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The Idle Man fails to secure Dragons' Den funding

The founder of contemporary menswear etailer The Idle Man appeared on BBC Two’s Dragons’ Den last night in the hopes of securing funding for the site to expand and develop its own-brand offer.

Chief executive Oliver Tezcan was seeking £200,000 investment for 5.5% of the business.

Tezcan said the company is forecasting sales this year of £2.2m and is targeting a £25m valuation at the end of three years.

New Dragon Touker Suleyman, owner of menswear retailer Hawes & Curtis and womenswear brand Ghost, raised questions on the £25m valuation and the £950,000 the company has lost since it began trading last year.

But fellow new Dragon Nick Jenkins, founder of greetings card etailer Moonpig.com, said his company lost a similar amount in its first year.

It emerged that Tezcan was seeking the investment from the Dragons as part of a wider funding round, so was unable to negotiate on the level of equity they would receive.

Suleyman offered the full amount of £200,000 for a 60% stake, which Tezcan could not accept due to the other investors in the company. He left empty-handed.

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