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The Idle Man raises £1.25m following Dragons’ Den appearance

Contemporary menswear etailer The Idle Man has received a £1.25m cash injection after it failed to attract investment from the entrepreneurs on BBC Two’s Dragons’ Den.

The etailer has secured £510,000 from previous investors Foresight Nottingham and angel investors met through family contacts, £258,000 through crowdfunding site Crowdcube and £500,000 from new investor the Nottinghamshire Pension Fund in a second round of funding completed this week.

Chief executive Oliver Tezcan was seeking £200,000 investment for 5.5% of the business on the TV programme, which was filmed in March and aired on Sunday July 19.

He told the Dragons the company is forecasting sales this year of £2.2m and is targeting a £25m valuation at the end of three years. The company made a loss of £910,000 last year on sales of £300,000.

New Dragon Touker Suleyman, owner of Jermyn Street shirt retailer Hawes & Curtis and womenswear brand Ghost, raised questions on the £25m valuation and its losses.

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

As Tezcan was seeking the investment from the Dragons as part of a wider funding round, he 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.

The Idle Man stocks brands including Carhartt, Edwin, Cheap Monday, Farah, Nudie, Levi’s, Superga and Vans.

It launched a 100-piece own-brand range of streetwear and affordable tailoring for spring 15 and plans to expand the collection at a later date. Prices for The Idle Man collection range from £6 for a T-shirt to £60 for a nylon hooded mac.

The Idle Man launched in 2014 with £350,000 backing from the Nottingham regional growth fund and secured a further £1.2m investment from Foresight Nottingham in October last year.

@Tara_Hounslea

Readers' comments (3)

  • I'm not confident about this company's prospects. What is their USP? Pure Plays are losing market share to Omni-channel brands. Fulfillment will be a problem, especially for menswear. Also, they wanted to launch an own brand which won't resonate with men. Anyway, many men hate shopping and remain more brand loyal than women. They will gravitate to the stores or specific websites of the brands they prefer. They are "late tot he party" anyway....They wouldn't get money from me.

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  • You would to be completely drunk to invest in this. What do they offer that other retailers don't? I saw the Dragons Den episode and almost fell of my chair when he what he though the business is worth. It doesn't make any profit and it highly unlikely to do so in the future.

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  • yeah - the guys a mug!

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