A Dorset entrepreneur who won backing from businessman Peter Jones after appearing on TV’s Dragon’s Den will finally see his invention go into production next month [November].
The hit BBC series gives budding entrepreneurs three minutes to pitch their business ideas to five multi-millionaires who invest their own cash.
Father of two Spencer Turner managed to get three Dragons – Deborah Meaden, Touker Suleyman and Peter Jones – pitching for his business, a new invention called the Tegstove.
He eventually accepted a £45,000 offer from Peter Jones for 25 per cent of the business despite a higher offer from Suleyman.
The Tegstove, a butane gas stove for camping enthusiasts which can also charge mobile devices, is now due to go into full production in China within the next few weeks. It will retail for £150 including VAT.
Described as ‘the ultimate camping stove’, it has already received pre orders in major retailers nationally, including Cotswold Outdoor and Go Outdoors, as well as generating interest from across the world.
“I have lived and breathed the Tegstove ever since we first introduced it at the Gadget Show in 2013. We even sold our house to fund its development such is our belief in the product,” said Spencer, 43, who attended Queen Elizabeth’s School in Wimborne and now lives in Highcliffe.
“I have had the backing of my wife, Angelina, every step of the way and we have also involved our two children, aged 14 and 11. It’s been very tough at times but at last we’re on the verge of seeing the Tegstove become a commercial reality. To say that is exciting is an understatement,” added Spencer.
Ellis Jones Solicitors’ Business Services Department, headed by Neil Cook, acted as legal advisers to Spencer during the negotiations with Peter Jones.
Neil, who comes from a business background and has headed legal departments in both London and New York where he re-qualified as a US attorney, said: “This has been a very interesting, and at times complex, project and we’re very pleased and proud to have helped Spencer to finally realise his ambitions for the Tegstove.”
Spencer praised Ellis Jones for an “excellent job” adding that Neil’s background as a US attorney was likely to prove useful when the Tegstove is launched in America.
“There has been nothing like the Tegstove so the demand is unknown but we believe worldwide sales could eventually run into many thousands every month. The potential market is huge,” Spencer said.
Note to journalists: Ellis Jones is one of the largest law firms in Dorset and West Hampshire with more than 140 staff including 12 partners. It has offices in Bournemouth, Canford Cliffs (Poole), Ringwood, Swanage and London offering a wide range of services to individuals and businesses.
For more details, please contact: Andrew Diprose, Director, Deep South Media Ltd, on 01202 534487.