or £229.99, is significantly more expensive than the average thermostat, leading to tough competition in the market.
During the negotiation process on the show, Dragons Touker Suleyman and Deborah Meaden both backed out due to high capital expenditure and stiff competition. However, property investor Touker Suleyman eventually made an offer with conditions. He asked for 35% of the business, which would decrease to 25% once he made his money back. In a tense moment, Cherry and Suleyman came to a deal, with Suleyman offering the full £80k investment for a 20% stake in the business.
After securing his investment, Cherry shared his relief and excitement, calling the experience one of the most intense of his life. The show ended with a teaser for the next episode and a call for viewers to submit their own stories to the Dragons' Den team.
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